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After years of stagnation, New Zealand's interest in gas exploration is picking up.
Seven oil and gas companies are racing to secure offshore exploration rights before a New Zealand national election, which could result in a ban on new permits. The country's main parties?battle about the need for natural gas. New Zealand has attracted?interest? after the conservative government overturned last year a ban on offshore drilling, imposed in 2018. The goal was to avoid gas shortages for industry users and boost power generation during dry years when hydropower production falls. In May, the country produced 7,6 petajoules (PJ) of gas. This was largely due to fields that have declined or are about to decline. The government reported in January that gas reserves will drop 23%, to 731 PJ by 2025. The gas is all used in New Zealand. According to Energy Resources Aotearoa, if there were more gas available, the demand would increase by 100 PJ per year. According to industry and government, the former Prime Minister Jacinda's government prohibited offshore bids. They also waited long for environmental approvals. After the offshore ban came into effect, Chevron and Equinor both renounced their exploration permits. "We're kind of jammed at one side." "We've got mature and old fields near the end of their life at one end," said ERA Chief Executive John Carnegie. We have a gap of?seven years because of the ban. He said that we are rebuilding the entire sector from scratch. New Zealand set up a fund of NZ$200,000,000 ($117,000,000) last year to assist operators in?developing projects, such as extracting more gas from mature reservoirs. But so far, no new permits were issued. A PROMISING FIND Sunda Energy, based in the UK, Pancontinental Energy of Australia and EnZed (privately owned) have all received grants and are waiting for formal permits. Three New Zealand companies are working together to secure another permit, and CBX Energy has been working on securing a permit for the Canterbury Basin off the South Island. Three months is the time limit for competitors to come up with superior plans of work in the same area. EnZed and Sunda are both targeting the Taranaki Basin, which is the only offshore producing basin in the country. This area has extensive subsurface data as well as known gas discoveries. Andy Butler, Sunda's CEO, said: "We find it an interesting discovery. We'd love to work with it." It is a country that attracts smaller explorers, especially at a moment when the gas policy in Australia, whose neighbour is a major player in the sector has caused confusion and consternation. Neil Young, founder of EnZed, said: "I believe that Australia's domestic?gas mess has caused capital?allocators to look at New Zealand as a possible alternative." Shane Jones, Minister of Resources, said that investor confidence is returning. He said, "It took us a long time to get the regulatory environment straightened out and people have recently shown that they are willing to take a risk and give it a try." The explorers are looking to secure drilling rights before the New Zealand election in November, as the Labour Party intends to reinstate a ban on off-shore exploration while honoring existing permits. Tangi Utikere, acting Labour Energy and Resources spokesperson said: "Labour will reinstate a ban on the issuance of new oil and gas permits. It's the right decision for New Zealand's long-term energy security and to reduce power bills." He said: "We have stated that we will honour existing permits. However, we do not believe the government should support an outdated industry." The polls show that the race for the presidential election is still too close to call.
