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US uses suicide drones, Tomahawk missiles and Tomahawks to strike Iran
On Saturday, the United States launched a variety of weapons against Iranian targets, including Tomahawk missiles, stealth fighters and, for the first combat time, low-cost, one-way,?attack drones that were modeled on Iranian designs. U.S. Central Command has released photos of Tomahawk missiles and F-18, F-35 and F-35 fighter jets along with details about the attacks on Iran as part?of Operation?Epic Fury. DRONES According to photos released by Pentagon, the U.S. Military said that it uses suicide drones which appear identical, based upon the photos, to the new LUCAS system (Low-Cost Unmanned Combat Attack System), manufactured by Phoenix-based Spektreworks. The company didn't respond to comments. Pentagon: CENTCOM has used for the first time one-way drones modeled on Iran's Shahed. Pentagon says that Kamikaze drones will be inexpensive and produced by multiple manufacturers. The LUCAS costs around $35,000 per unit. Drones are becoming an important part of warfare, as the Russian invasion of Ukraine has forced U.S. to adopt a new strategy known as "affordable masses" - having a large number of cheap weapons on hand. TOMAHAWKS Tomahawk Land Attack Missiles are long-range cruise weapons that are launched by?sea for deep-strike missions. Even in heavily protected?airspace, the precision-guided Tomahawk missile can hit targets up to 1,000 miles away. The missile is 20 feet long (6.1 meters), has an 8.5 foot wingspan, and weighs approximately 3,330 pounds (1.510 kg). RTX Raytheon produces the Tomahawk missile, which is not nuclear-armed and can be launched either from land or water. Pentagon budget data shows that the U.S. will buy 57 of these missiles by 2026. Each missile costs an average of $1.3million. The ongoing efforts to spend millions on upgrading the weapons, including their guidance systems, are also a constant. Raytheon has signed an agreement with the Pentagon to increase production to 1,000 Tomahawk missiles annually. The U.S. military and its allies have tested GPS-enabled Tomahawk missiles and used them in a?operational setting, including when the U.S. The UK and US Navies fired Tomahawk missiles on Houthi rebels in Yemen. FIGHTER JET U.S. Central Command released photos and video footage of F/A-18 & F-35 fighter jets used in the attacks on Iran. The F-35 stealth fighter is a fifth-generation aircraft that can evade radar detection while carrying precision-guided weapons. The United States has extensively deployed F-35s across the Middle East. The F-18 is a multirole fighter made by 'Boeing. It can perform 'both air-to air and air-to ground missions and carry a variety of?bombs and missiles. The F-35 can be equipped with a variety of missiles, including those that can destroy enemy radars and blind them. Israeli Air Force also uses the jets. (Reporting and editing by Deepababington, Washington; reporting by Mike Stone)
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Senior Israeli official claims that Iran's Supreme leader Ali Khamenei has been killed
A senior Israeli official said that Ayatollah Khamenei was killed by Israeli and U.S. airstrikes. He had turned Iran into a powerful anti U.S. force, extended its military influence across the Middle East, and crushed repeated domestic unrest. No immediate confirmation from Iran was given of his fate. On Saturday, the United States and Israel launched military strikes against Iran. They targeted its top leaders. This threw the Middle East in a war that Donald Trump claimed would eliminate a threat to U.S. security and give Iranians the chance to overthrow their rulers. Khamenei became Iran's highest authority after the death of Ayatollah Khomeini, the founder of the Islamic Republic. He was 86 years old. As Iran's supreme leader, Khamenei held the?ultimate authority over Iran's religious, political and military institutions. He also shaped domestic policy and guided foreign relations. Israel has long viewed him as a?destabilizing force in Middle East due to his support for Iran's network militant allies including Palestinian Hamas, and Lebanon's Hezbollah. Israel Katz, the Israeli Defence Minister, threatened to assassinate him when Israel and Iran fought a 12-day war in June 2025. He said that the supreme leader of Iran "cannot continue to exist." Israel launched a surprise attack on Iran's nuclear underground site. It killed senior commanders, nuclear scientists and most of the military leadership. Khamenei’s death is a further blow to a nation already struggling with war and economic hardship. Khamenei reaffirmed the conservative vision of Khomeini and quashed the ambitions elected presidents seeking more open policies at home and abroad. Under his reign, the authorities suppressed protests repeatedly and marginalized reformists who pushed for less confrontation with Western countries. Khamenei expanded Iran's influence in the Middle East and made it a regional anti-U.S. power. He supported the 2015 nuclear agreement?brokered by world powers?and pragmatist president Hassan Rouhani which temporarily eased Iran's isolated. Tensions grew after Donald Trump, the U.S. president, abandoned the agreement in 2018 and reimposed sanctions. Iran has seen its allies weaken since the Hamas attack on Israel in October 2023. Israel dealt Hamas, Hezbollah and the Syrian President Bashar Al-Assad heavy blows. After the 1979 revolution, the post of "Supreme leader" was created and enshrined into Iran's constitution. It gives a top cleric the ultimate authority over both the president and the parliament. The Assembly of Experts is an 88 member clerical group that is vetted by Khamenei's hardline watchdog. (Reporting and writing by Ahmed Elimam, Hatem Maher and Maayan Loubell)
