Overview
- Iran’s Revolutionary Guard said it launched fresh attacks on Tel Aviv and Ben Gurion airport and struck U.S. bases in the UAE and Bahrain, while Israel announced large-scale strikes on targets in Tehran, Shiraz and Tabriz.
- The Strait of Hormuz remains effectively blocked by Iran, and EU foreign policy chief Kaja Kallas raised a possible European or UN mission to keep it open as President Donald Trump urged NATO members and China to send warships.
- Key allies signaled limits on military involvement, with the U.K. pursuing a collective plan outside NATO structures and Germany ruling out participation as officials stressed the conflict is not a NATO mission.
- Disruptions hit Gulf infrastructure, including a drone-triggered fuel-tank fire near Dubai’s airport that led to a brief suspension of flights before gradual resumption, with additional incidents reported in Abu Dhabi and Fujairah.
- Brent crude hovered near $100 a barrel and European gas around €50/MWh as the IEA detailed a 400 million barrel coordinated release beginning immediately from Asia–Oceania and rolling out from America and Europe by late March, while corporate surveys showed firms and fund managers preparing for a conflict lasting months.