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Gold prices steady as markets evaluate Middle East escalation and Fed raise bets
Gold prices were little changed Monday as investors assessed the escalation of the Middle East conflict that has pushed up oil prices, and another U.S. Federal Reserve official signaled that higher interest rates may be necessary to reduce price pressures. As of 0455 GMT, spot gold was $4,018.90 an ounce. U.S. Gold Futures for August 'delivery' gained 0.1%, to $4 023.10. U.S. gold futures for August?delivery gained 0.1% to $4,023.10. Brian Lan, GoldSilver Central's Managing Director, said: "The war continues, and the focus is on rising oil costs that could lead higher inflation. This is what keeps gold under pressure." The metal is still supported when the price falls below $4,000. Oil prices are rising, which is causing inflation fears and speculation about higher interest rates for longer. Gold is often seen as a hedge against inflation, but high interest rates increase the opportunity costs of holding this non-yielding investment. Beth Hammack, Cleveland Fed President, added her voice to the growing chorus of policymakers who argue that?interest rates might need to be raised to beat back persistent price inflation. This will set up a heated debate at the next Fed meeting on July 29, According to CME FedWatch, traders now price in an 82% probability of a December rate hike, up from 73% last week. Kelvin Wong is a senior market analyst at OANDA. He said: "I'm cautious about gold in the long term and I am looking at the $3,886 key level. If it were to be taken down on the downside, this could unleash further weakness towards $3,500." The price of spot silver rose 1.7%, to $56.87 an ounce. Platinum was unchanged at $1,592.34, while palladium increased 0.1% to $1,249.25. (Reporting and editing by Sherry Phillips and Harikrishnan Nair in Bengaluru, and Pablo Sinha from Bengaluru)
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HDFC Bank drags down Indian shares; oil prices also weigh
Indian?shares fell on Monday. The decline was largely due to the?HDFC Bank reducing its quarterly net interest margins. By 10:04 a.m. IST, the?benchmark Nifty 50 index fell 0.60%, to 24,187.25. The BSE Sensex dropped 0.76%, to 77566.17. HDFC Bank fell 5%, its steepest intraday drop in four months, after in-line June-quarter profit was overshadowed by a sharper-than-expected net interest margin decline. HDFC Bank's?drop was greater than Reliance Industries' 0.3% increase and ICICI Bank?s 0.6% gain after their results. Reliance surpassed profit expectations on the strength of oil-to chemicals and telecom?verticals. This was announced after market hours on Friday. ICICI Bank also reported a higher than expected profit for the June quarter, due to strong?loan demands. Kotak Mahindra Bank & Axis Bank both fell by 3% & 6% respectively after multiple brokerages flagged softer first quarter margins. Analysts at Jefferies, Prakhar Sharma & Vinayak Agarwal said that the rise in corporate loans as well as recent spikes in wholesale prices have led to a decline in net interest margins for banks in this quarter. They said that they expected margins to be under pressure during the current September quarter. Seven of the 16 major sectors suffered losses. Banks and financials both lost 1.5%. Private lenders dropped 2.5%. Small-caps and midcaps both rose by?0.2%. The price of crude oil topped $90 per barrel and weighed on the sentiment after the?U.S. Forces?struck Iran on a ninth consecutive night. India's vulnerability will be re-emerging if this trend continues with negative implications for the rupee, and foreign flows, said VK Vijayakumar. Chief investment strategist at Geojit Investments. ONGC and Oil India buck the trend by rising 1.6% and 2.5% respectively, as the upstream oil producers gain from higher crude prices, which improves revenue and profitability. VA Tech Wabag increased its revenue by 4.7% as a result of winning contracts for wastewater treatment facilities. (Reporting and editing by Vivek M and Bharathrajeswaran, Subhranshu Sahu and Ronojoy Mazumdar; Niveditor Bhattacharjee).
