One U.S. crew member has been rescued after two American warplanes were downed over Iran and the Gulf, as the search continues for a missing pilot, while President Donald Trump has given Tehran 48 hours to agree to a deal to end the war.
The petrodollar system, which has anchored the U.S. dollar’s dominance in global energy markets for five decades, is showing clear signs of strain. Pressures from geopolitical tensions and shifting trade practices are accelerating moves away from dollar-based oil transactions.
History rarely announces its turning points in bold headlines. Some of the most consequential shifts begin quietly - on the margins, away from the glare of global attention - only to reshape the centre in time. The emerging conflict between Pakistan and Afghanistan is one such development.
The real power of the Strait of Hormuz lies not in closing it, but in the threat of closure.
Ukraine wants money and technology in return for helping Middle Eastern nations that have sought its expertise as they defend against Iranian kamikaze drones, President Volodymyr Zelenskyy said, after Kyiv sent specialists to the region.
U.S. President Donald Trump threatened further strikes on Iran's Kharg Island oil export hub and urged allies to send warships to secure the Strait of Hormuz, as Tehran vowed to step up its response and the war showed no sign of ending on Sunday ( 15 March).
NATO air-defence systems in the Eastern Mediterranean “neutralised” a third ballistic missile fired towards Türkiye, the Turkish Defence Ministry said on Friday.
Several marine insurers said they are cancelling war risk cover for ships due to the conflict in Iran and the Gulf. Insurers including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations will take effect from 5 March.
Iran’s Revolutionary Guards (IRGC) say they've detained two vessels in the Persian Gulf carrying more than 1 million litres of smuggled fuel, state media said, with 15 foreign crew members handed to judicial authorities.
“After all these demonstrations and internal challenges, Iran does not want to put itself in a position under threat from Mr. Trump or Israel,” political analyst Melih Demirtaş said, commenting on rising U.S.-Iran tensions in the region.
The British government announced on Wednesday that it had struck a series of trade and investment agreements worth $8.6 billion with Saudi Arabia, marking a major step in the UK’s efforts to boost economic relations across the Gulf.
German Foreign Minister Johann Wadephul continued his urgent Middle East tour with stops in Saudi Arabia and Qatar, as Berlin seeks to help de-escalate the growing conflict between Iran and Israel.
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