Tedros, WHO chief Tedros, says that 12 people were killed in a strike at a primary healthcare center in Lebanon

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• The biggest global oil supply disruptions ever

  International Energy Agency stated that the closing of the Strait of Hormuz caused the biggest disruption in global oil markets history. The agency said supply is expected to drop by around 8 million barrels per day or 8% in March. In response, the member countries of the agency agreed to release 400 million barrels from their strategic stockpiles in order to stabilize oil prices and compensate Middle East production loss. Here's a list of previous oil supply disruptions: The 1973-1974 Arab Oil Embargo The Arab oil embargo was initiated by the Yom Kippur War which began in October '6, '1973, with coordinated attacks against Israel. Arab producers, acting through the Organization of Arab Petroleum Exporting Countries, ordered a 5% immediate reduction in production. This was followed by a further 5% monthly reduction. This was done to put pressure on Western nations in order to get Israel to withdraw its occupation of Arab lands since 1967's Six-Day War. According to declassified documents from the U.S. National Security Council prepared for President Richard Nixon, the embargo was estimated to leave the United States with a shortage of 2-3 million barrels a day. The total shortage in embargoed countries is around 4.5 millions bpd. According to U.S. Government records, OAPEC announced its embargo against the U.S. on October 17, 1973. It remained in effect until March 1974. Crude oil prices almost quadrupled from $2.90 a barrel prior to the embargo, to $11.65 per barrel by January 1974. The U.S. Government prepared fuel rationing programs, ordered industries switch from oil to coal, pushed to increase domestic production, and advanced emergency legislation. In 1974, the crisis led to oil-consuming countries establishing the International Energy Agency to coordinate their responses to supply interruptions. The Iranian Revolution of 1978-1979 The political turmoil in Iran led to the fall of Shah Mohammad Reza Pahlavi’s government and Ayatollah Khamooni's rise. Iranian oil production dropped sharply from 4.8 million barrels per day (bpd) to 7% of the global supply by January 1979. The oil prices started to increase rapidly around mid-1979. They?more than halved between April 1979 - April 1980 due to fears of more disruptions and speculation, as well as strong global demand. The crisis was a major factor in rising inflation rates in the U.S. Paul Volcker became chairman of the Federal Reserve in August 1979. The 'central bank' adopted aggressive monetary tightening measures to combat inflation. These policies ended the stagflation cycle, but combined with the oil crisis, they pushed the U.S. into a severe economic recession. The Gulf Crisis of 1990-1991 The Iraqi invasion of Kuwait, and the embargo imposed by the United Nations on Iraqi and Kuwaiti crude oil, removed 4.3 million barrels per day from global markets. Before the war, Iraq exported about 2.7 million barrels per day (bpd) and produced about 1.8 millions bpd. Together, these two countries accounted for almost a third Gulf oil production and exports. Brent crude prices rose from $17 per barrel to $36 in October 1990. Prices then fell after the end of the war in February 1991. The IEA activated their Co-ordinated Energy Emergency Response Contingency plan, preparing 2.5 million bpd to be available on the market within 15 days. This included 2 million bpd of emergency stock releases, 400,000 bpd of demand restraints, and 100,000 bpd resulting from fuel switching or spare production capacity. Hurricane Katrina slammed the U.S. Gulf Coast on August 5, 2005, halting large amounts of offshore production. According to U.S. Government data, at the height of the disruption, on August 29, 2005 about 1.38'million barrels of oil production per day was shut in. The production losses decreased gradually but remained at 840,000 bpd on September 16, 2005. Hurricane Rita was the next storm to hit in September 2005, and combined storm disruptions shut down up to 1.53 million bpd on September 26th. The Department of Energy in the United States has loaned 9.1 million barrels of crude oil from its Strategic Petroleum Reserve to refineries. The Department of Energy lent refineries 9.1 million barrels of oil from the Strategic Petroleum Reserve. The U.S. participated in a coordinated 30 million barrel stock release with the International Energy Agency. The regulators issued emergency waivers to allow the use of winter blend gasoline and higher sulfur diesel fuel. They also temporarily waived the Jones Act, allowing foreign vessels to transport oil between U.S. port to alleviate supply bottlenecks. 2022 RUSSIAN INVASION?OF UKRAINE Russia’s full-scale attack on Ukraine in 2022 triggered a?energy crises as European countries scrambled?to reduce their dependency on Russian oil and _gas. The search for alternatives to oil led to a spike in prices of over 50% in just a few short weeks. Crude reached some of its highest levels since 2008. Joe Biden, the then-president of the United States, ordered 180 million barrels to be released over a six-month period in March 2022 to combat the surge. The U.S., along with other Western nations, also placed price caps on Russian crude oil exports in an effort to reduce Russian funding of the war without taking the oil off the market. (Reporting from Anushree mukherjee in Bengaluru and Anmol choubey; Editing by Sharon Singleton).