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Morning Bid Europe-Rising Oil, rains on AI Party
Wayne Cole gives us a look at what the future holds for European and global markets. While Spain hoisted the World Cup in celebration, the U.S. Military began?its ninth day of attacks against Iran. Iran was also?hitting targets throughout the region. On Sunday, only a few ships crossed the 'Strait of Hormuz. One was on fire. Brent crude oil rose above $90 per barrel for the very first time since June. Treasury bond futures fell as investors lowered the odds of a Federal Reserve interest rate hike in September. The implied probability was around 65%. The rise in 30-year Treasury rates above 5.0% is a warning to equity valuations. A quick glance at a chart shows that yields have rarely risen above this barrier over the last two decades. Stocks tend to suffer when they do. This week, Alphabet, Intel and Tesla are among the companies that will be reporting their earnings. The expectations for tech profits is sky high and the results must be truly exceptional to avoid being punished. Taiwanese chips maker TSMC beat its guidance last week, but shares fell 7%. The chip-heavy South Korean market has fallen by a quarter over the last month, as retail investors were forced out of leveraged positions. The index fell another 3.0% Monday, but that was a better result than many had expected. The Nikkei 225 was on holidays in Japan, but the futures actually traded higher. This gave hope of stabilisation. Futures for Nasdaq &?S&P500 were slightly firmer. This was a good performance, given the recent negative news. The latest spike in oil prices will cause a headache to the European Central Bank, which is meeting on Thursday. It's expected that they will keep rates at 2.25 percent following June's increase. Markets are almost fully priced in for an increase at the September meeting, and rates of 2.5% to begin next year. The sterling held steady at $1.3447 while bond markets awaited the appointment of a new Treasurer by Britain's incoming PM Andy Burnham. Shabana Mahmood is the preferred candidate of the market ahead of Ed Miliband. Market developments on Monday that may have a significant impact - Canada CPI, U.S. Leading Index for June
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Copper prices rise as fears over supply offset demand concerns
Prices of copper edged up on Monday due to a?shrinking inventory and supply risk, but uncertainty about the?demand outlook limited gains. By 0300 GMT, the benchmark three-month copper contract on the London Metal Exchange had risen 0.16% to $13,546.5 per metric ton. The Shanghai Futures Exchange's most traded copper contract rose 0.39%, to 104210 yuan (US$15,389.50). Daniel Hynes said that the growth of copper production in Chile, the world's largest producer, has been "elusive" so far, according to a note by Daniel Hynes senior commodity strategist with ANZ. South32, an Australian mining company, reported lower fourth quarter copper production, falling short of market expectations. Inclement weather at the Sierra Gorda Project in Chile hampered operations. BHP Group announced last week that its fourth-quarter output of copper fell by 5%. It also predicted a decline in Chilean production of copper next year. Goldman Sachs stated on Monday that it expects ex-U.S. Copper market to remain tight in the near term. Goldman Sachs said that prices may be affected if the Middle East conflict escalates and increases inflation and rate hike fears. Copper inventories are declining. Copper stocks available on the LME The number of warrants issued has dropped sharply in the wake of a wave cancellations. As of Friday, more than half (55%) of the copper stored in LME registered warehouses was under a cancelled warrant, which means that they were earmarked for removal, according to data from the exchange. The U.S. has also imported metal ahead of a possible tariff on?refined?copper. In the meantime, the U.S.-Iran conflict continued over the weekend. This boosted oil prices while fanned fears that inflation would lead to higher interest rates for longer. Increased interest rates dampen economic activity, which in turn affects industrial minerals that are dependent on growth. Aluminium?added 0.32 %, Zinc?strengthened 0.38%, Lead?slid 0.05% and Nickel rose 0.47%. Tin gained 0.51%. Aluminium fell 0.24% on SHFE. Zinc dropped 0.61%. Lead ticked higher by 0.06%. Nickel dipped by 0.18%. Tin rose 1.88%.
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Weather agency: 'Super El Nino' to bring record temperatures to Malaysia next year
Malaysia's meteorological department has said that it expects to record high temperatures in Malaysia next year due to the strengthening of?El Nino. El Nino is a natural part of the weather cycle. It's characterized by weakened trade winds, and warmer ocean currents. Climate experts warn of a super-strong El Nino in this year. This could lead to severe weather like droughts, heatwaves and floods. Malaysia's Director-General of the Meteorological Department, Mohd Hisham Mohd Aip, said that the agency predicts El Nino will peak between March 2027 and May 2027. Maximum temperatures are expected to exceed the 1998 Chuping record of 40.1, degrees Celsius (104.2 degrees Fahrenheit). In an interview, he stated that Malaysia's average temperatures have risen since the 1980s. The highest temperatures are often recorded when "super" El Nino occurs. Mohd Hisham said that the global warming was a factor in the rising heat. He said that the?department expected much lower rainfall in the northern areas of Malaysian Peninsula, as well as higher temperatures in Sabah and Sarawak - Malaysia's two largest palm oil producing States on Borneo Island. Sabah's proximity to the Pacific is one of the reasons why some of El Nino's most powerful effects are seen there, he said.
