Global economic impact of the Middle East conflict
via Abidjan.net10 min read
The Middle East conflict continues to have significant global economic repercussions, even as some tensions ease. Following Donald Trump's decision to postpone his ultimatum against Iran and Tehran's willingness to negotiate, oil prices saw a sharp decline. West Texas Intermediate WTI crude for May delivery dropped by 14.53% to $96.54, while Brent crude for June delivery fell by 13.13% to $94.92. European gas prices also decreased by 20% at market open, leading to a weakening dollar against major currencies. Asian stock markets reacted positively, with Tokyo's Nikkei index gaining 5.33% and Seoul's Kospi index surging by nearly 7%. European markets are also expected to open higher. Despite these positive shifts, the International Air Transport Association IATA warned that it would take several months for jet fuel supplies and hydrocarbon prices to normalize, even with the potential reopening of the Strait of Hormuz. In France, fuel prices could drop by 5 to 10 cents very quickly, according to Olivier Gantois, president of the French Union of Petroleum Industries Ufip. US President Donald Trump stated that the United States would help alleviate maritime traffic congestion in the Strait of Hormuz, a crucial waterway for about 20% of global crude oil and liquefied natural gas. Pakistan has mitigated the impact of the conflict on its economy through the growth of solar energy, saving over $12 billion in gas and oil imports by February 2026. However, the French building federation
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Must ReadThe Rally of Houphouëtists for Democracy and Peace RHDP has welcomed the Ivorian government's decision to dissolve the Independent Electoral Commission CEI, announced after the Council of Ministers on Wednesday, May 6, 2026. In a statement signed by its Executive Secretary, Ibrahima Cissé Bacongo, on May 8, the ruling party acknowledged the decision, noting that the CEI had organized and supervised various elections in Côte d'Ivoire for the past twenty-five years. Despite its efforts, the electoral body had consistently faced criticism from political actors and civil society organizations. The RHDP expressed satisfaction that the government addressed these concerns by dissolving the institution. The party reaffirmed its full support for President Alassane Ouattara, stating that he continues to demonstrate his responsiveness to citizens' needs for a peaceful, prosperous, and united Côte d'Ivoire. The RHDP urged political actors and civil society organizations to fully engage in preserving peace and trust to establish a new electoral management mechanism that ensures calm elections in Côte d'Ivoire.
Must ReadThe Central Bank of West African States BCEAO hosted an international conference in Dakar on May 8, 2026, focusing on the opportunities and challenges presented by crypto-assets and digital innovations for monetary and financial stability. This event follows similar conferences in 2024 and 2025 on climate change and artificial intelligence, respectively. The conference aims to analyze the implications of these digital advancements and establish appropriate regulatory frameworks. Jean Claude Kassi Brou, Governor of the BCEAO, highlighted that crypto-assets, digital payment platforms, and the increasing digitalization of financial services are reshaping financial intermediation and challenging traditional regulatory and supervisory frameworks. He emphasized that while these tools are powerful drivers of modernization, they also introduce risks and vulnerabilities, calling for rigorous international dialogue on emerging digital finance issues. The BCEAO has initiated structural actions to support this transformation. Cheikh Diba, the Senegalese Minister of Finance and Budget, noted that these innovations offer unprecedented opportunities but also demand increased collective responsibility to address complex challenges related to regulation, security, and stability. He identified key risks such as the growth of shadow banking, excessive volatility in crypto-asset markets, fraud, money laundering, terrorist financing, cyberattacks, and operational vulnerabilities. Diba expressed o
Must ReadThis article features an excerpt from the speech delivered by former President Laurent Gbagbo during the Central Committee meeting on May 7, 2026. The speech was published on Friday, May 8, 2026, by Autre Presse TV. The article is part of a larger collection of political activities from 2025-2026 on Abidjan.net, which also includes other news such as the dissolution of the CEI, the appointment of Ibrahime Coulibaly Kuibiert as President of the Council of State, and the adoption of the PND 2026-2030 by the Senate in Yamoussoukro.
Ivorian Prime Minister Robert Beugré Mambé met with Tareq Muhmood, the regional president for Visa's CEMEA Central and Eastern Europe, Middle East, and Africa zone, on Thursday, May 7, 2026, in Abidjan-Plateau. Muhmood expressed Visa's intention to expand its activities in Côte d'Ivoire, highlighting the country as a "fantastic environment" for growing their business. He noted that this expansion aims to support digital payments within Côte d'Ivoire and neighboring West and Central African countries, fostering financial inclusion and economic development. Muhmood also emphasized Visa's goal to significantly contribute to the growth of the Ivorian economy, particularly through developing tourism and ensuring visitors can easily make payments to local merchants and economic operators. Visa officially opened its regional office in Abidjan in November 2017, following a memorandum of understanding.