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Pakistani convicts of plotting to murder Trump in response to death of Iran commander
The Department of Justice reported that a Pakistani man had been convicted of plotting to kill President Donald Trump, and other prominent U.S. officials two years ago on the orders of Iran. Asif Merchant has been accused of 'trying to recruit people in the U.S. for a plan that targets Trump and others as retaliation against Washington's killing in 2020 of Iranian military chief Qassem Solimani, during Trump's first term. Federal prosecutors have said that the plot included targets such as then-President Joe Biden, and Nikki Haley who was running against Trump in 2016 for the Republican Presidential nomination. The DOJ released a statement that said Merchant had been convicted by Iranian authorities of "murdering for hire" and of attempting to commit an act of terror transcending national borders. Brooklyn, a borough in New York City, was the site of a trial that began last week. Days before, Trump had ordered an attack on Iran, which Israel carried out, and has now escalated into the biggest war in the region in years. Merchant testified that he joined the plot with Iran’s elite Islamic Revolutionary Guards Corps, but he only did it to protect his family. Merchant claimed that he had never been ordered to kill anyone in particular, but his Iranian handler mentioned three individuals during conversations in Tehran. The law enforcement agency foiled the plot 'before an attack took place. Merchant's contact in April 2024 who was supposed to assist with the plot, reported Merchant's activities and became an informant. Merchant was arrested in 2024 and pleaded guilty. The Revolutionary guards?play a central role in Iran with their combination of economic and military power, and an intelligence system. Tehran has denied allegations that it 'targeted Trump or other U.S. official. According to Iran's U.N. Ambassador, U.S. and Israeli strikes since Saturday have killed and injured at least 1,332 Iranians. Many Iranian leaders, including the Supreme Leader Ayatollah Ayatollah Khamenei have been killed. The U.S. Military has said that six of their service members have been killed in an attack on a Kuwaiti facility, while Israeli statistics show that at least ten civilians were killed throughout Israel. (Reporting and editing by William Mallard in Washington)
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US fuel prices rise as Iran's war disrupts global energy supplies
Retail gasoline and diesel prices in the United States are soaring due to the U.S. and Israel war against Iran, which is limiting oil and?fuel imports. This could be a test for Donald Trump's Republican Party before November's midterm elections. Oil prices rose to $90 per barrel this week, the highest in years. This added pain at gas pumps for consumers already stressed by inflation. In an interview on Thursday, Trump dismissed higher gasoline prices, saying that "if they increase, they will rise." Trump had promised to lower energy costs and unleash U.S. drilling for oil and gas during his second term. However, much of his presidency has been marked with volatility and uncertainty due to policy changes like tariffs and global turmoil. The U.S. produces the most oil in the world. The U.S. is the largest oil producer in the world. It also imports millions barrels of oil every day as it is one of the biggest oil consumers. According to the data of the AAA, as of Friday the average national price for regular gasoline was $3.32 per gallon. This is up 11% since a week ago, and is the highest level since September 2024. Diesel prices were $4.33 per gallon, up 15% in a week, and the highest they have been since November 2023. The Midwest and South have felt the pinch since the war in Iran began. According to the fuel tracking website GasBuddy, in Georgia, an important swing state, retail gasoline prices have risen by 40.1 cents per gallon on average over the last week. Andrenna McDaniel is a healthcare insurance employee in South Fulton. She was surprised at the price increase. She said, "They jumped so quickly" on Friday. She added that she doesn't agree with war in any way. McDaniel is a Democrat who said she only drives for the most important of things. She feels lucky that she can work from home and not drive as much. Georgia voted Donald Trump for the 2024 elections. Richard Soule, 69 years old, a U.S. Air Force vet and retired firefighter said that Trump's efforts in protecting America are worth a little discomfort at the gas pump. Soule, who was filling up his Ford F-150 in Marietta, Georgia, said that he believed President Trump did the right thing. In Indiana and West Virginia, prices have risen by 44 cents each. Prices may rise further Analysts say that as oil prices continue their upward trend, more pain could be in store. U.S. Oil Futures closed Friday at $90.90 per barrel, an increase of nearly $10, and the largest single-day gain since April 2020. GasBuddy analyst Patrick De Haan stated that if the price of oil continues to rise and supply disruptions continue, then the national average gasoline price could reach $3.50-$3.70 per gallon. The disruptions that have occurred in the Middle East, and in the Strait of Hormuz - a major trade route - has boosted the demand for U.S. crude oil overseas, which, in turn, has pushed up the prices of domestic refiners. Denton Cinquegrana is the chief oil analyst at OPIS. He says that although "the U.S. no longer relies on Middle Eastern crude", Asian and European refineries still do. This is what you are seeing on the spot market because demand for U.S. oil exports has increased, which in turn has led to a price increase. Seasonal factors may add to the pressure. Gasoline prices usually 'go up in spring and peak in summer due to increased gasoline demand and production summer-blend gas, which is more expensive to produce. Diesel fuel prices have risen even more since Iran retaliated against U.S.-Israeli?strikes and disrupted shipping in the Strait of Hormuz. The global diesel inventory?has remained tight due to the heavy demand for heating, power generation and other uses during a prolonged winter?in the U.S. Analysts said that sticker prices for everything from furniture to food go up as diesel costs increase. The fuel is used primarily in freight transportation, manufacturing and agriculture, along with global shipping. Cinquegrana stated that "in a world dominated by 'affordability,' this is not going to help."