• ASEAN Ministers call for an end to the Middle East War as the crisis rumbles trade and energy

  ASEAN's foreign and economic ministers called on Friday for an immediate end to the Middle East war, and stated that the effects of high oil prices and disruptions in trade have already impacted Southeast Asia's economy. The Association of Southeast Asian Nations has begun implementing measures to combat the economic impact. Governments are moving quickly to conserve electricity, stabilize domestic markets, and protect sectors like tourism that are vulnerable. Ma, the Philippine Secretary of Foreign Affairs, said: "We have expressed our serious concern about the?situation? in the Middle East? and its impact on the region. We also stressed the importance?of an immediate cessation?of hostilities." Theresa Lazaro spoke at a press briefing?after an ASEAN special meeting on the crisis. She added that ASEAN had called for all parties to show the greatest self-restraint. As 'concerns about the Iran conflict intensified, the?Philippines convened a special meeting. The?ministers urged that global energy supply chains be kept open, and regional mechanisms activated to reduce the economic fallout. Crude oil has been trading at around $100 per barrel due to concerns about supply. These fears have been intensified by the promise of Iran's supreme leader that he will keep the Strait?Hormuz closed, which is the route used for a quarter of the world's oil supplies. The economic ministers from the 11 member bloc stated that the escalating conflicts have had broader economic impacts beyond the region. This is due to the 'increased volatility of global energy markets, and the disruption of important maritime and supply chain routes. Lazaro stated that the Philippines is considering purchasing oil from Russia. She did not provide any further details. The ministers of economics have warned that the region is particularly 'vulnerable' to future shocks due to its 'exposure to global oil & LNG supply routes. They added that strengthening supply chain resilience and accelerating renewable energy conversions would be crucial to maintaining economic stability.

• Japan considers whether to purchase Russian crude oil following US sanctions waiver

  An official from the?industry?ministry said that Japan would consider buying Russian crude oil after the U.S. granted a 30-day waiver of?sanctions amid the Iran War, taking into account international conditions and its own?national interest. The U.S. waiver permits countries to purchase sanctioned Russian crude oil and petroleum products that are currently stranded on the sea. Treasury Secretary Scott Bessent described this as a move to stabilize the global energy market, which has been?roiled by Iran's war. Narumi hosokawa, the deputy general-director of the Ministry of Economy, Trade and Industry's (METI) immediate crisis management, said, "We will examine the issue in the light of various international circumstances and Japan’s national interests." Another METI official stated that Russian crude oil is essential for a stable energy supply. However, Tokyo must continue to take "appropriate" measures while balancing broader international coordination and the discussions of the 'Group of Seven' with its own national interests. In 2025, Japan will import 94% of crude oil from the Middle East, and 93% of those shipments will pass through the Strait of Hormuz which is controlled by Iran. The U.S. and Israeli war against Iran has virtually blocked the flow of oil through?the Strait. Officials said that Tokyo will release 80 million barrels from its strategic reserves - equivalent to 45 days' supply - to mitigate global disruptions caused by the Middle East conflict. The government requested that domestic refiners use crude oil released from strategic reserves to ensure domestic petroleum supplies. The government's request does not limit the export of excess products generated during the refining processes. Ryosei Acazawa, Japan's industry minister, said earlier Friday that the country's refiners were seeking alternative crude oil supplies from other regions like Central Asia, South America and the U.S. (Reporting and editing by Thomas Derpinghaus; Yuka Obayashi)

