Paris (France) (AFP) - Here are the latest economic events in the Middle East war:

- Stocks rise, oil slides -

Stocks rallied and oil fell Wednesday after US President Donald Trump said the Middle East war might be over within weeks, and comments by his Iranian counterpart that Tehran had “the necessary will” to end the conflict.

International benchmark Brent North Sea crude dropped 2.7 percent to $101.16 a barrel, and the main US oil contract WTI fell 1.2 percent to $100.12 a barrel.

Wall Street’s main indices built on strong gains made Tuesday. European and Asian markets also finished higher.

- New Iranian strikes -

Iran’s military announced Wednesday evening a new wave of missile and drone attacks targeting Israel and US bases in the Gulf, though there was no immediate word from either of any direct hits.

- UK meeting on Hormuz shipping -

Britain will hold a meeting of about 35 countries Thursday to discuss how to reopen the strategic Strait of Hormuz that has been crippled by the Middle East war, Prime Minister Keir Starmer said.

The meeting will “assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and resume the movement of vital commodities”, Starmer said.

- World Bank ‘extremely concerned’ -

The World Bank is “extremely concerned” about the effect the war on Iran will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP.

Managing Director Paschal Donohoe’s comments came as his organization announced a new partnership with the International Monetary Fund and International Energy Agency to coordinate aid responses to the war.

- Germany outlook dims -

Leading economic institutes cut their growth forecasts for Germany on Wednesday, warning that surging inflation resulting from the Middle East war and rising energy costs would hit Europe’s biggest economy hard.

The German economy is expected to grow by 0.6 percent this year, the seven institutes said, down from a September forecast of 1.3 percent, while inflation is predicted to stand at 2.8 percent, up from 2.0 percent.

- Bank of England warning -

The Bank of England said the Middle East war had caused “a substantial negative supply shock to the global economy”, increasing risks to the financial system.

Following a surge in oil prices that is set to push up overall inflation, the BoE said the fallout would also weigh on economic growth and tighten financial conditions, such as restricted lending by banks.

- India fuel hike -

India’s oil ministry said that domestic jet fuel prices would rise as the Middle East war pushed up energy costs, but that it had cushioned airlines from an expected 100-percent jump.

- Kuwait airport hit -

Kuwait’s international airport came under an Iranian drone attack that led to “a large fire” at fuel tanks, but no casualties were reported, the civil aviation authority said.

In a further sign of strain in the Gulf state, the National Bank of Kuwait said it would close its headquarters for two days along with another branch as Iran carries out daily strikes on the Gulf.

- Save fuel, Australians -

Australian Prime Minister Anthony Albanese urged his countrymen to switch to public transport and save fuel for rural communities and essential services.

“Farmers and truckies, small businesses and families are doing it tough. And the reality is, the economic shocks caused by this war will be with us for months,” Albanese said in a national address.

- Cambodia farmers suffer -

The price of diesel in Cambodia spiked to double the level at the start of the Middle East war after the latest government increase.

Farmers are being particularly hard hit as they rely on the fuel for tractors and water pumps.

- Tanker struck off Qatar -

A tanker has been hit by a projectile off the coast of Qatar’s capital Doha, a British maritime security agency said, reporting damage but no casualties.

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