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European chemical earnings will test the recovery of demand after conflict-driven pricing boost
Investors are increasingly interested in whether this temporary boost can offset weak demand and the mounting competition of Asian producers. The Middle East conflict has tightened supply conditions, which have helped to support pricing. This has given breathing space to Europe's chemical sector. However, weak demand, overcapacity globally and increasing competition from Asia are still weighing on the long-term outlook of the industry. Investors are also interested in whether the companies have reported sustained volume gains or only temporary price increases, as well their outlooks for second half of the calendar year. Brenntag, BASF, and Evonik are among the chemical companies that have recently increased their profit forecasts for the full year. This suggests that parts of industry are benefiting from higher prices and resilient demand, despite concerns over excess capacity and low volumes. Lanxess Clariant Wacker Chemie results will be closely examined for signs that recent price support is translating to stronger earnings. Analysts say investors have shifted their focus in recent weeks away from the margin benefits of shortages in supply to concern over the underlying weakness in demand in Europe's chemicals sector. MIDDLE-EAST CONFLICT DRIVEN UPLIFT TO FADE Since years, European chemical companies have been struggling with high energy prices, weak demand, and fierce price competition from Asian competitors. The Middle East conflict provided a short-term boost to the chemicals industry in the region, as disruptions in supply raised prices for Asian competitors and made customers prioritize reliability over price. The increase in investment and demand has not been enough to compensate for the weakening of the industry. VCI, the German chemical industry's body, warned that recent improvements in the chemical sector following Middle East disruptions may only be temporary. The report said that the risks for the second-quarter have increased due to the economic boom caused by the Middle East war. It referred to the stockpiling of customers and the precautionary purchases made after supply concerns. The association stated that demand could re-soften once supply chains are adjusted and pre-purchasing activity fades. This would expose what the association described as a structural weakness in market. The report warned that the sector may face new price pressures and lower order volumes. Before the latest Middle East tensions, European manufacturers warned that Asian competitors would gain ground as energy markets stabilized and regional supply chains adapted. Analysts and Strategists say that periodic disruptions in traffic through the Strait of Hormuz, and rising energy prices may keep commodity chemical prices high. However, they doubt prices will return to their peaks at the start of the U.S. - Iran war. Sebastian Bray, Berenberg analyst, said that the latest impact was likely to be less than it was before. He added, "I suspect that some Southeast Asian producers of chemicals have become more proficient at producing feedstocks now."
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Gold falls as oil prices rise, Fed rate hike voices grow
Gold?prices?fell on Monday?as a escalation of the Middle?East?war pushed Brent?crude above $90 a?barrel, heightening concerns about inflation after many U.S. Federal Reserve officials signaled that interest rate increases may be necessary to curb price pressures. As of 0242 GMT, spot gold was down by 0.1%, at $4,014.53 an ounce. U.S. Gold Futures for August Delivery were unchanged at $4,019.80. U.S. officials announced that they had completed nine consecutive nights of attacks against Iran. Earlier, the U.S. announced that two U.S. soldiers were killed in Jordan. Meanwhile, U.S. partners in the region reported more Iranian attacks Sunday. The weekend escalations increased the risk of both sides launching a full-scale offensive, which could threaten gold prices, as the opportunity costs for holding the metal would increase if the ongoing stagflation fear started to take hold, said Kelvin Woong, senior market analyst at OANDA. Brent oil prices rose 3% on the back of reduced energy shipments through the Strait of Hormuz. Oil prices that are high can cause inflation fears, and increase the odds of interest rates staying higher for longer. Gold is often seen as a hedge against inflation, but high interest rates can increase the cost of owning the non-yielding investment. Cleveland Fed President Beth Hammack has added her voice to the growing chorus of policymakers who believe that interest rates need to be raised to combat persistent?inflation. This will set up a heated debate at the Fed’s next meeting, and could lead to disagreements during Chairman Kevin Warsh’s second meeting. CME FedWatch Tool shows that traders now price in an 82% chance for a December interest rate hike, up from 73% last weekend. Wong said, "On the long term, I am more cautious about?gold. I look at the $3,886?level which, if broken on the?downside, could potentially unleash a further decline towards $3,500." Other metals, such as spot silver, rose 1.9%, to $56.95 an ounce. Platinum was up by 0.5%, at $1,599.97, and palladium fell 0.2%, to $1,244.50.