• Trump believes Iran's supreme leader, the new supreme leader, is still alive but damaged

  Donald Trump said that the new Iranian Supreme leader Mojtaba Khmenei is still alive, but "damaged." His father, the previous supreme ruler, was killed in the U.S.-Israel war against Iran on the very first day. Khamenei has not been seen in Iran since he was selected on Sunday by the clerical council. His first remarks were read by a television presenter on a Thursday. A senior Iranian official said on Wednesday the newly-appointed supreme leader was only lightly injured, but continued to work. State television had described him as a war-wounded man. "I think (he is) probably alive." In an interview with Fox News' "The Brian Kilmeade show," Trump stated, "I think he has been damaged, but I believe he is probably alive, in some form." Fox News published his remarks late Thursday. Khamenei made his first remarks in which he vowed that the Strait of Hormuz would remain closed and urged neighboring countries to shut down?U.S. Bases on their territory are at risk of being targeted by Iran. On February 28, the U.S., Israel and other countries began attacking Iran. Iran responded by launching its own attacks on Israel and Gulf states with U.S. base. As the war neared a two-week mark and thousands of people had been killed, the leaders of Iran and Israel, as well as the United States, all expressed defiance and vowed to continue fighting.

• After drone attack, several French soldiers are wounded and one officer is killed in Iraq

  French President Emmanuel Macron condemned on Friday an attack that left one French officer dead and?wounded a number of soldiers in?Erbil. The French army announced on Thursday that six French soldiers who were 'providing counter-terrorism training' in the area had been injured in a drone strike, only hours after another Italian base in the same region was targeted. France has hundreds in Erbil as part of an international coalition fighting?Islamic State militants. In a tweet, Macron stated that Chief Warrant Officer 'Arnaud?Frion "died" for France and that several of our soldiers were injured in the attack. He said: "This attack on?our forces that have been fighting Daesh since 2015, is unacceptable." The presence of French soldiers in Iraq falls'strictly under the umbrella of the fight against terror. The war in Iran does not 'justify' such attacks. The drone's origin was not immediately apparent. According to two Iraqi sources who are close to the group and three Iraqi sources, the Shi'ite militants of Iraq have increased the number of missile and drone attacks against U.S. interests within Iraq over the past three to four days. In a press release, Erbil Governor Omed Koshnaw stated that the drone strike was carried out in the Makhmour region. The Italian Defence Ministry said that the overnight airstrike on an Italian military base was deliberate. It targeted a facility hosting NATO personnel. France has deployed about a dozen navy vessels, including an aircraft carrier strike group to the Mediterranean Sea, Red Sea, and possibly the Strait of Hormuz, as part of its defensive support for ally countries threatened by the Middle East conflict. Leaders of Iran, Israel, and the United States have all voiced their defiance, and pledged to continue fighting as the Middle East war approaches the two-week mark this Friday. The conflict has killed thousands, disrupted the lives of millions, and shaken financial markets. (Reporting and editing by John Irish and Ahmed Rasheed; Mrinmay dey and Michael Perry).

• UK gilts are scorched once again as the Iran war rages and BoE rate increase bets soar

