Middle East war: global economic fallout'Diesel run out and gasoline run out' reads a sign at a gas station in Vientiane in Laos on March 10, 2026. (Photo: AFP)PARIS — Here are the latest economic events in the Middle East war on Wednesday:G7 eyes oil reservesEnergy ministers of the Group of Seven (G7) said they "stand ready" to take "all necessary measures" in coordination with the International Energy Agency (IEA) to tackle the rise in crude oil prices due to the Middle East war. The IEA has proposed its largest ever release of oil reserves to counter soaring crude prices driven by the war, the Wall Street Journal reported on Tuesday, prompting oil prices to stabilise. India tightens gas controlsIndia ordered tighter controls over natural and cooking gas following import disruptions, with restaurants warning the war could spark widespread closures. The world's most populous nation is the fourth largest liquefied natural gas buyer and second-largest buyer of liquefied petroleum gas used for cooking -- much of which is sourced from the Middle East.

No new Cambodian workers allowed in ThailandCambodian workers return to their home country via a checkpoint in Sa Kaeo province amid ongoing border clashes between Thailand and Cambodia in December last year. The employment of Cambodian workers became a contentious issue following last year's Thai-Cambodian border clashes. Ms Treenuch said the Labour Ministry has reaffirmed five key principles for managing Cambodian workers now in Thailand. Second, the government will not allow new Cambodian workers to enter the country. Third, all Cambodian workers must be formally registered and have clear employer certification confirming their employment with a specific company.

Oil prices have surged and markets have see-sawed since the end of last month, when the United States and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war. Separately, the Thai bulk carrier Mayuree Naree and a container ship were hit in the Gulf off the United Arab Emirates. Iran’s health ministry said on March 8 that more than 1,200 people had been killed in US and Israeli strikes, and more than 10,000 civilians injured. In Iraq, Iranian-linked groups said Tuesday that five of their fighters died in strikes they blamed on the United States. New Israeli strikes were reported in Beirut’s southern suburbs on Wednesday, with the health ministry saying another five people had been killed in the southern town of Qana.

Bank of Thailand concerned by baht's misalignment with economic fundamentalsTraffic on Ratchadamnoen Klang Road near the Democracy Monument, Bangkok. (Photo: Nutthawat Wichieanbut)Thailand's economy is projected to ​grow below ‌its potential and unevenly across sectors, the minutes of the Bank of Thailand's (BoT) Feb 25 policy meeting showed on ​Wednesday. At the meeting, the Monetary Policy Committee (MPC) unexpectedly cut the one-day repurchase rate ‌by 25 basis points to 1.00%, to support growth. It said a policy rate of 1.00% was sufficiently accommodative and consistent with ​the outlook. Amonthep Chawla, chief economist with the research centre of CIMB Thai Bank, has warned that Thailand is at risk of stagflation as oil prices skyrocket during the Middle East conflict, and the Thai economy could experience quarter-on-quarter contractions in the first half of this year.

20 Thai crewmen on bulk carrier Mayuree Naree rescued, three still on boardSmoke pours from the Thai-flagged bulk carrier Mayuree Naree after two projectiles struck the hull above the waterline on Wednesday. (Photo: Precious Shipping Plc)A Thai‑flagged bulk carrier was struck by Iranian missiles near the Strait of Hormuz on Wednesday, with 20 Thai crew rescued by the Royal Navy of Oman and three still on board, according to the Royal Thai Navy. Omani naval units were working to assist the remaining three crew members, the Thai navy said. The Thailand-flagged carrier was among three vessels hit by projectiles in or near the Strait of Hormuz, maritime security agencies and sources said on Wednesday. The Thai vessel was reported to have suffered the heaviest damage among those struck.

TANGAIL — Bangladesh's Tangail sari is fighting for survival as weavers warn that automation and economic pressures are pushing the centuries-old craft to the brink despite its global acclaim. Raghunath Basak, president of a local sari traders' association, whose family has preserved Tangail weaving for generations, fears the craft may end with him. (But) girls now wear sari only on special occasions." "The Tangail weavers inherited fine yarn techniques from their ancestors and adapted with unique designs in Tangail sari," Akand told AFP. "Tangail sari will evolve.

Stock markets in Tokyo and Seoul have seen some of the widest swings since the Middle East crisis started. (Photo: AFP)LONDON - Oil prices rallied and equities mostly dropped on Wednesday as traders assessed the latest developments affecting global markets as a result of the Middle East war. “Oil prices remain the main driver of market sentiment,” he added. Certain countries’ plans to release part of their strategic oil reserves “are undoubtedly part of a highly coordinated strategy”, French Finance Minister Roland Lescure said on Wednesday. The German arms maker Rheinmetall, meanwhile, said that the Middle East war offered new business opportunities, especially for its air defence systems, as it forecast continued strong growth this year.

Seoul says can deter threats from North if US weapons shifted to MideastA launch vehicle of the Terminal High Altitude Area Defense (THAAD) system at a US military base in Seongj, South KoreaSEOUL - South Korea said Wednesday it could deter threats from the North even if the United States relocated some of its military assets to the Middle East amid the war in Iran. Washington, Seoul's key security ally, stations about 28,500 troops and a range of air and missile defence systems in the South to help deter aggression from the nuclear‑armed North. The THAAD missile defence system is designed to intercept short, medium and intermediate‑range ballistic missiles using hit‑to‑kill technology. It was installed in South Korea in 2017, a move that sparked strong protests from China. "The government is opposing the USFK's withdrawal of some air defence weapons for its own military needs," he said on Tuesday.