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Due to Middle East tension, Pakistan increases retail fuel prices by around 20%
Pakistan raised prices for petrol and diesel by?about 20% on Friday, citing a rise in oil prices due to the conflict in Iran. In a video message broadcast on television, Ali Pervaiz Malik, the Petroleum Minister announced an increase of 55 rupees ($0.20 per liter) for diesel and petrol to 321.17 rupiahs. The minister stated that the sharp rise in global petroleum prices forced them to make this decision. This decision will likely lead to higher inflation in Pakistan and affect the country's poor population. Fuel stations in major cities such as Lahore and Karachi were crowded with people before the announcement. Imran Hussain, a business owner from Lahore, said that he was waiting at the station to be ready in case there were any shortages. "I've been waiting for my turn in the last 70 minute," he said. Shehbaz sharif, the prime minister, warned on Friday against fuel hoarding. We have enough petrol. We are planning to extend them because we do not know when the Middle East crisis will end," said Minister. Through the Strait of Hormuz, Pakistan imports oil primarily from Saudi Arabia and the UAE. The oil minister announced that the government would reassess its prices every week. (Reporting and editing by Cynthia Osterman; Mubasher Bukhari)
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US Senator Kelly proposes suspension of federal gas tax until October 1.
Democratic U.S. Mark Kelly, a senator from the U.S. Senate, proposed to suspend the federal 18.4 cents per gallon gasoline tax until October 1, in an effort to 'help Americans facing rising?prices at the pump because of the U.S. AAA, an American travel agency that tracks fuel costs, reports a 35-cent increase in gas prices per gallon, to $3.32 on average, over the last week. According to political analysts, a persistent rise in gas prices may hurt the fellow Republicans of President Donald Trump in November's midterm elections. Kelly's proposal is a piece of legislation that will be introduced to the Senate in the next few days. If passed, the legislation would direct the U.S. Treasury Department monitor the suspension of the tax in order to ensure that the savings are passed onto consumers through lower gas prices. Kelly stated that the suspension of federal gas tax will help to bring down prices and provide families with much-needed relief. The White House didn't immediately respond to an inquiry for comment. Trump said in an interview with CNN on Thursday that he was not worried about the rising U.S. gas prices related to the conflict. He added, "if they increase, they will rise." This week, it was reported that the Trump administration is considering measures to combat rising energy prices in light of the war. U.S. officials are racing to reduce the economic and political impact of fuel price increases. The price of U.S. crude oil has risen 35% since the conflict with?Iran began on February 28. Middle East supplies have been disrupted by the expanding conflict. Then-President Joe Biden requested in 2022 that the federal gasoline tax be suspended for three months to combat the record-high prices related to COVID, but Congress did not act. In 2022, five states, including Georgia and New York, temporarily suspended their state gas taxes.