  British government bonds fell again on Thursday. The escalating conflict with Iran has prompted investors to price in a Bank of England interest rate increase this year, amid concerns about Britain's vulnerability?to energy prices shocks. Long-dated bonds dropped the most on Thursday. This was due to concerns about possible additional government borrowings for funding support for energy consumers. At 1547 GMT the yields on 10- and 20-year bonds, which move in the opposite direction to the prices, both rose by around 10 basis points. The former reached its highest level since September at 4,804%. Markets bet more on the BoE raising interest rates, a prospect that was viewed as highly unlikely just a week earlier. Oil prices reached $100 per barrel earlier in trading, and bets on rate hikes increased. Interest rate futures priced in roughly 60% of the possibility of a quarter point rise in borrowing rates by the BoE, compared to expectations of no change in borrowing costs on Wednesday. "In the face of an overwhelming number and variety of variables, no one expects the Bank to do more than wait," said Danni H. Hewson, the head of financial analyses at AJ Bell. She was referring to the announcement of interest rates on Thursday, following the meeting of the Monetary Policy Committee in March. "This decision is still a tough one. We will pay close attention to any advice about the way forward." Investors believe that Britain is more vulnerable than other Western countries due to its stretched finances and heavy reliance upon imported gas. The fall in gilt prices is a sign of a tightening financial environment in 'Britain. Both the Finance Ministry and BoE are concerned, given that economic growth in 'Britain is already weak. Mojtaba Khamenei, Iran's Supreme Leader, said Thursday that the country would continue to fight and keep the Strait of Hormuz closed. This month, the five-year yield is sensitive to changes in the medium-term outlook of interest rates. It has risen 63 basis points, the biggest increase since September 2022, when Prime Minister Liz Truss unveiled her disastrous economic agenda. Before 2022, the last time that five-year yields increased by this much was in January 1996. Investor appetite for sales on the primary market remains strong despite the drop in gilt prices in this month. The bids for the 500 million-pound auction ($667.8-million) of index-linked gilts that are due in 2049 were 3.57 times higher than what was offered. $1 = 0.7487 pound (Reporting and editing by Suban Abdallah and Susan Fenton).

• The revenue from Russia's biggest oil tax is expected to double in March due to the global price rise

  Calculations showed that the proceeds from Russia's mineral extract tax, which is its largest tax item for crude oil production and the country's?largest taxable item, could almost double in March due to the global price rally induced by the conflict in the Middle East. The global oil benchmarks soared to $119 per barrel on Monday, the highest level since June 2022. This was due to supply cuts from Saudi Arabia and others producers, which stoked fears of a major disruption to global supplies. The price increase of crude oil, along with the natural gas that it produces, will benefit Russia's state budget. Calculations show that the mineral tax on oil could bring in 590 billion rubles ($7.43billion) this month, if prices stay at current levels. This is up from an estimated?300 billion last month, and 314 billion in January. Oil prices rose sharply on Thursday as Iran intensified its attacks against?oil? and transport? facilities in the Middle East. This fueled fears of a long-term conflict and possible disruptions of oil flow through the Strait of Hormuz. Brent futures rose $6.41 or 7% to $98.45 per barrel at 1235 GMT, after hitting $100 per barrel in earlier trading. U.S. West Texas intermediate crude was up by $5.98 or 6.85% to $93.23.

• South Korea will cap fuel prices starting Friday in order to ease consumer burden

  South Korea announced on Thursday that it would cap the domestic fuel prices starting Friday in order to combat an increase in energy costs resulting from the conflict?in the Middle East. South Korea, Asia's fourth largest economy and a country that relies on imported energy for its needs, is making this move to try to mitigate the impact of the Middle East oil crisis. South Korea has set the maximum wholesale gasoline price at $1.17 per liter. This is below Wednesday's 1,833 won. The price will be adjusted every two weeks in order to reflect the changes in oil prices. The government will introduce a'maximum price' system for petroleum products in order to reduce the?burden to consumers, and to firmly resist attempts to use the crisis as an excuse to raise prices. Finance Minister Koo Yon-cheol stated that. The government stated that the maximum price will be determined by comparing pre-crisis supply prices with global oil prices and taxes. South Korea imports most of its energy. According to Korea International Trade Association data, it buys 70% of its oil from the Middle East and 20% of its LNG. According to the finance ministry, South Korea will also limit the stockpiling petroleum products. Refiners must?release at minimum 90% of the monthly volumes?of petroleum product they released in April and March a year ago. The government has said it will offer financial support to refiners who report losses due to the price cap.