The 5-week U.S.-Israeli air campaign has destroyed some of Iran's most treasured monuments.
The ancient city of Isfahan was shaken by a first wave of blasts. Minarets and domes were swaying in the famous square. Two days later, another bombing in Isfahan's city center left the 400-year-old palace complex covered with debris.
The Israeli airstrikes on March 7 and 9 shook monuments in Naqsh-e Jahan Square and Chehel Sotoun Palace - two of Iran's most prized cultural complexes. Plaster and broken tiles still crunch underfoot in some places, two weeks after the airstrikes.
Rasoul Mosavi said, "These buildings felt like a part of us", his head still covered in gauze after the explosion. He guided journalists through the museum, where he worked as a guard for 16 year. "This place is dear to me."
The intended target was less than 200 metres away from the roof: the Isfahan Governor's Building, which had been partially destroyed but appeared empty when struck. Before the U.S.-Israeli war on Iran ended, journalists had rare access in March to the palace, Naqsh-e Jahan Square and its surrounding area, and two palaces in Tehran. The journalists saw for themselves how the war had damaged Iran's historical sites, some of which are protected by an international treaty administered under the U.N. cultural agency UNESCO. The journalists reported damage to 11 historic buildings.
Experts who monitor the impact of war on world heritage sites confirmed damage to the Trans-Iranian Railway in Isfahan and the Jameh Mosque, as well as a 1,800-year-old castle near prehistoric caves where humans settled as far back as 63,000-years ago.
In the two decades that?the United States, its allies, and their coalition partners fought in Iraq, Syria Libya, and Afghanistan on ground and by air, there were no damage done to sites of cultural heritage listed by UNESCO at the time.
UNESCO is yet to send teams to sites listed in its register and relies on satellite imagery to assess 'the damage. UNESCO has'verified' damage to seven sites, including two that are on the international list, four cultural properties with national significance, and a religious place.
UNESCO said it had not been consulted before or during war, but that "all parties to the conflict" were provided with coordinates for critical sites.
The world body called on all parties to conflict to respect international law and take all necessary steps to protect cultural heritage.
The damage ranged from broken glass, cracked tile and shook foundations to shattered walls and shattered tiles. Bomb shock waves that radiated out at a speed nearly 20 times greater than sound were the main culprits. According to Wes Bryant a former U.S. Air Force targeting specialist, those waves can cause serious damage to structures up to a kilometer from the explosion itself.
Israel Defense Forces confirmed that they had targeted the Governor's Office in Isfahan. This is located adjacent to the UNESCO listed palace complex. The Israeli Defense Forces also confirmed that it struck a base of the Islamic Revolutionary Guard Corps on March 7, a little more than a kilometer away from the historical sites.
IDF stated that the IDF operated in accordance with International Law and only targeted military objectives. Israel's attacks, according to the statement, "were generally based on reliable information, operational verification and established approval processes and, when appropriate, legal review and were carried out conformément to applicable international law."
Eight experts in Middle Eastern Archaeology and Preservation of Heritage Sites said that the reporting shows a shift in U.S. Targeting Practices and Priorities away from Protecting Internationally Recognized Historical Landmarks. The Pentagon has changed its policies to protect cultural sites after two decades of widespread criticism over an American military installation in the ruins the ancient city Babylon.
