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Recent tensions in the Middle East have seen Iran ramping up its military actions, including launching missiles and drones at targets in Israel and U.S. bases. These aggressive maneuvers have also extended to energy infrastructure, causing significant disruptions. Coupled with Iran’s control over the critical Strait of Hormuz, these actions have led to a sharp rise in oil prices worldwide.
The benchmark for international oil prices, Brent crude, surged to nearly $120 per barrel at one point, before settling back to around $90 per barrel today. This marks an increase of nearly 24% since the conflict ignited on February 28.
The hostilities have triggered a mass exodus from business centers, as foreign nationals flee the escalating violence. Meanwhile, millions of residents are seeking refuge as the conflict impacts key infrastructures, including military bases, government facilities, oil and water resources, as well as commercial establishments and educational institutions.
Iran’s actions have severely disrupted maritime traffic, particularly in the Strait of Hormuz, a crucial passageway that links the Persian Gulf to the Gulf of Oman and onward to the Indian Ocean. This strategic corridor is responsible for the transit of 20% of the world’s oil supply.
Increased attacks on commercial vessels near the strait have resulted in the tragic loss of at least seven sailors, as reported by the International Maritime Organization.
Attacks on merchant ships near the strait have killed at least seven sailors, according to the International Maritime Organisation.
In a post on social media today, Trump seemed not to acknowledge that, saying that “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far”.
In an apparent response to Trump’s remarks published in Iranian state media, a spokesperson for the paramilitary Revolutionary Guard, Ali Mohammad Naini, said: “Iran will determine when the war ends”.
Kamal Kharazi, foreign policy adviser to the office of the supreme leader, told CNN yesterday Iran is prepared for a long war.
He said he sees no “room for diplomacy anymore” unless economic pressure prompts other countries to intervene and stop the “aggression of Americans and Israelis against Iran”.
Airstrike on Iran-linked militia in Iraq kills 5
As the conflict has spread across the region, Israel has launched multiple attacks on Hezbollah in Lebanon, and the Iran-backed Lebanese militant group has responded by firing missiles into Israel.
Pro-Iran militias in Iraq have also launched attacks at US bases in the country since the beginning of the conflict.
Today, one of those militias, the 40th Brigade of the Popular Mobilisation Forces in the city of Kirkuk, was hit with an airstrike that killed at least five militiamen and wounded four others, according to officials, who spoke on condition of anonymity because they were not authorised to talk to reporters.
It was not immediately clear who was behind the strikes.
Meanwhile, the Israeli military said it completed a series of strikes targeting Hezbollah’s financial arm, al-Qard Al-Hasan.
Israel says Hezbollah uses al-Qard al-Hasan to finance its military activities and has also targeted several of the group’s branches in southern and eastern Lebanon last week.
A total of seven US service members have been killed.
Financial markets, which swung wildly in recent days, opened the day in Asia with early gains, building on late optimism in the US.
As it faced headwinds from the conflict, Saudi Arabia’s oil giant Aramco reported 2025 profits of $US104 billion ($146.6 billion), down from $US110 billion ($155 billion) in 2024.
Aramco, formally known as the Saudi Arabian Oil Co., said its 2025 revenues were $US445 billion ($627 billion), down from $US480 billion ($676 billion) in 2024.
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