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India prepares for a hotter than normal summer with more heatwave days anticipated
The weather office announced on Saturday that India will 'experience a warmer-than-normal Summer this year. Heatwave days are expected to exceed the season average in March and May. Mrutyunjay M. Mohapatra is the director-general of India Meteorological Department. According to IMD data, February's maximum and minimum temperatures were both above average. This makes it the fifth warmest February on record. Winter crops, such as wheat, rapeseed and chickpeas, are planted between October and December. They require cold temperatures throughout their entire growth cycle to produce optimal yields. A Mumbai-based dealer with a global trading house said that temperatures above average in March may?affect grain size and reduce yields of winter-sown crops. India, the world's second-largest producer of wheat and largest importer of edible oil, is counting on bumper crops in 2026 to export surplus wheat and reduce costly imports of palm?and soy oils. Mohapatra said that "above-normal heatwaves" are expected in most parts of the country from March to May 2026. (Reporting and editing by Sharon Singleton: Rajendra Jadhav)
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Germany, France and UK warn Iran against attacks in the region
Germany, France, and Britain have condemned the 'Iranian' attacks on countries of?the?region on Saturday. They said that?Iran should halt its indiscriminate strikes and return to negotiations. In a joint press release, French President Emmanuel Macron, German Chancellor Friedrich Merz, and British Prime Minister Keir Starmer stated that they "condemn Iranian attacks against countries in the area in the strongest possible terms." "We urge the Iranian leadership to seek a negotiated resolution and call for a return to negotiations. "The Iranian people must be allowed to decide their own future", they stated. Leaders said that they have consistently called on Iran to stop its nuclear program, curtail its ballistic missile?program, cease its destabilizing activities in the region, and cease its appalling violence?and repression?against its own people. They added that their countries did not take part in the strikes on Saturday and said they were in contact with international partners including the U.S.A., Israel and other partners in 'the region. They added: "We reiterate our commitment to regional stability and the protection of civilian lives." (Reporting and editing by Madeline Chambers)
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Market analysts react to US-Israeli strikes on Iran
United States and Israel launched attacks on Iran on Sunday, targeting its leaders and plunging Middle East into?a new conflict. President Donald Trump claimed that this would end a threat to security?and give Iranians the chance to overthrow their rulers. As fears of an escalation increased, the strikes put nearby oil producing Gulf Arab countries on edge. Tehran then responded by firing missiles at Israel. Four trading sources reported on Saturday that some?oil?majors, and top trading firms, suspended crude oil and gasoline shipments via Strait of Hormuz due to the attacks. QUOTES: VISHNU VARATHAN HEAD OF MACRO RESEARCH, ASIA EX JAPAN, MIZUHO SINGAPORE Iran warned that a broader state in which there are more spots of regional instability and attacks may be the norm. As long as the production and transportation of oil are subject to disruptions and attacks, oil prices will likely remain high. OPEC could be forced to increase production in order to offset. A 10-25% increase in oil prices is not outrageous - "even without the Straits of Hormuz blockade, which would be a 50% risk event." CHRISTOPHER WOONG, SINGAPORE, OCBC STRATEGIST: The strike has increased geopolitical risk premia for Monday's opening. It is easy to predict the immediate reaction: gold and other safe-havens will likely see a gap on the upside, while oil prices may also rise due to supply disruption concerns. Risk assets and high beta currencies may face an initial bout volatility, especially if headlines indicate potential retaliation. NICK FERRES, CIO, VANTAGE POINT ASSET MANAGEMENT, SINGAPORE: Energy is still cheap. It's obvious that this sector is the one that has rallied on Monday. "And gold." SAUL KAVONIC MST MARQUEE, SYDNEY, ENERGY ASSESSOR: Early indications point to a larger scale attack against Iran with counterattacks that could escalate and draw in multiple Gulf countries. It is not impossible that the Iranian regime, if they feel threatened by an existential threat to their regime, will try and block the Strait. US and allies have military escort plans in place to protect the Strait. If Iran was to successfully disrupt the Strait of Hormuz, it could affect over 20% global LNG and oil flows. This would be a situation three times as severe as the Arab oil embargo of 1970 and the Iranian Revolution of 1979. Oil prices could reach triple digits while LNG prices may retest their record highs from 2022. The scope of intentional or unintentional escalation is wide and difficult to predict in such circumstances. Initial oil market reactions are likely to price in a higher risk of different scenarios that could disrupt supply. This can range from a modest disruption of 2mmbbld of Iranian oil exports to an attack on regional oil infrastructure to a disruption of the Strait of Hormuz passage in the most extreme scenario. The oil price could rise by several dollars if the conflict intensifies. It is unlikely that the Strait of Hormuz will be closed for a long period of time. Even a partial disruption in oil flows could result in several million barrels of oil per day being disrupted, as tankers avoid the area. This would still push oil prices over $100.
