May 8th: Impact of US-Iran War on International Economy, Financial Markets, and People's Livelihoods
The escalating Middle East conflict is impacting the global economy, with the Philippine President calling for ASEAN cooperation, Norway's central bank raising interest rates, and Japan's auto industry facing production cuts and rising tire prices due to naphtha supply disruptions.
📋 Article Processing Timeline
- 📰 Published: May 8, 2026 at 21:03
- 🔍 Collected: May 8, 2026 at 21:32 (28 min after Published)
- 🤖 AI Analyzed: May 8, 2026 at 23:57 (2h 25m after Collected)
US-Iran War Key News
Central News
(Central News Agency Taipei 8th Comprehensive Foreign Report) Philippine President Ferdinand Marcos Jr. stated at the ASEAN Summit that as the Middle East conflict escalates, ASEAN leaders must cooperate to address the impact, ensuring energy resilience, food security, and the safety of overseas workers; the Norwegian Central Bank decided to raise interest rates, responding to the war's acceleration of inflation.
● ASEAN Summit Opens: Philippine President Calls for Cooperation to Address Impact of Middle East War
The 48th Association of Southeast Asian Nations (ASEAN) Summit opened today in Cebu, a major metropolitan area in central Philippines, with all 11 ASEAN leaders attending. Marcos Jr. (Ferdinand Marcos Jr.) stated in his opening remarks that ASEAN expresses "serious concern" over the armed conflict between Israel, the United States, and Iran, which has significantly affected global maritime and air transport, and the flow of energy and essential goods.
Marcos Jr. proposed three major priorities for ASEAN: ensuring energy security and resilience, stabilizing food supply, and protecting ASEAN expatriates and workers affected by the Middle East crisis. He urged ASEAN to strengthen energy interconnectivity, diversify energy sources, and accelerate the transition to renewable energy; simultaneously expand intra-ASEAN trade, protect and strengthen regional food systems; in addition, it should establish a more robust early warning system and improve consular coordination mechanisms to enhance humanitarian aid efficiency.
He also called on ASEAN countries to utilize emerging technologies such as artificial intelligence (AI) to address these challenges.
● War Changes European Energy Landscape: Norway Reopens Gas Fields Sealed for 28 Years
The Norwegian government approved the reopening of three North Sea gas fields sealed for 28 years, with production expected to start as early as 2028 and operate until 2048. The three gas fields involve a total investment of approximately NOK 19 billion (about TWD 63.5 billion), with recoverable reserves of about 90 to 120 million barrels of oil equivalent, mainly producing natural gas with a small amount of condensate, transported to Emden, Germany, and Teesside, UK, respectively.
Thina Saltvedt, Chief Analyst at Nordea Bank, frankly stated that reopening the three gas fields is ultimately due to Europe's demand for natural gas, also involving geopolitical considerations. She pointed out that the Middle East war has led to a decrease in EU imports of natural gas from the Middle East, with US liquefied natural gas (LNG) filling some of the gap; but as US-European relations change, Europe also tends to seek more partners for stable gas supply. She said that as long as Europe has demand for Norwegian natural gas, the relevant supply gap will be difficult to fully fill.
● Middle East Situation Impacts Japanese Auto Industry: Some Manufacturers Reduce Production, Tire Prices Rise
The impact of the effective blockade of the Strait of Hormuz, a vital energy transport route, has spread to Japan's automotive industry production and repair. Due to disruptions in naphtha imports, a shortage of diluents made from naphtha is increasingly affecting some manufacturers and painting companies, and has begun to impact business.
"Yomiuri Shimbun" pointed out that if supply instability becomes long-term, it could have a significant blow to the entire industry. Diluents are essential products for cleaning auto parts and diluting paints. Supply disruptions have also pushed up raw material prices, with Michelin Japan raising prices for summer tires shipped to Japan by 3% to 5% starting in June.
● Norwegian Central Bank Raises Interest Rates by 0.25% to Combat Inflation, First European Country Since Middle East War
The Norwegian Central Bank (Norges Bank) decided to raise its benchmark interest rate by 0.25% to 4.25%, becoming the first European country to raise interest rates after the outbreak of the Middle East war. Central Bank Governor Ida Wolden Bache stated in a statement: "Inflation is too high and has been above target levels for many years."
