News

Oil soars 25%, gold drops as Iran war jolts global commodity markets  Reuters

Rising global oil prices triggered by the Iran war are increasing economic pressures across Africa, where most countries rely heavily on imported petroleum products

DHAKA, March 9 (Reuters) - Bangladesh will close all universities from Monday, bringing forward the Eid al-Fitr holidays as part of emergency measures to conserve electricity and fuel amid a worsening energy crisis linked to the conflict in the Middle East. Authorities said the decision applies to all public and private universities across the country, a move that officials said will not only reduce electricity consumption but also ease traffic congestion, which leads to fuel wastage.

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For China, Billions of Dollars Are at Risk From a Widening War  The New York Times

Bangladesh shuts universities as Middle East conflict strains energy Bangladesh on Monday announced all universities will be closed as part of emergency measures to conserve fuel amid a worsening energy crisis linked to the conflict in the Middle East, Reuters news agency reported.  The decision applies to both public and private universities and is aimed at reducing power consumption and easing traffic congestion that leads to fuel use. The move comes as Bangladesh faces uncertainty over fuel and gas supplies linked to disruptions in global energy markets caused by the conflict in the Middle East. The country, which imports about 95% of its energy needs, has also imposed limits on fuel sales and redirected gas supplies to power plants to avoid widespread electricity outages.  Vehicles queue at a fuel station, as concerns grow over fuel supplies following the US-Israel conflict with Iran, in Dhaka, Bangladesh, 6 March 2026. REUTERS/Mohammad Ponir Hossain

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Goldman Sachs: If crude oil shipments through the Strait of Hormuz remain low this month, oil prices could surpass historical highs.  富途牛牛

This is the Israeli city most targeted by Iranian missiles  Haaretz

Airline shares battered as oil prices spike, Iran war intensifies  Reuters

Middle East war is already affecting shipping — and Europe won’t be spared  politico.eu

Hezbollah says its attacks forced Israeli troops to retreat from south Lebanon Hezbollah said its fighters carried out several attacks against Israeli forces in southern Lebanon, according to statements posted on the group’s Telegram channel. The group said it confronted Israeli troops who had landed by helicopter in the Serghaya plain. Hezbollah also claimed it launched artillery and machine-gun attacks on Israeli forces advancing toward Khallat al-Mahafir in the border town of Odaisseh and toward the town of Aitaroun. The group said the attacks forced Israeli troops to retreat.

Oil prices surge above $100 and shares slide over Iran war  BBC

Iran has named hardliner Mojtaba Khamenei as the country’s new supreme leader; Donald Trump says oil price spike ‘a small price to pay’ as markets tumble Full report: Ali Khamenei’s son Mojtaba chosen as Iran’s new supreme leader Tell us: how have you been affected by the latest events in the Middle East? Australian shares plunged on Monday, wiping about $13obn from the value of the ASX midway through the trading session, after a sharp rise in oil prices caused by the Middle East conflict sparked concerns of a breakout in global inflation. The benchmark S&P/ASX 200 was down 4% in lunchtime trading to dive below the 8,500 point mark, marking the single biggest one-day drop since the announcement of Donald Trump’s “liberation day” tariffs last year. Continue reading...

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Crude oil prices surpass $100 a barrel as the Iran war impedes production and shipping  Los Angeles Times

France will host a video meeting of G7 finance ministers on the Middle East crisis on Monday, as the war fuels fears for the global economy. The French finance ministry said in a statement the meeting at 1:30 pm (1230 GMT) would "review the situation in the Gulf from an economic point of view" and "events of recent days". French finance minister Roland Lescure earlier told Franceinfo radio he had agreed with US Treasury Secretary Scott Bessent and other G7 finance ministers to hold the meeting over a week after the start of the US-Israel war against Iran.

Explosions heard in Doha as Iran attacks multiple targets in Gulf Explosions were heard early Monday in the Qatari capital Doha as Gulf countries reported new missile and drone attacks linked to Iran’s retaliatory campaign in the region, AFP reported.  Qatar’s Defence Ministry said a missile targeting the city was intercepted as air defences responded to the attack. Meanwhile, Kuwait said its air defences were confronting hostile missiles and drones, days after projectiles hit fuel tanks at Kuwait International Airport. Saudi Arabia also reported intercepting two drones heading toward the Aramco-operated Shaybah oil field, while Bahrain said missile debris injured three people and a desalination plant was struck by a drone.

Aluminum Rises to 2022 High as Iran War Stokes Supply Crunch  Bloomberg.com