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South Africa's central bank will redraft its risk scenarios in response to the Iran war and rising oil prices
The South African central bank is redrafting its risk scenarios in preparation for the upcoming rate setting policy meeting, as the Middle East conflict continues to escalate oil prices. This was announced by the governor of the central bank. The central bank will decide on interest rates on March 26, after keeping its main loan rate at 6.75 percent in a split decision late in January. Lesetja Kganyago, South African Reserve Bank Governor, said: "We had a baseline (in January's meeting), and we had an optimist scenario and an adverse scenario." The adverse scenario assumed that the average oil prices for the year would be $75 per barrel, and the rand's value would fall to 18,50 dollars. He said that the old negative scenario was "gone - it's in the past... We will create a new one." Brent crude futures rose to over $94 per barrel last week as a result of the Middle East crisis triggered by Israel's and Washington’s bombing Iran. The rand fell to 16.82 cents to the dollar. Kganyago stated that a 10% change in the exchange rate?would have a stronger impact on South Africa's inflation than a similar increase in oil prices. Kganyago stated that although the scenario is adverse, it has not played out as expected. He added that policymakers would only become concerned when they see the effect of the exchange rate on prices. "As a policymaker, you have to decide if this is transitory or persistent. You only react to the persistent and not the transitory, which is a difficult call. Kganyago said that the knock-on effect of global tensions, which have kept the markets on edge over the past few months, and the latest 'crisis', would dominate discussions at the meeting. He was speaking in London on the sidelines an investor conference. We will discuss the impact of geopolitics, oil, emerging markets and exchange rates on the markets. The governor was asked if South Africa would still buy dollars, as it has done since the beginning of the year. After the rand fell nearly 4% against the strong dollar this week, he said that the policy hadn't changed. "If we believe that there are low-cost dollars on the market, then we will buy them," he said. He added that the overall reserve levels have been boosted not only by the dollar purchases but also by the rising value of gold held in the war chest of the central bank and by the proceeds from borrowings by the Treasury. Data released by the central bank earlier Friday showed that South Africa’s net foreign reserve rose from $74.88 to $75.84 at the end February. Reporting by Karin Strohecker, Editing by Rodrigo Campos & Edmund Klamann
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Barclays predicts Brent oil could reach $120/bbl in the Middle East if tensions continue
Barclays stated on Friday that Brent crude oil could test $120 per barrel if Middle East conflict continues for another couple of weeks. Barclays said that "these?numbers? might seem 'too 'high, especially in light of widespread pessimism regarding the oil market outlook for this year. But we reiterate that fundamentals and risks are greater than when we witnessed these levels materialize, during the Russia-Ukraine Conflict." The price of oil has risen sharply due to the U.S. and Israel's increasing conflict with Iran, which has effectively shut the Strait of Hormuz. This has impacted Middle East supply. After Iran threatened to fire on passing vessels, shipping through the Strait of Hormuz was disrupted. This is because it carries about one fifth of all oil, oil, and liquefied gas in the world. Brent crude futures was trading at around $93,60 per barrel, and West Texas Intermediate was at $91.62 per barrel as of 1857 GMT. Barclays reported that oil stranded in tankers on the Middle East Gulf has increased by 85 million barrels, since the conflict began. They also said that the risks for oil prices are still skewed upward. Donald Trump, the U.S. president, demanded Iran's unconditional surrender?on Friday. This was a dramatic increase in his demands, just a week after he began the war with Israel. It could make it harder to negotiate an?assailable end to hostilities. Barclays stated that "Production shutdowns are already occurring in Kuwait and Iraq and could spread to the UAE and Saudi Arabia over time." Barclays stated that the 'far-end 10% scenario is now' implies Brent could reach $150 per barrel by the end of this month.