Norway's core inflation rate reached 3.0% in March, significantly higher than the official target of 2.0%. Core inflation is the Norwegian Central Bank's preferred economic indicator. The Norwegian Central Bank also stated that "significant uncertainty remains regarding future economic developments," and pointed out that the Middle East war has led to rising oil and gas prices, which may further push up inflation. (Editor: Hong Qiyuan) 1150508
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Central News
(Central News Agency Taipei 8th Comprehensive Foreign Report) Philippine President Ferdinand Marcos Jr. stated at the ASEAN Summit that as the Middle East conflict escalates, ASEAN leaders must cooperate to address the impact, ensuring energy resilience, food security, and the safety of overseas workers; the Norwegian Central Bank decided to raise interest rates, responding to the war's acceleration of inflation.
● ASEAN Summit Opens: Philippine President Calls for Cooperation to Address Impact of Middle East War
The 48th Association of Southeast Asian Nations (ASEAN) Summit opened today in Cebu, a major metropolitan area in central Philippines, with all 11 ASEAN leaders attending. Marcos Jr. (Ferdinand Marcos Jr.) stated in his opening remarks that ASEAN expresses "serious concern" over the armed conflict between Israel, the United States, and Iran, which has significantly affected global maritime and air transport, and the flow of energy and essential goods.
Marcos Jr. proposed three major priorities for ASEAN: ensuring energy security and resilience, stabilizing food supply, and protecting ASEAN expatriates and workers affected by the Middle East crisis. He urged ASEAN to strengthen energy interconnectivity, diversify energy sources, and accelerate the transition to renewable energy; simultaneously expand intra-ASEAN trade, protect and strengthen regional food systems; in addition, it should establish a more robust early warning system and improve consular coordination mechanisms to enhance humanitarian aid efficiency.
He also called on ASEAN countries to utilize emerging technologies such as artificial intelligence (AI) to address these challenges.
● War Changes European Energy Landscape: Norway Reopens Gas Fields Sealed for 28 Years
The Norwegian government approved the reopening of three North Sea gas fields sealed for 28 years, with production expected to start as early as 2028 and operate until 2048. The three gas fields involve a total investment of approximately NOK 19 billion (about TWD 63.5 billion), with recoverable reserves of about 90 to 120 million barrels of oil equivalent, mainly producing natural gas with a small amount of condensate, transported to Emden, Germany, and Teesside, UK, respectively.
Thina Saltvedt, Chief Analyst at Nordea Bank, frankly stated that reopening the three gas fields is ultimately due to Europe's demand for natural gas, also involving geopolitical considerations. She pointed out that the Middle East war has led to a decrease in EU imports of natural gas from the Middle East, with US liquefied natural gas (LNG) filling some of the gap; but as US-European relations change, Europe also tends to seek more partners for stable gas supply. She said that as long as Europe has demand for Norwegian natural gas, the relevant supply gap will be difficult to fully fill.
● Middle East Situation Impacts Japanese Auto Industry: Some Manufacturers Reduce Production, Tire Prices Rise
The impact of the effective blockade of the Strait of Hormuz, a vital energy transport route, has spread to Japan's automotive industry production and repair. Due to disruptions in naphtha imports, a shortage of diluents made from naphtha is increasingly affecting some manufacturers and painting companies, and has begun to impact business.
"Yomiuri Shimbun" pointed out that if supply instability becomes long-term, it could have a significant blow to the entire industry. Diluents are essential products for cleaning auto parts and diluting paints. Supply disruptions have also pushed up raw material prices, with Michelin Japan raising prices for summer tires shipped to Japan by 3% to 5% starting in June.
● Norwegian Central Bank Raises Interest Rates by 0.25% to Combat Inflation, First European Country Since Middle East War
The Norwegian Central Bank (Norges Bank) decided to raise its benchmark interest rate by 0.25% to 4.25%, becoming the first European country to raise interest rates after the outbreak of the Middle East war. Central Bank Governor Ida Wolden Bache stated in a statement: "Inflation is too high and has been above target levels for many years."
Norway's core inflation rate reached 3.0% in March, significantly higher than the official target of 2.0%. Core inflation is the Norwegian Central Bank's preferred economic indicator. The Norwegian Central Bank also stated that "significant uncertainty remains regarding future economic developments," and pointed out that the Middle East war has led to rising oil and gas prices, which may further push up inflation. (Editor: Hong Qiyuan) 1150508
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The text, pictures, and audio-visual content of this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.