#middle-east-conflict

#middle-east-conflict

Steinmeier described the ongoing conflict as a 'politically fateful mistake' and a 'breach of international law,' emphasizing the need for a reevaluation of current foreign policies.

Fatih Birol, president of the International Energy Agency, warned that the war in Iran is the greatest threat to energy security in history, with analysts describing the situation as an Armageddon.

There is a high threat of terrorist attack globally affecting UK interests and British nationals, including from groups and individuals who view the UK and British nationals as targets.

The foreign secretary reiterated the UK government's position, stating, 'As the prime minister has made clear we will provide defensive support against these reckless Iranian threats but we have not been - and we continue not to be - involved in offensive action.'

Developer Michael O'Flynn stated that there is 'huge concern' in the construction industry regarding potential inflated prices on supplies due to the global turmoil caused by the war.

US Treasury Secretary Scott Bessent described the Iranian oil waiver as a 'narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,' which is expected to release about 140 million barrels. He emphasized that Iran 'will have difficulty accessing any revenue generated.'

"If prices stayed at this level, it would mean an extra $11 billion in annual expense just for jet fuel. For perspective, in United's best year ever, we made less than $5B."

Scandinavian Airlines (SAS) has announced the cancellation of 1,000 flights in April alone and many other major European airlines have announced cancellations or route cutbacks.

Inflation is still stubbornly above its 2% target, and while the jobs sector is weak, it has not been alarming enough to spur significant action from the rate-setting Federal Open Market Committee (FOMC).

The International Energy Agency released a series of steps on Friday that would ease the burden of the global oil price spike. Recognising 45 per cent of the world's oil demand comes from road transport, the agency urged workers to stay at home where possible and consider public transport if they need to travel.

The International Energy Agency has advised member countries to take emergency measures to curb oil demand, following military strikes on Iran that have triggered significant supply disruptions.

After the historical Iranian city of Isfahan was targeted by several major strikes, its governor Mehdi Jamalinejad claimed that serious damage had been inflicted even after blue shields were put on the roofs of culturally important buildings. This is an internationally recognized signal under the 1954 Hague Convention for the Protection of Cultural Property in the Event of Armed Conflict.

War in the Middle East has pushed up energy prices. You can already see that at the petrol pump and, if it lasts, it will feed into higher household energy bills later in the year. Whatever happens, our job is to make sure inflation gets back to its 2% target.

If the price of energy continues to be elevated for the whole year, that could put a crimp on the AI boom. Because that investment is very concentrated in a number of very large firms, and the technology is still ultimately unproven in terms of how much it can deliver, there is a bit of uncertainty there in terms of where the future's going.

We are closely monitoring the developments in the Middle East and the potential implications for our business. At this stage, we have temporarily suspended deliveries in the area, while managing few deliveries via airplane.

On Thursday morning, the price of Brent crude oil rose by around 7 per cent, surpassing 114 US dollars per barrel and bringing it close to its highest level since the conflict intensified at the end of February. The dramatic spike in oil prices followed a report from Qatar indicating that Iranian missile strikes had targeted its liquefied natural gas (LNG) facility at Ras Laffan.

Oil prices have risen more than 5 percent following an Israeli strike on Iran's South Pars gasfield as the United States-Israeli war on the country continues to escalate. Brent crude, the international standard, rose 5 percent to $108.66 a barrel on Wednesday, while US West Texas Intermediate crude gained 2.5 percent to $98.65, widening its discount to Brent to the largest since May 2019 on fears of a prolonged conflict.

Iran and its proxies continue to attack U.S. and allied interests in the Middle East even after setbacks leading up to, and following, the start of the war. After the U.S. military bombed Iran's nuclear sites over the summer, Tehran was trying to recover from the severe damage caused by the operation.