LIVE | Oil soars 30% and Asian stock markets plunge as Iran conflict escalates
The election of hardliner Ali Khamenei's son as Iran's new supreme leader, succeeding his father, is expected to lead to tougher attacks by the United States and Israel. A seventh U.S. service member loses their life from wounds sustained in an attack.
Sailors check ammunition for fighters on the deck of the USS Abraham Lincoln.
The 10th day of war in the Middle East dawned amid clouds of smoke from new and more intense attacks from both warring sides and with storm clouds over global stock markets. The price of oil rose as much as 30% during Asian trading on Monday, breaking the $110 barrier and reaching levels las seen in 2022, when the Ukrainian war began, leading to a hard fall in the markets. The cost of gas is also staging a major rally on fears of supply problems as a result of instability in the region.
The election of hardliner Mojtaba Khamenei, son of Iran's former supreme leader, as the country's new leader raises the prospect of a new escalation of the conflict. Both Donald Trump and Israel have already vowed that they will do everything possible to remove him as soon as possible.
In addition, the U.S. casualty list added a new fatality, the seventh, since the war began. Central Command announced the death of an American service member as a result of serious wounds suffered in an attack.
Times correspond to Eastern Standard Time (EST).
Two killed, one wounded by Iranian missile barrage
Two people were killed and a third suffered severe wounds on Monday from Iranian missile attack that hit six sites in central Israel, the Jewish state’s Channel 13 reported.
Emergency crews continued to search several impact sites.
Another missile barrage launched about 30 minutes later triggered air-raid sirens in central Israel, including Tel Aviv, but caused no casualties.
Iranian missile attacks on the Jewish state have killed 13 people and injured more than 2,000 since the start of “Operation Roaring Lion/Epic Fury,” the Israeli-U.S. military action against the Iranian regime.
G7 considers coordinated release of strategic oil reserves to stabilize prices
G7 countries are considering a coordinated release of their strategic oil reserves to contain escalating prices. A French government source confirmed to AFP that this option will be discussed during a video conference of finance ministers.
The International Energy Agency requires its members to maintain reserves equivalent to 90 days of imports.
The proposed measure will have to take into account not only Iranian retaliation, but the decrease in production in Iraq and the autonomous Kurdish region of northern Iraq, as occurred in the United Arab Emirates and Kuwait due to the attacks they suffered. Saudi Arabia was forced to shut down parts of its giant Ras Tanura refinery
European stock markets open in the red: oil and gas give no respite
European stock markets fell at Monday's open as the latest spike in energy prices added to fears that supply disruptions caused by the war in the Middle East will lead to rising inflation.
Frankfurt and Paris stock markets lost more than 2.5% in early trading Monday, while London fell 1.8%.
Oil and gas prices soar and sink Asian markets
The price of the main U.S. benchmark oil soared 25% in Asia on Monday on concerns that spiraling war in the Middle East could lead to prolonged supply disruptions.
West Texas Intermediate (WTI) rose 26.45% to $118 a barrel, while Europe's benchmark North Sea Brent rose 27% to $118.22 a barrel. Gas also saw similar rises.
As a result, the Seoul Stock Exchange, which had performed well this year due to its technology companies, closed down 5.96% on Monday, while the Tokyo Stock Exchange closed down more than 5.19%.Sharp declines were also recorded on the Hong Kong, Shanghai, Taipei, Sydney, Singapore, Manila and Wellington stock exchanges.
The futures of Wall Street's three major indexes had fallen more than 2% last week, while the U.S. dollar regained value because of its status as a safe-haven investment.
Iran threatens to destroy oil facilities in region: 'If you can tolerate oil rising to over $200 a barrel, continue this game'
Iran's Army warned Sunday that it will attack oil facilities in the region if Israel continues attacking its energy infrastructure, following a bombing of four depots and a logistics center that left Tehran in the dark in broad daylight.
"If they can tolerate oil going up to more than $200 a barrel, continue this game," said Iranian central military command spokesman Ebrahim Zolfaghari.
New Iranian attacks on its neighbors leave at least 32 civilians wounded in Bahrain
Bahrain’s Ministry of Health reported Monday that 32 civilians were injured in an overnight Iranian drone strike on the island of Sitra. All of the injured are Bahraini nationals and there are four "serious cases," including children, the ministry said.
Hours later, an Iranian bombing against the Al Ma'ameer oil facility,also in Bahrain, caused a fire and left material damage, the Bahrain News Agency reported on X.
Turkey mobilizes aircraft in northern Cyprus.
Turkey's Defense Ministry announced Monday the mobilization of six F-16 fighter jets to northern Cyprus, the part recognized only by Ankara, a week after the island was targeted in a drone attack.
Iran to confiscate assets of dissidents abroad who "collaborate" with Israel and US
Iranian authorities will confiscate assets and impose sanctions on members of the Iranian diaspora suspected of "collaborating" with Israel and the United States in the war, the judiciary announced Monday.
"Iranians abroad who align, aid and collaborate with the US and Israel will have their assets confiscated," the judiciary said.Iranians abroad who align, aid and collaborate with the U.S. Zionist aggressor enemy will be exposed to confiscation of all their assets and other sanctions provided for by law," the prosecutor general's office said, cited by Mizan Online, the judiciary's online media outlet.
Seventh U.S. casualty in Middle East war
Central Command issued a statement reporting that a seventh serviceman died Saturday "from wounds received during initial attacks by the Iranian regime across the Middle East" on March 1. They gave no further details about the circumstances of the attack and said the soldier's identity would be kept private until 24 hours after notifying his family.
The six other U.S. soldiers killed so far were in Kuwait and were also targeted in Iran's first wave of retaliatory bombings.
Everything that happened in the Middle East war, here
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