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Berlin places Rosneft Units under trusteeship to control German Assets
Berlin is seeking to establish a long-term control of the German assets owned by the Russian oil company. The German government placed the German units of Rosneft under a trusteeship. After the Russian invasion of Ukraine, the German government was given a?trusteeship over the assets. This trusteeship must be renewed every six-months to maintain energy security. However, this creates a lot of uncertainty, especially with the PCK Schwedt Refinery that'supplies' most of Berlin's fuel. The latest move is an attempt to find a solution structural. It places Rosneft Germany (RDG), and RN Refining & Marketing, (RNRM), under the control Germany's Bundesnetzagentur, a German energy regulator. The regulator will take over control of the PCK Schwedt refinery, the?MiRO Karlsruhe refinery and the Bayernoil refining plants. The European Commission approved the new trusteeship system earlier this month. Rosneft Germany is one of Germany's largest oil refineries, with a capacity of 13%. In a press release, the ministry stated that "ensuring security of supply is the primary objective" for all actions taken by the German government towards Rosneft Germany. (Reporting and editing by Madeline Chambers)
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The impact of tensions between the US and Iran on world markets
On Saturday, the United States and Israel attacked Iran's leadership. President Donald Trump claimed that this would eliminate a security risk and give Iranians an opportunity to overthrow their rulers. As fears of an escalation increased, the?strikes placed nearby oil-producing Gulf Arab nations on edge. Tehran responded by firing missiles at Israel. Here's a look at how the conflict could affect world markets. OIL SPIKE Oil is the main barometer for Middle East tension. Iran is one of the world's major oil producers and lies across the Strait of Hormuz from the oil-rich Arabian Peninsula, where about 20% of the global oil supply travels. Conflicts could restrict oil from entering the world market and drive up prices. Brent crude traded at around $73 per barrel on Friday, up a fifth so far this year. Four trading sources reported on Saturday that some oil majors, as well as top trading houses, had suspended crude oil and other fuel shipments through the Strait of Hormuz due to the attacks. William Jackson, Chief Emerging Markets Economist at Capital Economics said that Brent could rise to around $80, the price during the 12-day conflict in Iran last June. He said that a prolonged conflict could affect supply and cause oil prices around $100. This would add 0.6-0.7 percentage point to global inflation. WILD SWINGS EVERYWHERE The conflict will likely?exacerbate volatility on global markets. These have already been wildly volatile this year due to Trump's trade tariffs and sharp tech sales. The VIX volatility indicator has increased by a third in the past year and implied U.S. Bond volatility is up about 15%. Analysts say that currency markets will not be immune to volatility. CBA reports that the dollar index dropped by about 1% in June. This fall, however, was only temporary and reversed after three to four days. CBA analysts wrote in a recent note that the size of the fall will depend on the length and the extent of the conflict. If the conflict lasted for a long time and disrupted the oil supply, we expect the U.S. Dollar to rise against the majority of currencies except the Japanese yen or Swiss franc. The U.S. benefits from higher gas and oil prices if the oil supply is disrupted. Iran retaliated quickly against Israel on Sunday. It fell 5% when the war began in June 2024. Also, it dropped after Israel attacked the Iranian consulate in Damascus and when Iran fired missiles on Israel that October. All episodes were brief and quickly followed by a shekel rebound. JPMorgan stated that it may be different if the conflict or a rise in risk premia proves to be more persistent. The Wall Street bank stated that "this would be especially the case if a confrontation with Iran also triggers more intensive operations" against Iran's proxy forces. SAFE-HAVENS DO WHAT THEY DO Swiss National Bank is likely to be under pressure as the Swiss Franc, which is widely seen as a safe-haven currency in turbulent times, continues to rise. The Swiss franc is up by 3% against the U.S. dollar this year. Investors may also want to make a second rush for gold. It has been on an incredible run, with a 22% increase so far this year. They could also look at silver, which