Bryant stated that in recent wars historical landmarks were included on the "no-strike lists". He said this was because they had to be considered a military necessity such as saving the lives of soldiers and also receive high-level approval from officials, including the White House.
The sites that were damaged included the Golestan Palace in Tehran, the Naqsh-e Jahan Square in Isfahan and the Chehel Sotoun Complex. These sites have been confirmed by visits. Mehrnoush Soroush is the director of Center for Ancient Middle Eastern Landscapes at University of Chicago, which tracks damaged?cultural site in Iran. Her team has also confirmed damage to Jameh Mosque, in Isfahan, and the Andimeshk Railway Station along the Trans-Iranian Railway. This UNESCO-listed route connects the Caspian Sea, in the northeast, with the Gulf.
Soroush as well as UNESCO confirmed the extensive damage to Falak-ol-Aflak - an ancient fortress located in the Khorramabad valley of western Iran. Photos of window damage were verified. Israel's military warned Iranian citizens to avoid trains in early April, and Israel's official statement said that the Qom rail bridge was damaged to stop Iran from moving weapons.
Iran's UNESCO rep provided a list to the U.N. Cultural body of 134 cultural sites that it claimed were damaged by war. Despite not being listed on the UNESCO list, these sites are among Iran's most popular tourist destinations, bringing millions of tourists every year.
Only the railway was directly affected by the UNESCO site. Iran has marked its culturally most significant sites, such as the bazaar of Isfahan and the fortress located in the Khorramabad Valley with large blue shields. The Sa'dabad Complex, in Tehran, houses 18 historic palaces. The shields are an internationally recognised symbol that indicates their protected status as cultural property.
It's unbelievable. This was something I would never have imagined in my wildest dreams. Farshid Emami is an associate professor in the Department of Art History at Rice University, Texas. He has written a book about Isfahan Architecture.
The Pentagon has declined to comment.
Operation Epic Fury, the Trump administration's name for its war against Iran, was designed around four key objectives: destroy Iran’s ballistic missiles; demolish production facilities; sink their navy and weaken their proxy forces. "Unlike Iran the United States doesn't target civilians."
The gloves are off
The 1954 Hague Convention is a treaty that protects cultural heritage and explicitly protects Isfahan sites during war. International law considers the intentional targeting of cultural property to be a war crime. Any strikes against nearby targets should be carefully weighed up against any possible damage.
UNESCO's designation only covers a minority of the culturally significant monuments and buildings in a country. Some countries place more importance on their landmarks being listed by this U.N. agency. Iran has 27 sites listed, compared to 55 in Italy and just one in Uganda and Costa Rica.
The most prominent example of damage in Iraq during a U.S. led war was the ancient city Babylon. It was listed as a UNESCO world heritage site by 2019. Coalition forces used Babylon from 2003 to 2004 as a base, digging trenches at the site and installing infrastructure. Saddam Hussein had already damaged it before they arrived. Iraq also suffered cultural losses due to ground combat. These included the destruction of Mosul's old city and the looting of antiquities after the U.S. invasion. Trump withdrew America from UNESCO twice, in 2017 and 2025. He cited its support for divisive, woke cultural and social issues. The 2025 action will take effect this year.
In 2017, U.S. coalition forces led by the United States bombed Raqqa's walls, which date back to the 8th century, as a way of supporting ground troops that were fighting ISIS.
Stephennie Mulder is a professor of Islamic architecture and art at the University of Texas at Austin. She said, "As terrible as it was, I feel like that time felt like a golden age compared to the current situation, where the gloves have been taken off and no one cares." She is one of more than 400 researchers and scholars who signed the letter circulated in mid-April, condemning the destruction to Iranian cultural sites by the United States. Israel reported damage caused by an Iranian attack in Tel Aviv’s White City. This is a collection modernist buildings with Bauhaus influences from the 1930s, which are also listed on UNESCO's list. The U.N. said that it was conducting an investigation.
