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Oil prices have experienced a significant surge, rising more than 5%, in the wake of an Israeli strike on Iran's South Pars gasfield. This development comes as the United States-Israeli conflict with Iran continues to escalate.The international standard, Brent crude, rose 5 percent to $108.66 a barrel on Wednesday. Meanwhile, US West Texas Intermediate crude (CLc1), the price barometer for US oil, gained 2.5 percent to $98.65. This widened its discount to Brent to the largest since May 2019, driven by fears of a prolonged conflict.Iranian state media reported that natural gas facilities associated with its offshore South Pars field – the largest gasfield in the world, located off the coast of southern Iran's Bushehr province – were attacked. Iran's Revolutionary Guard threatened to attack oil and gas infrastructure in Qatar, Saudi Arabia, and the United Arab Emirates, heightening the risk of further disruptions to energy supplies in the region.Later on Wednesday, Qatari authorities reported a fire at the country's Ras Laffan gas facility after an Iranian ballistic missile attack. Qatar's Interior Ministry later confirmed that the fire had been brought under control.The US-Israeli war on Iran and Tehran's retaliatory attacks on Gulf neighbours have disrupted oil and natural gas exports from the Middle East and forced production stoppages. Experts warn that if these disruptions keep oil and gas prices elevated for an extended period, the global economy could experience a wave of inflation.Fighting has halted most shipments via the Strait of Hormuz, through which 20 percent of global oil and liquified natural gas supplies pass. Total oil output cuts in the Middle East are estimated at 7 million to 10 million barrels per day or 7 percent to 10 percent of global demand.

Muslim communities around the globe observed Eid al-Fitr on Friday, signifying the conclusion of the sacred month of Ramadan, during which devotees abstain from food and drink from dawn till dusk. The culmination of Ramadan is marked by the sighting of the new moon, heralding the onset of Shawwal. However, variations in moon sighting practices lead to discrepancies in the timing of Eid celebrations across different countries. In several nations, including Mali, Niger, and Afghanistan, Eid al-Fitr was observed on Thursday, whereas in the Middle East, Africa, and Southeast Asia, it was celebrated on Friday. This joyous occasion, which extends over two days, is distinct from Eid al-Adha, which occurs during the Hajj pilgrimage. Traditionally, Eid al-Fitr commences with congregational prayers in open spaces, providing an opportunity for families and friends to unite for collective prayers and festivities. The celebrations this year are overshadowed by conflicts and instability in numerous Muslim-majority countries. In Iran, the ongoing war has resulted in widespread disruptions, while regions in the Gulf have experienced repercussions from escalating tensions. The United Nations reported that over one million people have been displaced in Lebanon due to Israeli attacks. Furthermore, Sudan has evolved into the world's largest humanitarian crisis as the conflict enters its third year.

Israel's actions in Lebanon have sparked concerns about possible war crimes, with the displacement of civilians being a major point of contention. The situation has raised questions about Israel's adherence to international law and the protection of civilians in conflict zones.The incident has been reported by various sources, including Al Jazeera, and has been attributed to Israel's military actions in the region. The international community has been urged to take a closer look at the situation and hold parties accountable for any violations of human rights and international law.

Iran's IRGC spokesman has made a bold statement directed at US President Donald Trump, saying 'You're fired!'. This remark comes amid heightened tensions between the two nations.The statement was reported by Al Jazeera on March 23, 2026. While details surrounding the context of the statement remain limited, it underscores the strained relationship between Iran and the United States.The IRGC, or Islamic Revolutionary Guard Corps, plays a significant role in Iran's military and political landscape. Statements from its spokespeople are often scrutinized for insights into Iran's policy stances and geopolitical strategies.

Iran has granted safe passage through the Strait of Hormuz to ships from select countries, including Pakistan, India, and Turkey, despite its ongoing war with the United States. The strait, a vital waterway for global oil shipments, has been effectively blocked since the conflict began on February 28, causing oil prices to skyrocket above $100 per barrel.On March 2, Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran's Islamic Revolutionary Guard Corps (IRGC), announced that the strait was 'closed' and warned that any vessels attempting to cross would be 'set ablaze' by the IRGC and the navy. This move led to a significant increase in oil prices, with Brent crude rising 2.5 percent to $105.70 on Monday, more than 40 percent higher than before the war began.Iranian Foreign Minister Abbas Araghchi revealed that Tehran had been approached by several countries seeking safe passage for their vessels, with the decision ultimately resting with the military. He confirmed that a group of vessels from 'different countries' had been allowed to pass through, although details were not provided.Pakistan was one of the first countries to have a ship pass through the strait, with a Pakistani-flagged Aframax tanker called Karachi sailing out of the Gulf on Sunday. India also secured permission for some of its vessels to pass through, with two Indian-flagged tankers carrying liquefied petroleum gas safely crossing the strait on Saturday.In addition, Turkey obtained permission for one of its ships to pass through the strait after authorities received approval from Tehran. China is reportedly in talks with Iran to secure safe passage for its crude oil and Qatari liquefied natural gas carriers, with 45 percent of China's oil imports passing through the strait.Meanwhile, France and Italy have requested talks with Iran regarding safe passage for their ships, according to reports. The US has proposed a naval coalition to secure the strait, but countries such as Germany and Greece have ruled out military involvement.