Asia airlines hike faresMultiple IndiGo flights are grounded at Kempegowda International Airport in Bengaluru, India, on Dec 6, 2025. Indian carriers have hiked prices on long-haul routes by 15% and are considering further increases, people familiar with the matter said. In Vietnam, state media warned airfares could increase as much as 70% given the country’s reliance on imported jet fuel. Airlines in the region are not as well hedged against high oil prices as rivals in Europe or the United States, making them more vulnerable to sudden surges in jet fuel prices. That has prompted low-cost Southeast Asian carriers to think about grounding planes if jet fuel became unaffordable or inaccessible, according to people familiar with the matter.

Banks are tightening monitoring of digital transactions to prevent the use of mule accounts, as fraudsters shift their activities after stricter controls were imposed on conventional bank accounts. A banking industry source who requested anonymity said banks are intensifying scrutiny of digital transactions to curb mule accounts, as signs have emerged that fraudsters are increasingly turning to digital deposit accounts after tighter measures were introduced on regular bank accounts in compliance with Bank of Thailand regulations. "Although there has not yet been a significant increase in fraud through digital deposit accounts, banks need to take pre-emptive measures to control the problem," the source said. "The move was intended as an additional step to prevent criminals from using digital deposit accounts as mule accounts, thereby reducing channels for illegal transactions," noting the statement. Supreecha Limpikanjanakowit, executive vice-president of Kasikornbank (KBank), said the bank is reviewing possible clarifications to the conditions for digital deposit accounts.

US targets Iran mine-laying as war causes oil market havocSmoke billows from an Israeli strike in the southern suburbs of Beirut on March 10, 2026TEHRAN - The United States said Tuesday it was striking Iranian ships capable of mining the crucial Strait of Hormuz and threatened escalation if Tehran presses ahead, as the Middle East war wreaks havoc on global oil markets. Trump faces mounting political risks over the surging cost of oil, months before US elections. "We believe the aggressor must be punished and taught a lesson that will deter them from attacking Iran again," he added. "There would be catastrophic consequences for the world's oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy," Saudi oil giant Aramco's president and CEO Amin H. Nasser told journalists. - War effects spreading -Iraq and Lebanon, both home to Shia fighters tied to Iran, have become proxy grounds of the war, with devastating consequences.

No new Cambodian workers allowed inCambodian workers return to their home country via a checkpoint in Sa Kaeo province amid ongoing border clashes between Thailand and Cambodia in December last year. Public Relations DepartmentThe government has reaffirmed that no new Cambodian migrant workers will be allowed into the country due to security concerns, despite pressure from the private sector. The employment of Cambodian workers became a contentious issue following last year's Thai-Cambodian border clashes. Ms Treenuch said the Labour Ministry has reaffirmed five key principles for managing Cambodian workers now in Thailand. Third, all Cambodian workers must be formally registered and have clear employer certification confirming their employment with a specific company.

"We have around 12 billion baht worth of ready-to-move units that were built at earlier cost levels." For condo projects, construction costs are locked in through contracts with contractors, meaning projects already launched face minimal cost impact. In total, Sansiri plans to launch 33 projects worth a combined 51 billion baht in 2026, including 17 low-rise housing projects worth 25 billion baht, Mr Ongart noted. Total transfers are projected at 39 billion baht, up 6% from 36.7 billion baht in 2025, with condominium transfers accounting for 17.5 billion baht. Year-to-date Sansiri has recorded total presales of 5.9 billion baht and transfers worth 3 billion baht.

SCG halts olefins unit following Hormuz disruptionSCG's headquarters in Bangkok's Bang Sue district. "Other SCGC plants and SCG business units remain operational," said Thammasak Sethaudom, president and chief executive of SCG, the parent firm of SCGC. The closure restricted the shipment of key raw materials to Rayong Olefins such as naphtha and propane, essential raw materials for SCGC's olefins plants, he said. Rayong Olefins formally declared force majeure to its partners and customers in accordance with its contractual rights. Rayong Olefins is recognised as a high-efficiency facility utilising advanced automation and digitisation technologies, said Mr Thammasak.

Ukraine says hit 'key' Russian military factory in missile strikeUkrainian President Volodymyr Zelensky called the strike -- using cruise missiles -- 'a completely justified response' to Russia's attacksKYIV (UKRAINE) - Ukraine hit a "key" military factory in a missile strike Tuesday on Russia's western city of Bryansk, Ukrainian President Volodymyr Zelensky said after Moscow gave a toll of six dead in the attack. Russia has been raining near-daily drone and missile barrages on Ukraine during its full-scale invasion launched in 2022, prompting Ukraine to strike Moscow's infrastructure, including energy facilities, in retribution. "Our soldiers struck one of the key Russian military factories in Bryansk. This factory produced electronics and components for Russian missiles. Despite the apparent impasse, the United States has proposed another round of Russia-Ukraine talks next week, Zelensky said Tuesday.