srael pounded Tehran with airstrikes Friday as Iranians marked Nowruz, or the Persian New Year, in the midst of a war that has sent shock waves through the global economy and risked drawing Iran’s Arab neighbors directly into the conflict. Follow our live blog for the latest developments.
European countries urge Iran to reopen strait of Hormuz
Crude sinks
Crude prices fell more than two percent Friday after Israeli Prime Minister Benjamin Netanyahu said the war with Iran could finish sooner than many feared.
Traders also welcomed US President Donald Trump’s remarks that Israeli forces would not target any more of Tehran’s energy infrastructure.
Both main oil contracts sank, though Brent remains at about $105 and West Texas Intermediate about $93.
On Thursday, Brent jumped almost six percent to hit $119 a barrel before falling back to around $109.
Gold and silver prices shed more than six percent and 13 percent respectively, as rising inflation fears dampened expectations for near-term interest rate cuts.
Macron says eyeing UN action on Hormuz
French President Emmanuel Macron said his country planned to talk with permanent members of the UN Security Council about establishing a UN framework — once the ongoing exchange of fire had ended — to secure navigation in the Strait of Hormuz.
“We have initiated an exploratory process, and we will see in the coming days whether it stands a chance of succeeding,” he told reporters in Brussels following a European summit.
South Korea flags uncertainty from Qatar LNG plant damage, but downplays supply concerns
South Korean authorities said on Friday that Iranian attacks on Qatar’s energy facilities raise uncertainty, but downplayed concerns about disruption to its liquefied natural gas (LNG) supply, citing the availability
of alternative sources.
State-owned QatarEnergy said it will have to declare force majeure on long-term contracts for up to five years for LNG supplies bound for Italy, Belgium, South Korea, and China after the Iranian attacks knocked out 17% of LNG export capacity.
Gulf states say responding to missile, drone attacks
Emirati and Kuwaiti air defences were responding to missile fire early Friday, authorities in the Gulf states said, while Saudi Arabia intercepted drone attacks.
Elsewhere in the Gulf, Bahrain’s interior ministry said that shrapnel from an “Iranian aggression” caused a fire at a warehouse, which was brought under control and resulted in no injuries.
The ministry earlier said air raid sirens were activated.
In Kuwait, an army statement said air defences were “responding to hostile missile and drone threats”, while the UAE state media reported “incoming missile and drone threats from Iran”.
Israeli Prime Minister Benjamin Netanyahu denied Thursday what he called “fake news” that Israel had dragged US President Donald Trump into war with Iran.
Netanyahu said that Iran is being “decimated” and it is unclear who is in charge, even as the Islamic Republic kept up attacks on Gulf oil and gas targets that have jolted global markets.
The European Union called Thursday for a “moratorium” on strikes against energy and water facilities in the US-Israeli war with Iran, as attacks on Middle East oil and gas targets jolted global markets.
EU leaders will ask the European Commission to help their countries take temporary and targeted measures to curb the surge in energy prices triggered by the Iran war, according to draft joint conclusions seen by Reuters.
Lebanese President Joseph Aoun on Thursday renewed his call for a truce and the opening of negotiations with Israel to stop the war between it and Hezbollah, during a meeting with French Foreign Minister Jean-Noel Barrot.
