Overview
- Israel’s military said it conducted simultaneous strikes on targets in Tehran and Beirut, with news outlets reporting the operations as joint US–Israel actions.
- QatarEnergy halted production at Ras Laffan after drone attacks, intensifying concerns over the Strait of Hormuz as dozens of tankers and LNG carriers paused on either side.
- European markets dropped sharply on March 3, with Milan’s FTSE MIB closing down 3.92% and broader European indices falling about 3% as energy, utilities and luxury shares slumped.
- European gas prices jumped above €60/MWh and Brent crude rose above $80 a barrel, reflecting a rising geopolitical risk premium and tighter logistics in the Gulf.
- Europe’s gas storage sits near 30% of capacity, heightening vulnerability, while thousands of flights were canceled following safety guidance to avoid affected Middle East airspace and Italian analysts warned of up to €33 billion in six‑month economic damage if disruptions persist.