Shares fall globally as oil prices spike following Iran's attacks on Gulf shipping routes | Reuters Asia-Pacific markets declined on Thursday as oil prices surged, driven by reports of additional attacks on vessels in the Strait of Hormuz and Iraqi waters. The incidents intensified fears of escalating tensions, pushing inflation higher and raising borrowing costs worldwide. U.S. crude rose 7.5% to $93.80 a barrel, extending a gain of over 4% from the previous day, while Brent crude futures climbed 7.7% to $99.03 a barrel. The International Energy Agency’s plan to release 400 million barrels of oil from its reserves, the largest such move in its history, failed to curb the price surge. The U.S. pledged to release 172 million barrels as part of the initiative. Iranian Revolutionary Guards intensified attacks on merchant ships, with two fuel tankers in Iraqi waters struck by explosive-laden boats. Iraqi officials confirmed that oil ports had halted operations, and analysts noted burning tankers leaking oil into the Persian Gulf. Tony Sycamore of IG described the attacks as a direct response to the IEA’s oil release, which Iran had previously warned would lead to prices exceeding $200 a barrel. Earlier, Iran had targeted three vessels in Gulf waters, claiming they had violated its orders. U.S. President Donald Trump declared the war on Iran was “won” but emphasized the need to “finish the job,” adding uncertainty to markets. The conflict weighed heavily on equity markets, with the MSCI Asia-Pacific index dropping 0.8% and the Nikkei falling 1.6% amid concerns over oil-dependent Japan. U.S. and European futures also declined, with S&P 500 and Nasdaq futures down 0.8%, and European indices falling 0.6% to 0.8%. Inflation pressures dominated financial markets, as the U.S.#donald_trump #strait_of_hormuz #iranian_revolutionary_guards #international_energy_agency #tony_sycamore
Israel-Iran war LIVE: Consequences for global oil markets could be 'catastrophic' if Hormuz closure continues, Aramco chief says The escalating conflict between Iran and the United States, along with its allies, has raised alarms about the potential collapse of global oil markets. Saudi Arabia’s state oil company, Aramco, warned that prolonged disruption of shipping through the Strait of Hormuz could lead to "catastrophic" consequences for energy supplies. The strait, a critical chokepoint for oil exports, has seen near-total shutdowns in commercial traffic due to rising tensions in the region. Aramco’s chief executive, Amin Nasser, emphasized that this crisis surpasses past disruptions, highlighting the severity of the situation. Iran’s Revolutionary Guards have vowed to block oil exports from the Middle East as long as the war continues, prompting U.S. President Donald Trump to threaten harsher military strikes if Tehran disrupts oil flows. The U.S. leader also announced plans to ease certain oil-related sanctions to stabilize global supply chains, though the effectiveness of this measure remains uncertain. Meanwhile, Iran’s Foreign Minister, Abbas Araghchi, reiterated that the country would continue its missile attacks on Gulf Arab nations, including the UAE, Saudi Arabia, and Kuwait, as long as the conflict persists. The war has intensified with Iran launching new attacks on Gulf countries, including multiple waves of drone and missile strikes. These assaults have targeted infrastructure and civilian areas, with reports of explosions in Doha, Qatar, following U.S. evacuation orders for residents near the embassy. The violence has also spilled into Iraq, where Iranian-backed militants were reportedly killed in an airstrike, and the Revolutionary Guards claimed to have struck a U.S.#donald_trump #strait_of_hormuz #abbas_araghchi #iranian_revolutionary_guards #aramco
Iran Conflict: Trump Threatens to Take Over Strait of Hormuz The United States has warned that it will take control of the Strait of Hormuz, a critical waterway for global oil transportation, if Iran continues to attack commercial vessels and target American and Israeli interests in the Middle East. President Donald Trump issued the threat during a press briefing, emphasizing that any further aggression by Iran would trigger a severe response. The strait, which serves as a primary route for approximately 20% of the world’s oil exports, has become a focal point of tensions between the U.S. and Iran in recent months. Iranian officials have responded by vowing to block all oil exports through the region, warning that any attempt by the U.S. to seize control of the strait would lead to catastrophic consequences. State media reported that Iran’s leadership has instructed its military to prepare