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Oil prices tumbled and stock markets rallied Wednesday on reports that the United States had sent a peace plan to Iran.

German business morale fell in March as the war in the Middle East puts hopes of a recovery in Europe's struggling top economy "on ice", a key survey showed Wednesday.

The European Central Bank has several options for dealing with the Middle East war energy shock, its chief Christine Lagarde said Wednesday, vowing policymakers would not be "paralysed by hesitation".

Soaring fuel prices due to the Middle East war and snarled supply chains are already hurting businesses, business survey data published Tuesday showed.

Here are the latest economic events in the Middle East war:

The European Central Bank warned Thursday that the energy shock unleashed by the Middle East war would sharply push up inflation and hit the eurozone's growth this year. 

The Bank of England left its benchmark interest rate at 3.75 percent on Thursday as it monitors the inflation outlook, pressured by rising energy prices from the Middle East war.