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South Africa's Central Bank will redraft an adverse risk scenario at the next rate setting meeting
The South African central bank's governor said that the rising oil prices are forcing the central bank to re-evaluate its risk scenarios. The central bank will decide on interest rates on March 26, after keeping the main lending rate at 6.75%, in a split decision in late January. Policy makers at that time cited they wanted to see inflation expectations drop further. Kganyago said that "we had a baseline" (in the meeting in January) and that we had both an optimistic and an adverse scenario. The latter assumed the average oil price per barrel for the year would be $75 and the rand's weakness to 18.50 dollars. He said, "The previous negative scenario is gone. It was in the past. We will create a new one." The rand has weakened to 16.82 cents per dollar this week despite the Middle East Crisis triggered by Israel's bombing Iran and Washington's bombing Iran. Kganyago stated that a 10% change in the exchange rate will have a greater impact on inflation in South Africa than an equivalent jump in oil prices. Kganyago stated that although it was a negative scenario, it did not play out as badly as anticipated. He added that policymakers would only become concerned when they saw the effect of the exchange rate on prices. "As a policy maker, you have to decide if this is transitory or persistent. You only react to the persistent and not the transitory, which is not easy to do. (Reporting and editing by Rodrigo Campos; Karin Strohecker)
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White House: US on the right track to controlling Iran's airspace
White House Press Secretary?KarolineLeavitt stated on Friday that the 'United States was well on its way to achieving control of Iranian airspace. Washington expects to achieve 'the achievable U.S. goals in four to six week. Leavitt told reporters in the White House that Washington is looking into potential candidates for the role of Iran's next leader. This comes a day after President Donald Trump said in an interview the United States must be involved in the selection process. Leavitt stated, "I'm aware that the United States Government and our intelligence agencies are looking at a number of individuals. But I won't go any further into?that." In his 'interview with Trump on Thursday, he said he thought the next leader of Iran was unlikely to be Ayatollah Khamenei, the son of the late Supreme Leader Ayatollah, who is considered the frontrunner for the position of successor to his father who died in a military attack at the beginning of the war. Trump had said earlier on Friday that there would be no Iran deal unless Iran "unconditionally surrendered." "What the President means is that, when he, in his capacity as Commander in Chief of US Armed Forces determines that Iran no longer represents a threat to the United States of America and the Operation Epic Fury goals have 'been fully achieved, then Iran will essentially be at a place of unconditional surrender whether they say it or not," Leavitt stated.
White House wants bolder action to be taken on energy prices in the face of Iran conflict
Two people who are familiar with the matter say that, despite efforts made so far, they may not be enough to combat the soaring prices of energy due to the conflict in Iran.
One source said that senior officials asked Energy, Transportation, Treasury and Environmental Protection Agency for more policy options, focusing on measures President Donald Trump can implement without congressional approval.
These requests show that the White House has prepared for the possibility of more aggressive action if the price of oil and gasoline continues to rise. Analysts say that higher gas prices may hurt Trump and the Republican Party during November's midterm election, when control over Congress is on the line.
"Clearly, the White House coordinates with the Interagency on this important issue. If we weren't, there would be a big problem." Taylor Rogers, White House spokesperson, said that President Trump and the entire energy team had developed a solid game plan for 'keeping oil prices stable long before Operation Epic Fury started. They will continue to evaluate all credible options and implement them as appropriate.
U.S. crude oil futures and global crude prices surpassed $90 per barrel on Friday. U.S. price rose more than 12%, as Middle Eastern supplies remained constrained by the closure of the Strait of Hormuz in the midst of the U.S./Israeli war.
In recent weeks, gasoline prices in the U.S. soared to levels not seen since 2024. The average national price for regular unleaded gasoline has risen above $3.30 a gallon. Diesel prices have risen to $4.26 a gallon.
White House officials have been cautious in their approach to the energy market, apprehensive that a strategy too aggressive could backfire. Officials warn that any large-scale measures should be calibrated carefully, as they could upset markets, undermine confidence, and cause political backlash. Analysts have expressed doubts about what the White House could do to bring down prices. Officials have been discussing a "wide range of options" including a federal gas tax holiday, and looser environmental restrictions around summer gasoline, which will allow for a higher blend of ethanol. Treasury Department is considering a plan that would involve using oil futures, according to reports, but the announcement is not imminent.
Trump ordered Tuesday that the U.S. International Development Finance Corporation insure maritime trade against loss resulting from political instability and conflict. The move was made after an oil and LNG tanker transit halted in the Strait of Hormuz. This is a chokepoint that accounts for 20% of the daily supply of oil around the world.
The markets reacted with a certain amount of skepticism. Analysts wonder if financial guarantees alone can counter the operational and safety risks that are posed by growing tensions in this region. The administration announced on Friday that it would provide reinsurance up to $20 billion for oil and natural gas shippers in the Gulf to boost confidence during the war against Iran. Reporting by Jarrett Renshaw, Nandita BOSE; Editing Colleen Jenkins, Lisa Shumaker
(source: Reuters)