• Poland claims that the cyber attack on a nuclear centre foiled by Poland may have been from Iran

  The government of Poland announced on Thursday that it had foiled a cyberattack against its nuclear research centre. It is now examining possible signs that Iran may be responsible. Poland claims it has been the victim of many cyberattacks ever since Russia invaded Ukraine on a large scale in 2022. Moscow has denied any involvement. Krzysztof GAWKOWSKI, Minister of Digital Affairs at TVN24+, said that the attack against Poland's National Center for Nuclear Research had taken place "in recent days". "The attack was not on a large scale, but it was an attempt at breaking through security that was stopped. Gawkowski added that "appropriate services" were already in place and the centre was safe. The first thing that he did was to identify the entry points, which he called "vectors". "The places where (the centre was attacked) are connected to Iran," he stated. When the final information is available and the services have checked it, we'll verify it. But there are many signs that it took place in Iran. The Iranian Embassy in Warsaw has not responded to an email request for comment. The centre conducts research in?nuclear power,?subatomic science and related fields. Poland does not have nuclear weapons, but is building its nuclear power plant. On February 28, the U.S., Israel and other countries launched coordinated airstrikes on Iran. The Supreme Leader of Iran was killed in these strikes: Ayatollah Khamenei. Tehran responded by striking?Israel and Gulf States?hosting U.S. Military installations, effectively stopping?oil-and-gas shipments through Strait of Hormuz – a conduit that carries roughly a 5th of the world’s LNG and petroleum.

• Rosatom, a Russian company, says it will remain in Iran despite the war

  Alexei Likhachev, the head of Rosatom's nuclear division, said that the company will remain in Iran despite the conflict in the Middle East. It is also committed to the agreement to build two more units at the Bushehr nuclear power plant. After the United States and Israel attacked Iran on February 28, Rosatom evacuated its staff, and suspended construction on the new units. Likhachev stated that around 450 Rosatom employees remain on the site after 150 returned via Armenia to Russia this week. "The construction and completion of the?second and?third units remain among the priorities for the?corporation. This is not the right time to go. "What is happening in the Middle East represents only a small part of a larger global mosaic", Likhachev told Rosatom. Likhachev stated on Monday that the situation around Bushehr was still tense, but there were no strikes at the Bushehr plant or construction site. The agreement allows for up to eight units of nuclear power, including four at Bushehr. Iran announced last autumn that it had signed a $25 billion deal with Rosatom for the construction of four nuclear power plants with a?capacity of 5 gigawatts?at a different site in the country's south-east. Both parties signed a memo on the development of small nuclear power plants within Iran. (Reporting by Anastasia Lyrchikova. Mark Trevelyan edited the story.

• UK gilts fall further as oil tankers burn and BoE rate hike betting rises

  British government bond rates fell again in the early hours of Thursday's trading, continuing a dreadful performance for the entire month. This was due to news that two oil tankers had caught fire?in Iraqi water?on...Thursday following what appeared to have been Iranian strikes. At 0823 GMT the five-year and 10-year gilt rates, which move in the opposite direction to the prices, had risen 4-5 basis points for the day, and were on course to close at their highest level since the start of the U.S./Israeli war against Iran. Investors believe that Britain is more vulnerable to an energy price spike than other Western countries due?to the stretched public finances of Britain and its heavy dependence on imported gas. The five-year rate, which is sensitive to changes in interest rates over the medium term, has risen 58 basis points in this month. This is the largest increase since September 2022, when the former prime minister Liz Truss unveiled her disastrous economic agenda. Before her tenure, October 2003 marked the last time that 5-year yields increased by such a large amount. Oil prices rose on Thursday, reaching $100 per barrel. Interest rate futures were pricing in a 40% chance that the BoE would increase borrowing costs by a quarter point?in December. This was compared to Wednesday's expectations for no change. Investor appetite for sales on the primary market remains strong despite the drop in gilt prices. The next test for demand will be an auction of index-linked gilts due in 2049, which is due to take place on Thursday at 1000 GMT. Suban Abdulla, Suban Bruce and Andy Bruce report.

