News

Inflation held steady at 2.4% in February, ahead of Iran war  USA Today

Oil prices rallied and equities mostly dropped Wednesday as traders assessed the latest developments affecting global markets as a result of the Middle East war. Crude futures fluctuated between gains of around two and six percent as the release of oil reserves by some countries helped to offset news of attacks on commercial ships in the Gulf. "Oil prices remain volatile and risk sentiment fragile and trading is on the headlines and rapidly evolving conflict in the Middle East," noted Neil Wilson, Saxo UK investor strategist.

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How the Iran war could impact hyperscalers' massive AI buildout in the Middle East  CNBC

Alireza Salarian says Iran’s new supreme leader was lucky to survive strike that killed six of his family members Middle East crisis – live updates Iran’s new supreme leader, Mojtaba Khamenei, was injured in the 28 February attack that killed six of his family members, including his father, Tehran’s ambassador to Cyprus has confirmed. In an interview conducted at his embassy compound in Nicosia, Alireza Salarian elaborated on the circumstances in which Khamenei, 56, was injured, saying he was lucky to survive the strike, which levelled the late ayatollah’s residence. Continue reading...

Israel pressed its attacks across Lebanon on Wednesday, hitting an apartment building in central Beirut, in the second targeting of the heart of the capital since the Middle East war began. Lebanon was drawn into the war last week when Hezbollah attacked Israel in response to the killing of Iranian supreme leader Ayatollah Ali Khamenei in US-Israeli strikes.

German arms maker Rheinmetall said Wednesday the Middle East war offered new business opportunities, especially for its air defence systems, as it forecast continued strong growth this year. The conflict began with US-Israeli strikes on Iran at the end of February, triggering retaliatory Iranian attacks across the region, as well as turmoil on global markets. Rheinmetall, whose business has boomed since Russia's 2022 full-scale invasion of Ukraine spurred a re-armament drive in Europe, said it may now turn its attention to the Middle East.

At least 85 countries have reported petrol price rises since the attacks on Iran by the US and Israel on February 28.

By Angelo Amante and Giuseppe Fonte ROME, March 11 (Reuters) - Italy's Prime Minister Giorgia Meloni on Wednesday delivered her strongest criticism yet of the U.S.-Israeli war on Iran, describing it as part of a growing and dangerous trend of interventions "outside the scope of international law".

By Sabine Siebold BERLIN, March 11 (Reuters) - Ukrainian military trainers will help Germany's military meet a target of being ready to defend against any Russian attack on NATO by 2029, the German army chief said, in a role reversal after years of Western troops training Ukrainian forces. Berlin and Kyiv agreed last month that Ukraine would send military instructors to German army schools to teach lessons they have learned from fighting against Russia's invasion.

By Samia Nakhoul DUBAI, March 11 (Reuters) - The U.S. may have pulled the trigger on the Iran war, but it is the oil-producing Gulf that will pay the price, Gulf sources and analysts say, signalling unease in ties between a region under Iranian attack and the superpower it relies on for protection.

Global airlines are grappling with the effects of the war in the Middle East, as fuel prices soar and customers reassess their travel plans. The war has sent the price of oil and gas soaring, after Iran's Revolutionary Guards vowed to choke off traffic in the Strait of Hormuz, one of the world's key energy transit routes. The average global price of jet fuel has surged even faster, reaching $173.91 per barrel on Monday, according to the Platts benchmark index, double what it was on the levels of January 2.

France's president said a French aid worker with UNICEF was killed, after M23 rebels said 'combat drone' hit the city.

Germany releases part of oil reserves due to Middle East war, government source says Germany is to release part of its strategic oil reserve to counter high energy prices as a result of the war in the Middle East, a government source told AFP on Wednesday. Germany's Economy and Energy Minister Katherina Reiche was due to address the media in Berlin shortly.

A Marine Went on a Pilgrimage to the Holy Land to Heal from War. War Found Him Anyway  thewarhorse.org

Iran war live updates: Ship attacked in Strait of Hormuz  USA Today

BEIJING, March 11 (Reuters) - China "does not agree" with attacks on Gulf states and condemns all indiscriminate attacks on civilians and non-military targets, said Guo Jiakun, spokesperson at the Chinese foreign ministry, at a regular press conference on Wednesday. (Reporting by Ryan Woo and Ethan Wang; Editing by Christian Schmollinger)

Erdogan: War must be stopped 'before it engulfs entire region in flames' The war raging in the Middle East must be stopped before it engulfs the entire region at increasing cost to the global economy, Turkish president Recep Tayyip Erdogan said Wednesday. "This war must be stopped before it becomes bigger and completely engulfs the region in flames," he said, describing the Middle East as "once again enveloped in a smell of blood and gunpowder". "If diplomacy is given a chance, this is entirely possible," he insisted, a day after Iran's top diplomat Abbas Araghchi effectively ruled out negotiations with Washington, saying Tehran had had "a very bitter experience of talking with Americans". "If this senseless, lawless and irregular war continues, there will be more loss of life and property, and the cost to the global economy will increase even further," Erdogan added, saying Turkey was pursuing efforts to find a diplomatic solution.

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Iran-Israel War LIVE Updates: Indian Among 4 Injured After Iranian Drones Hit Near Dubai Airport  NDTV