is also on a good run. The conflict could also increase demand for U.S. Treasuries, whose yields had been declining in recent weeks. Bitcoin is no longer regarded as a safe haven. It dropped 2% on Sunday and has lost more than a quarter in value over the past two months. WATCH MIDDLE-EAST MARKETS The trading in Middle East bourses on Sunday will be a first 'indicator' of investor sentiment. This includes Saudi Arabia and Qatar. These markets are closely linked to oil prices. However, an escalating war could have a ripple effect on the economies. Ryan Lemand is the chief executive and co-founder at Neovision Wealth Management. He said, "I think markets will be lower if hostilities continue throughout the day." Depending on how bad the conflict is, Gulf?equities may drop as much as 3-5%. Saudi Arabia's benchmark index fell 1.3% over five days through Thursday. This is the second week in a row that it has declined. Dubai's main stock market, which will reopen on Monday, has fallen in the past two weeks. STOCKS FOR AIRLINES & DEFENCE Global airlines cancelled flights in the Middle East Saturday. Their stocks may be affected if the conflict continues and more airspace is closed. The demand for European weapons could increase by 10% in the coming year.
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NZZ reports that UBS intends to keep Ermotti as CEO for a longer period of time
Neue Zuercher Zeitung, a Swiss newspaper, reported that the board of directors at Swiss banking giant UBS intends to keep Chief Executive Sergio Ermotti for a longer period than originally planned. Ermotti is set to leave his position by 2027. However, the timeline has not been finalised. The NZZ, citing sources familiar with the matter, reported that the board, led by chairman Colm Kelleher wants Ermotti to stay on beyond this date in order to guide the?UBS pushback against the Swiss Government's plans to tighten regulation. When asked about the NZZ Report, a UBS spokesperson stated that it was "premature" to speculate on the timing of Sergio's departure. The spokesperson said that "when the time comes to choose a successor, the Board can draw from a strong pool of internal candidates but will also fulfill its fiduciary duties by evaluating external candidates." MEASURES TO PREVENT FISCAL CRISES The Swiss government announced in June that it would take measures to prevent future banking crises after the collapse of Credit Suisse 2023. Plans could force UBS to have up to $24 billion of additional capital. UBS cannot count its software or deferred taxes towards its Common Equity Tier 1 capital. Its foreign units are also required to be fully backed by CET1 Capital. UBS rejected the proposals claiming that they would make Switzerland less competitive. NZZ stated that the bank is evaluating 'different possible outcomes' of this discussion and it could determine whether or not the bank stays in Switzerland?or moves abroad? "We will?do?everything possible to ensure that UBS continues to be a successful global bank in Switzerland. The spokesperson stated that the Board of Directors must prepare for every scenario. (Reporting and editing by Louise Heavens, Francois Murphy)
Drones attack Duqm port after hitting an oil tanker off the coast of Oman
The?maritime?security?centre of Oman said that a Palau-flagged tanker was hit on Sunday off the Musandam Peninsula injuring four people. This followed drone strikes against the commercial port of Duqm, which is located in the Gulf. These incidents are the first time that targets have been struck in or around Oman following a wave retaliatory'strikes' by Tehran against Gulf states following joint U.S. and Israeli attacks on?Iran, which have plunged the area into a war.
In a posting on X, the 'Oman Maritime - Security - Centre said that the 20-person crew of the Skylight Tanker had been evacuated following the attack. The incident occurred 5 nautical miles north of Musandam’s Khasab Port. The centre didn't specify what struck the tanker. The centre said that initial information showed injuries of various severity among four crew members, consisting of 15 Indians and five Iranians.
Oman's Musandam Peninsula shares control of the Strait of Hormuz, a crucial?strategic?chokepoint through which approximately a fifth of global oil consumption flows.
On Sunday, Oman’s state-run news agency reported the commercial port of Duqm was?hit by two drones and injured a?one foreign worker.
The agency said that debris from another drone fell near fuel?tanks in Duqm. However, there were no injuries or material losses reported from this incident.
(source: Reuters)