
Iran War News Highlights: Iranian attacks hit refineries in Kuwait and Israel, widening the conflict’s impact on regional energy infrastructure. Oil prices rose on Friday as fears over Strait of Hormuz disruption persisted, despite international moves to protect shipping and boost supply. Meanwhile, Axios reported that the Trump administration is considering options involving Iran’s Kharg Island to pressure Tehran.
2. The day started with a sharp jolt as Brent crude, the global benchmark, briefly surged past $119 per barrel—up from around $70 before the war with Iran. It later settled at $108.65, marking a modest 1.2% increase from the previous day, before easing further during trading. Similarly, US benchmark crude climbed above $101 per barrel before settling at $96.14 and then slipping toward $94 as the session progressed.
3. Indian shares opened higher on Friday after logging their steepest fall in nearly two years in the previous session as oil prices eased, offering some relief to global markets amid the ongoing war in the Middle East, as reported by Reuters. The Nifty 50 rose 1.1% to 23,457.05, while the BSE Sensex gained 1.14% to 75,085.78, as of 9:18 a.m. IST. The rupee depreciated to a record low against the US dollar.
2. Iran has warned the UK that allowing US use of bases would amount to “participation in aggression.”
3. Fresh risks to oil and shipping remain in focus as Strait of Hormuz tensions continue.
4. Regional spillover is widening, with refinery, airspace and Gulf security concerns drawing global attention.
5. Readers should watch three pressure points today: new strikes, diplomacy around Western allies, and oil-market reaction.
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When asked about his plans for Iran's major oil export hub - Kharg Island, Trump told a reporter: “I may have a plan or I may not, but how would I ever say that to a reporter?," as per Bloomberg.
Trump ruled out reaching a ceasefire agreement with Iran, claiming US has the upper hand. "I don't want to do a ceasefire. You know you don't do a ceasefire when you're literally obliterating the other side," Trump told journalists at the White House, reported AFP
Since the Israel-US-Iran conflict began, US markets have taken a hit, with the S&P 500 falling about 5%, the Nasdaq down roughly 4%, and the Dow dropping over 6%
Gold prices fell by 1.8% on Friday as the dollar strengthened on report that the United States will deploy extra troops in the Middle East, reported Reuters.
US military is deploying thousands of Marines to the Middle East, Reuters reported, as President Donald Trump accused NATO allies of ‘cowardice’ over their reluctance to send forces to help open the Strait of Hormuz.
British ministers have agreed to allow the US military to use the UK's bases in operations to prevent Iran attacking ships in the Strait of Hormuz, reported AP
Iranian officials have become reluctant to even discuss reopening the Strait of Hormuz, according to a person involved in direct, high-level contacts with Tehran, reported Bloomberg.
The North Atlantic Treaty Organisation (NATO) has reportedly pulled several hundred personnel out of Iraq amid the ongoing US-Israel-Iran conflict. Their withdrawal comes in the wake of Iranian attacks targeting British, French and Italian bases in Iraq. Read here
Iran’s Supreme Leader Mojtaba Khamenei said Friday that the country had dealt its enemies a “dizzying blow” in the war with the United States and Israel, as new explosions struck Tehran on the first day of the Persian New Year festival, according to AFP.
Israel accused Tehran of carrying out an “attack on the holy sites” in Jerusalem after a blast created a crater in the Old City, just a few hundred meters from the Al-Aqsa Mosque, the Western Wall, and the Church of the Holy Sepulchre.
Dubai’s property sector is beginning to show signs of strain nearly three weeks into the US-Israeli conflict on Iran, as analysts report plunging transaction volumes and some real estate agents note price reductions. The conflict, including Tehran’s strikes on Israel, US bases, and Gulf states like the UAE, has undermined Dubai’s reputation as a safe haven for global wealth.
Goldman Sachs analysts estimated that real estate transactions in the UAE fell 37% year-on-year in the first 12 days of March and 49% month-on-month. Some properties are already being offered at steep discounts, with price cuts of 12-15%, according to real estate agents and social media posts reviewed by Reuters.
