News

Middle East crisis live: Mojtaba Khamenei chosen as Iran’s new supreme leader; oil prices soar past $100 a barrel  The Guardian

Oil surge hits Indian refiners, stocks tumble after Strait of Hormuz closure Shares of major Indian refiners fell sharply on Monday as oil prices surged amid the widening US-Israeli war with Iran, Reuters news agency reported.  The report said that Indian shares fell as higher crude oil prices were seen as adding pressure on the South Asian country's economy, stoking growth and inflation worries while pushing up import costs in the world's third-largest oil importer. State-run Indian Oil dropped about 6.6%, Hindustan Petroleum slid 7.5% and Bharat Petroleum fell 7.1%, while Reliance Industries declined around 2%. The sell-off came as Brent crude prices surged toward $120 a barrel following the closure of Strait of Hormuz, nearing a four-year high and raising concerns over refiners’ earnings. Analysts said oil marketing companies are vulnerable to rising crude costs because they sell more fuel than they produce, putting pressure on margins.

Oil surges above $100 as Middle East conflict rattles markets Oil prices surged above $100 a barrel Monday at the start of Asian trading, reaching their highest level since July 2022 as markets reacted to the escalating conflict in the Middle East. US benchmark West Texas Intermediate jumped more than 18 percent to about $107.54 a barrel, at one point climbing above $111. The surge rattled regional markets, with major Asian stock exchanges falling sharply. Japan’s Tokyo and South Korea’s Seoul markets dropped about 6 percent shortly after opening, while Taiwan’s Taiex index fell more than 5 percent in early trading.

Trump says oil price spike on Iran war a 'small price to pay' US President Donald Trump dismissed the war-related spike in oil prices as a "small price to pay" amid the US-Israeli war with Iran. Oil prices surged about 20% in early trade on Monday, hitting their highest since July 2022, as the expanding US-Israeli war with Iran fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz. "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!" he wrote on his Truth Social platform. This video grab taken from UGC images posted on social media on 7 and 8 March 2026 shows fire erupting at an oil depot in Iran's capital Tehran. (AFP)

Strait of Hormuz: A battle that could shake the global economy  The New Arab

Iraqi oil production collapses as Hormuz still blocked by US-Iran war, sources say Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, 3 industry sources said on Sunday. Production from the fields stood at around 4.3 million bpd before the war.

Oil prices have soared in the week since the U.S. and Israel went to war with Iran

‘This war has not been thought through’

The military targeting of desalination plants poses a huge risk to water security in the water-scarce Gulf region.

The battle for the Strait of Hormuz is coming. Here's how it will shape up, and what Britain can do  The Telegraph

Residents of Tehran woke up on Sunday morning to find it was still dark outside, an apocalyptic sight created by thick black smoke billowing from oil depots hit by Israeli strikes. With the Sun blotted out, disoriented people in the Iranian capital had to turn on their lights to see through the gloom. "I thought my alarm clock was broken," a driver in his fifties told AFP on condition of anonymity. By 10:30 am local time (0700 GMT), cars still needed their headlights to drive along Valiasr Street, a main thoroughfare that runs north-south through the city.

Bahrain and Iran say civilian desalination plants were hit with no end in sight for regional war  The Globe and Mail

Bahrain asks citizens to 'head to nearest safe place' Authorities in Bahrain on Sunday said that sirens were activated, while advising people to "head to the nearest safe place", Al Jazeera reported.  “Citizens and residents are urged to remain calm and head to the nearest safe place,” Bahrain’s Interior Ministry said in a brief statement.

Kuwait and Saudi Arabia report more attacks as Trump says the war will only end when Iran's leaders 'cry uncle'.

Ukraine's president seeks leverage with low-cost interceptors, as US and Gulf nations burn through Patriot missiles.