Iran's Foreign Minister Abbas Araghchi has accused the United States and Israel of causing disruptions to shipping in the Strait of Hormuz, a vital waterway through which one-fifth of the world's oil shipments pass.In a phone conversation with UN Secretary-General Antonio Guterres, Araghchi called for an end to what he described as military aggression against Iran by the US and Israel. He emphasized that every country and international institution concerned with peace and security must condemn these actions.The situation in the Strait of Hormuz has led to significant increases in oil prices, with Brent crude up 2.5% to $105.70 on Monday, more than 40% higher than before the conflict began on February 28.Several countries are reportedly in talks with Iran to secure safe passage for their ships. A senior adviser to Iran's Islamic Revolutionary Guard Corps (IRGC) had announced on March 2 that the strait was effectively 'closed' and threatened to set transiting ships 'ablaze'.US President Donald Trump has proposed a naval coalition to secure the Strait of Hormuz, but so far, no countries have pledged to join. French President Emmanuel Macron has stated that France will not participate in operations to unblock the strait, but may consider joining an escort system once fighting ends.The European Union is seeking diplomatic solutions to guarantee safe transit through the Strait of Hormuz and mitigate the impact of soaring energy prices on global markets.

Iran has started to permit a limited but increasing number of commercial vessels to transit the Strait of Hormuz, as indicated by ship tracking data. On Monday, eight non-Iranian flagged vessels were detected in the strategic waterway. This represents a notable increase, with MarineTraffic recording nine transits on Monday and Sunday, compared to just five over the preceding two days. According to Michelle Wiese Bockmann, an analyst at Windward, the growing number of ships rerouting via Iran's territorial waters suggests that Tehran is granting 'permission-based transits to friendly countries.' The Strait of Hormuz, a critical passage that normally carries about one-fifth of global oil supplies, has seen traffic plummet by more than 95 percent since the onset of the conflict between the US, Israel, and Iran. This drastic reduction has led to a surge in oil prices, which have risen above $100 per barrel, an increase of over 40 percent. Iranian officials have issued mixed messages regarding the strait's status. Iranian Minister of Foreign Affairs Abbas Araghchi stated that the strait was 'open, but closed to our enemies'. Conversely, a spokesperson for the Islamic Revolutionary Guard Corps (IRGC) warned earlier in the month that any ship attempting passage would be set ablaze. The situation has drawn international attention, with US President Donald Trump asserting that Washington does not require other countries' assistance to secure shipping traffic through the strait. Meanwhile, the US military reported dropping bunker buster bombs on 'hardened' Iranian missile sites located near the strait, citing the risk these posed to international shipping.

US President Donald Trump has ordered a pause in attacks on Iran's power infrastructure for five days. The move comes after Trump issued a 48-hour ultimatum to Iran to reopen the critical shipping route through the Strait of Hormuz or risk US attacks on its power plants.Iran's Response to US Ultimatum: Iran threatened to attack power plants in Israel and the Gulf if its own power plants were targeted. The Islamic Revolutionary Guard Corps (IRGC) stated that it would hit power plants in Israel as well as any supplying electricity to military bases hosting US troops and assets in the region.Potential Targets: Iran could target Israeli power plants, including Orot Rabin north of Tel Aviv, with a capacity of around 3,900 megawatts, and Rutenberg in Ashkelon, with a capacity of around 2,250 megawatts. Iran also mentioned that it would target financial entities that finance US military assets, including US Treasury bonds.Energy Infrastructure: Iran's attacks on energy infrastructure in the Gulf have already had significant impacts. Qatar's state-run energy firm, QatarEnergy, halted LNG production following Iranian attacks on its operational facilities, causing an estimated $20bn in lost annual revenue. Saudi Arabia also shut down operations at the Ras Tanura plant, its biggest domestic oil refinery.Financial and Corporate Entities: Iran could target large US companies with Israeli links, including Google, Microsoft, Palantir, IBM, Nvidia, and Oracle. Iranian officials also mentioned that they would target US Treasury bonds and entities that finance US military assets.Other Critical Infrastructure: Iran's foreign minister accused the US of striking a desalination plant on Qeshm Island off the coast of Iran, cutting off the water supply to 30 villages. Bahrain also reported that an Iranian drone caused material damage to one of its desalination plants.

The conflict in the region has intensified, with Iraq becoming a two-way battlefield between armed factions and the United States during its war with Iran. The US carried out strikes against the Shia paramilitary umbrella group, also known locally as Hashed al-Shaabi, late on Sunday after attacks on a US diplomatic and logistics centre at Baghdad International Airport.The attack was carried out after Iraqi security officials said four explosions were heard near Camp Victory, a US logistics centre at the capital’s main airport. No casualties were reported as the positions were deserted.The PMF is part of Iraq’s regular armed forces and includes some pro-Iranian groups. Pro-Iran armed groups have claimed responsibility for attacks on US interests in Iraq and across the region while strikes have also targeted these groups.Economic worries also are weighing heavily after Iraq’s Ministry of Oil last week announced a case of force majeure on all oilfields developed by foreign oil companies, citing disruptions to navigation through the Strait of Hormuz, which have halted most of the country’s crude exports.“Iraq relies on that revenue,” said Nicolas Haque, a reporter from Iraq’s capital. “That’s 90 percent of its revenues, so that’s going to have an impact on people.”US President Donald Trump on Saturday threatened to attack Iran’s power plants if freedom of navigation through the Strait of Hormuz was not fully restored in 48 hours. On Monday, hours before his deadline was to expire, Trump ⁠ordered the US ⁠military to postpone ⁠strikes ⁠against the power plants for five days.