Stocks dropped Friday as expectations for a Federal Reserve interest rate cut this year faded due to the ongoing conflict with Iran, according to AP.
The S&P 500 declined 0.8%, on pace for its fourth consecutive weekly loss, marking its longest losing streak in a year. The Dow Jones Industrial Average fell 220 points, or 0.5%, by 12:54 p.m. Eastern time, while the Nasdaq composite dropped 1.3%.
Equity markets were pressured by rising yields in the bond market.
US President Donald Trump says, "We’re doing extremely well in Iran...They had a navy 2 weeks ago. They have no navy anymore. It's all at the bottom of the sea. 58 ships knocked down in 2 days. We're not going to let them have nuclear weapons because if they had them, they'd use them, and we’re not going to let that happen."
A British naval expert described attempts to reopen the Strait of Hormuz while fighting continues as “fanciful", as per AP.
President Trump has criticised other nations for not sending naval ships to unblock the strategically vital oil route, which Iran has effectively closed. Retired Royal Navy Commodore Steve Prest said Friday, “the idea that you could force the strait, even with significant warships and firepower, against a determined enemy … is fanciful.”
Prest, an associate fellow at defense think-tank RUSI, emphasised that Iran’s missile, drone, attack craft, and mine capabilities must be degraded first “to bring the risks down to a tolerable level, even before you start sending warships through the strait.”
“To restore shipping, you have to come to a ceasefire. The fighting has to stop and then you can create the necessary conditions of security,” he added.
Defense Ministry spokesman Col. Saud al-Atwan stated that the country’s air defenses shot down 15 of 25 drones launched toward Kuwait, reported AP.
Two of the drones struck an oil refinery, sparking a fire that was later extinguished, with no casualties reported. Eight additional drones exploded in open areas without posing any threat.
Al-Atwan confirmed that the missile and drone attacks occurred over the past 24 hours.
The president referenced the ongoing war while presenting the Commander in Chief Trophy to the Navy football team for their 2025 victory over Army, saying simply, “We’re doing extremely well,” without offering further details, reported AP.
He noted that Defense Secretary Pete Hegseth and Gen. Dan Caine, chairman of the Joint Chiefs of Staff, were absent from the ceremony because they were in the White House Situation Room.
During the event, an official informed The Associated Press that the US is deploying three additional warships with roughly 2,500 Marines to the Middle East as the conflict in Iran continues.
Concluding his remarks, the president said he would lead the team on a tour of the Oval Office.
On Friday, a strike landed near Jerusalem’s Old City, close to the hilltop compound housing religious sites sacred to both Jews and Muslims, highlighting the risks to these holy locations, reported AP.
Israel’s military reported that fragments from an Iranian missile struck a gate along a path leading to the Western Wall and the Dome of the Rock, less than 500 meters away.
The site is revered by Jews as the location of the ancient biblical temples and by Muslims as the place where Muhammad ascended to heaven. Shrapnel had also fallen in the area on Monday.
Amid the conflict, Iran's Supreme Leader Ayatollah Mojtaba Khamenei sent out a message on Friday marking the beginning of Persian New Year which he called the year of a “resistance economy under national unity and national security”, as per Reuters.
In the statement, released on his Telegram channel, Khamenei mentioned that attacks against Turkey and Oman were not launched out by Iran or its allied forces.
Iranian Supreme Leader Ayatollah Mojtaba Khamenei lauded Iranians’ steadfastness amid the conflict, stating that US and Israeli attacks were based on an illusion that by killing top leaders they could cause the overthrow of the government.
Khamenei’s written statement, marking the Persian New Year, Nowruz, was broadcast on Iranian television.
He praised Iranians for “building a nationwide defensive front and strongholds across cities, neighborhoods, and mosques, delivering such a bewildering blow that the enemy fell into contradictions and irrattional statements.”
Khamenei has not appeared publicly since assuming the role of supreme leader following the assassination of his father, Ayatollah Ali Khamenei, at the start of the war.
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