Pete Hegseth, the U.S. Secretary of Defense, has dismissed military engagement rules in large part. He claims that there will be "no mercies" shown to enemies. In April, President Donald Trump said that Iran's entire civilization would be destroyed if the country did not end its conflict. Both did not make a direct mention of heritage sites.
CULTURAL JEWEL
Isfahan, even by Iranian standards, is a cultural gem, compared to Rome, Athens, or Kyoto.
Isfahan is also home to a nuclear site in Iran. It sits on a vast plain of the high Iranian plateau, and straddles a river called Zayanderud. This Persian word means "life-giving". The river divides the city, with the northern part being older and home to historical sites and the southern section, which has wealthier neighborhoods and more modern residential complexes.
Residents gathered around the monuments and heritage sites near the Chehel Sotoun Palace in the Naqsh-e Jahan Square. This square is the largest in the city, measuring 14 soccer fields. It is also one of three UNESCO World Heritage Sites. Isfahan, like many other large cities in Iran, was engulfed by protests this year when anger over dire economic circumstances boiled over. The protests led to the largest crackdown since 1979's Islamic Revolution, which resulted in thousands of deaths, injuries, and prison sentences. Trump's desire to see the Iranian regime overthrown was cited as one of the main reasons for the launch "Operation Epic Fury", which took place in late February.
According to video footage, some of the Isfahan demonstrations and clashes between government forces and protesters took place in the Naqsh-e Jahan Square, and the bazaar was briefly closed during a general.
Israeli bombs targeted IRGC targets on March 7th, 300 meters away from the 400-year-old Si-o-se-pol Bridge over the River. Former residents of Isfahan claim that the complex was used as a detention facility by the elite military force. Israel's military admitted that the base was targeted.
Witnesses said that when bombs rained on the IRGC, blast waves reverberated a kilometer from the site, shaking Naqsh-e Jahan Square.
On March 9, two days later, another volley of bullets aimed at the governor's offices shook again the square and the adjacent Chehel-Sotoun Palace Complex.
Mosavi, an elderly security guard was wrapping up his shift in the Museum of Decorative Arts. The museum was converted from a '17th century royal palace. He said that he was at work because of a "queasy inner feeling".
Only 10 minutes later, twin explosions followed jets flying overhead.
The museum's windows were mostly shattered. The main hall's ceiling collapsed revealing the bones of the building. Mannequins dressed in traditional Iranian clothing were surrounded by plaster and glass.
The entire top floor of the Governor's Office, located less than 200 metres away, has been destroyed. The strike did not injure the governor. The team was not allowed to enter the building but met the governor at a café in the bazaar.
Mosavi displayed twisted gray metal fragments, which he and his employees referred to as shrapnel, at the entrance of the Museum. The fragments were similar to those found at the Sa'dabad Complex in Tehran, an 18th century site that was struck by bombs in March.
According to the U.S. Committee of the Blue Shield and two former military targeting experts, heritage sites like schools or hospitals are usually on the no-strike list compiled and maintained by military and intelligence agencies. According to international law, any collateral damage must be proportional to the expected military benefit of striking a site close to a heritage or cultural site.
Patty Gerstenblith is the head of the U.S. Committee of the Blue Shield. The group has trained the American military to protect cultural sites in wartime.
Gerstenblith, along with other experts, said that when Mosul and Raqqa was reclaimed by Islamic State the Blue Shield committee prepared and distributed informational material to the troops before the event. She added that without more information she couldn't judge if the Iranian strikes were appropriate from a military standpoint.
According to a document, Isfahan heritage officials made an initial assessment of the damage caused by the bombings at Naqsh-e Jahan Square. It was impossible to independently verify those findings.