for potential confrontations, citing the need to protect its national sovereignty and economic interests. The country has also accused the U.S. of escalating hostilities by deploying naval assets to the area and conducting military exercises near Iranian territorial waters. The dispute has intensified following a series of incidents involving Iranian Revolutionary Guards targeting oil tankers in the strait. These attacks, which have disrupted global energy markets, have drawn condemnation from the U.S. and its allies. Trump’s administration has accused Iran of using the strait as a “war theater” to provoke conflict, while Iran has framed the actions as a defense against what it calls “unlawful aggression” by Western powers. Analysts suggest that the threat of U.S. military intervention could have far-reaching implications for global energy security and international relations.#iran #united_states #donald_trump #strait_of_hormuz #iranian_revolutionary_guards
Israeli Prime Minister Benjamin Netanyahu vowed to continue the war with Iran, declaring Israel had a "systematic plan to eradicate the Iranian regime," as Tehran refused to surrender. The pledge came amid escalating violence, with Iran launching waves of missiles and drones at Gulf neighbors while Israel and the U.S. conducted airstrikes targeting Iranian infrastructure. Netanyahu’s televised address on March 7, 2026, emphasized Israel’s determination to pursue the conflict "with all our force," despite Iran’s repeated retaliation. The attacks included a strike that set Tehran’s Mehrabad International Airport ablaze and another targeting an oil depot. Iran’s Revolutionary Guards claimed they had struck a U.S. military base in Bahrain, accusing it of using the facility to attack an Iranian desalination plant. The conflict expanded beyond Iran, with Israel intensifying air strikes on Lebanon, where Hezbollah, an Iran-backed militant group, operates. Israeli Defense Minister Israel Katz warned Lebanese President Joseph Aoun that his country would face "a very heavy price" if it failed to disarm Hezbollah. Meanwhile, Israeli commandos launched an unsuccessful mission to retrieve the remains of a 1986 air force navigator, resulting in 41 civilian deaths in Nabi Sheet. Iranian President Masoud Pezeshkian apologized for strikes on neighboring countries, attributing the attacks to "miscommunication," while also vowing to resist U.S. demands for "unconditional surrender." He accused Iran’s enemies of seeking to "take their wish for the unconditional surrender of the Iranian people to their graves." The war, now in its second week, began after joint Israeli and U.S. strikes killed Iranian Supreme Leader Ali Khamenei.#hezbollah #iranian_president_masoud_pezeshkian #israeli_prime_minister_benjamin_netanyahu #iranian_revolutionary_guards #israeli_defense_minister_israel_katz
Iran conflict disrupts global shipping as tankers are stranded, damaged Insurance companies are canceling war risk coverage for vessels operating in the Middle East Gulf as the escalating Iran conflict disrupts maritime traffic, leaving tankers damaged or stranded and resulting in at least two fatalities. The Strait of Hormuz, a critical waterway that carries approximately one-fifth of the world’s oil consumption along with significant volumes of natural gas, has seen shipping operations nearly halt after Iranian forces retaliated against U.S. and Israeli strikes. One tanker caught fire in the region on Monday, while at least four others sustained damage. Around 150 ships, including oil and liquefied natural gas tankers, are reportedly anchored in the Strait of Hormuz and surrounding waters, according to shipping data. The disruption has triggered a sharp rise in oil and European natural gas prices, with Brent crude futures surging as much as 13% amid fears of prolonged closures and multiple shutdowns in the Middle East. The crisis has also led to a backlog of cargo, with approximately 10% of the world’s container ships trapped in broader shipping delays. Jeremy Nixon, CEO of container carrier Ocean Network Express, warned that cargo could soon begin piling up at major ports and transshipment hubs in Europe and Asia. Iran has declared the Strait of Hormuz closed to navigation, prompting Asian governments and refiners to reassess their oil stockpiles. Iranian Revolutionary Guards commander warned that any vessel attempting to transit the 21-mile-wide waterway would face attacks. Tracking data from MarineTraffic shows tankers are clustered off the coasts of major Gulf oil producers, including Iraq, Saudi Arabia, and Qatar.#us #iran #strait_of_hormuz #iranian_revolutionary_guards #honduran_flagged_tanker