• Official: Gulf trio reviews sovereign investments to offset Iran War Impact

  Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity said that the review could include divestments, reversals of investment pledges, and a reevaluation of global sponsoring deals. This is because the oil and gas-rich states are assessing how to deal with the financial shock. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the GCC will be assessing current and future investments and sponsorships to see if the situation lasts. The official said that "a review of their investment strategies for sovereign wealth funds has already begun." The official said that the talks were between representatives from the government and not the funds, and that the assessments are not coordinated. In only 12 days, this conflict has dealt a serious economic blow to some of the largest economies in the Gulf, crippling the aviation, tourism, port and logistics networks. It also cut off 'key commercial arteries. 5 TRILLION DOLLARS IN WEALTH The UAE has said that it will stick to its investment plan. In a recent statement, the UAE Ministry of Foreign Affairs said that it had adopted "forward-looking economic strategies" which would enhance its ability to absorb geopolitical or economic pressures. In this regard, the UAE has not changed its investment plans or economic priorities for the long term. A Saudi source said that the Public Investment Fund of the Kingdom is crucial to its economic transformation agenda. It is not expected to change long-term investments plans because of the current geopolitical environment. The Saudi Arabian finance ministry did not respond to a request for comment. Qatar's Finance Ministry has not responded to our request for comment. Kuwait's Ministry for Economic Affairs and Investment was unable comment. Analysts say a fiscal shock could lead to a review of the way the $5 trillion in sovereign wealth funds accumulated by the region is used. But the official's remarks show that this process is already underway. The official stated that "once the war is finished, we'll see the balance sheet and figure out how to cover our losses." Analysts at JPMorgan cut their growth predictions for non-oil industries by 1.2 percentage point for GCC countries and 2.3 points for the UAE. This was the most drastic revision in the group. JPMorgan analysts warn that, while the hydrocarbon industry could recover depending on the length of the conflict in the coming year, there will be some lasting damage to the non-hydrocarbon activities and this could affect the diversification plans for the region. WIDE REACH and BIG COMMITMENT Gulf States have tried to diversify their economies but oil and Gas revenues still anchor the public finances which are very different in strength throughout the region. Kuwait's KIA, the UAE's ADIA, Saudi Arabia's PIF and Qatar's QIA are among the largest sovereign funds in the world, with assets accumulated over decades of investment at home and abroad. Officials said that the reassessment includes global assets, not just U.S. assets. The United States is already one of most popular destinations for Gulf sovereign funds, with governments having pledged trillions in future investments since President Donald Trump's return to the White House. US. Gulf sovereign investors weigh the impact of the conflict on global sponsorship and investment deals. The size of the overseas pledges and sponsorship is huge. The UAE, for instance, agreed to invest $50 billion in Canada last year. QIA, which is backed by Qatari Diar, signed a landmark coastal development worth $30 billion on an undeveloped stretch of Egypt's Mediterranean coast. Qatar Airways is sponsoring Formula 1 motorsports until 2027. Mubadala has a title sponsorship in a number of ATP and WTA events. PIF became an official partner for the FIFA World Cup this year. SLOWING NEW COMMITMENTS Analysts predict that these positions will not be unwinded immediately. However, they said the pace and direction for new capital deployments may change. The first reaction should not be to sell off global assets. "Before unwinding any overseas assets, they will evaluate the potential impact, and whether there is a value-add in redirecting this capital locally," said Jahangir Aka founder of London's Aka & Associates. Aka said, "For the time being, the 'Gulf Investments' global investments provide resilience as a diverter, and it is unlikely that you will see a'significant trimming, as these assets continue to produce income for governments in their home countries." Aka explained that "you may instead see a slower pace in new commitments, and defer money to overseas countries until there is more clarity about any structural impact the current conflict." Reporting by Andrew Mills, Rachna uppal, Federico Maccioni, and Hadeel al Sayegh, in Doha; Additional reporting by Ahmed Hagagy. Writing by Federico Maccioni, Andrew Mills, and Andrew Mills. Editing by Mahal Dahan, ElisaMartinuzzi, Anousha Sakowi, and Alexander Smith.