Emami, an architectural historian from Rice University, stated that a thorough investigation was needed to confirm structural damage.
The bombings that occurred in Ali Qapu Palace early in March caused a tremor on a terrace which overlooked the large square, the music chamber, the marble fountain and the 18 wooden columns. Heritage officials took pictures of the crumbling wall, the cracks in the building's body, and the shattered glasses.
In the initial Iranian assessment, more than 70% the glass of windows and doors were broken and the plaster on two porches was separated from the main structure.
Ali Bordbar ran outside of his small carpet store in the bazaar when the bombings occurred on March 7. The bombings caused the two minarets at the southern edge to shake.
Bordbar said that it took hundreds of years for this site to be built. In a single moment, it could be destroyed.
The employees of the Naqsh-e Jahan complex brought in a bag filled with blue tiles that fell off when they visited the Shah Mosque. The Iranian damage assessment for the Isfahan Heritage Sites included a picture of a crack on one of the walls of the mosque.
A silver engraver at the bazaar stated that the economic effects of lost tourism revenues due to war are as devastating as the property damage or shattered glass.
The engraver stated, "This war paralyzed our nation."
The main alleys of the bazaar were nearly empty during the two days that I visited in late March. Only a few young men ran and cycled through them. Artists and musicians were setting up their stands in the bazaar, and some visitors started to arrive.
Iranians avoid speaking with foreign journalists for fear of being arrested or worse. Some expressed their dismay at the destruction of historic sites while others had more nuanced opinions.
Saeed, 32, who runs a sweets shop in the bazaar said that airstrikes had broken all the windows and the glass in his well-organized sweet shop. He declined to give his opinion on the war, as did many Iranians.
He said, "We're waiting for a good ending."
I WAS SHOCKED
The Golestan Palace is a centuries-old complex of royal buildings in Tehran. It's located just a few steps from the city's famous old bazaar. The protests began last December with the shopkeepers of the labyrinthine market. The 'labor strikes' quickly spread from the heartland of Iran’s economy, the old bazaar, to universities and cities throughout the country. The next step was a brutal Iranian crackdown. This was followed by weeks of bombing and the assassination of the supreme ruler in the 'opening salvo of war. The night of March 1, American forces and Israelis struck Tehran's judicial building adjacent to the ancient Palace, which was a sea debris with wooden artwork and mirrors falling from the ceiling.
As journalists stepped on glittering glass shards, a sharp cracking noise echoed from the ceiling of the palace. UNESCO has expressed its "concerns", over the damage to the site.
The morning of the attack was described by an archeology worker who had worked at the palace for almost 30 years. She cried as she recalled the experience.
She said, under condition of anonymity, "I was shocked and frozen to the spot in front of all that glass when I first came here."
She said that the blast waves had caused the most damage to the space in the throne.
The hall of mirrors, a few meters away was a sea of glass, which had previously adorned the walls and ceilings, as well as the pillars, of the room.
The team was denied access to the third part of a palace, which employees claimed had been damaged in blasts during the strikes on March 1. This area is prohibited, according to them, because it is adjacent to the government office that was targeted by the U.S. and Israel attacks. This building is associated with the Iranian judicial authority.
Tehran's judiciary is known for sending young Iranian men and woman who dared to criticize the regime to prison and even executions. Nearly 300 meters from the palace was the judicial building which came under attack.
The female employee who visited the palace two weeks after the destruction expressed her fears of damage that was invisible to her.
The employee stated that two employees were injured, but only in a minor way.
She suddenly announced that everyone should leave the room immediately after 15 minutes. She ran ahead, pointing at the ceiling, which she warned could collapse at any time. Maggie Michael M.B. (Reporting) Pell, Mari Saito, and Ryan McNeill. Additional reporting by Mayaan Lubell. Alaa Al-Marjani, Haider Kadhim Nour. Edited and produced by Lornant Hinnant, Sarah Cahlan.
(source: Reuters)