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“A colossal shock for global oil prices”. The war between the United States and Israel against Iran — a risk for the global economy
Iran strikes the United Arab Emirates, Qatar and Bahrain again and refuses any negotiations with the United States

Iran strikes the United Arab Emirates, Qatar and Bahrain again and refuses any negotiations with the United States

The war, triggered by the elimination of Iran’s Supreme Leader Ali Khamenei, entered a clearly regional phase by its third day. The geography of the strikes is expanding, and the number of actors involved continues to grow.

What is happening in Israel and the Gulf states

On the night of March 2, Iran launched a ninth wave of attacks against Israel and US military installations in the region. Air-raid sirens sounded in several Israeli cities. According to officials, no casualties were reported.

Explosions were also heard in Dubai, Doha and Bahrain. According to The Wall Street Journal, citing a senior US official, Iranian drones struck Erbil airport in northern Iraq, where a US base is located. US Central Command confirmed the attack, stating that there were no significant damages or casualties.

The New York Times, after reviewing satellite imagery and videos, reports that Iran targeted at least six US military facilities in the Middle East. The targets included bases in Bahrain, Iraq and the United Arab Emirates, as well as three sites in Kuwait.

In Kuwait, a US F-15 fighter jet crashed west of Al-Jahra. Footage of the aircraft falling circulated on social media, allowing journalists to geolocate the crash site. At least one pilot ejected and survived. The Iranian agency Tasnim claims the pilot was handed over to Kuwaiti security forces.

US Central Command stated that more than 1,000 targets have been struck since the beginning of operations against Iran. More than 20 types of weapons systems are being used, including B-2 Spirit strategic bombers and “special capabilities that cannot be disclosed.”

The positions of the parties to the conflict

Iran does not intend to negotiate with the United States, said Ali Larijani, secretary of the Supreme National Security Council. He denied reports that an initiative had been conveyed through Omani mediators to resume dialogue.

For his part, Donald Trump said in interviews with US media that Iran’s new leadership had requested renewed negotiations and that he had agreed. He estimated the operation could last about four weeks “or even less,” while acknowledging that further US casualties were possible. According to Central Command, three American service members have already been killed and five seriously wounded as part of Operation “Epic Fury.”

The question of who will lead Iran after Khamenei’s death remains open. Trump said he has “three very good options” to head the country but declined to name them.

The leaders of Germany, France and the United Kingdom condemned Iran’s missile strikes against Gulf states and said they were prepared to take “necessary and proportionate defensive measures” to neutralize Tehran’s missile and drone capabilities.

Hezbollah attacks Israel, IDF strikes Lebanon

On the night of March 2, the Lebanese movement Hezbollah launched rockets and drones at northern Israel, saying it was acting in retaliation for Khamenei’s death. One projectile was intercepted, while several others fell in open areas. No injuries were reported.

In response, the Israel Defense Forces carried out strikes in southern Lebanon. According to the Israeli military, Hezbollah’s headquarters and infrastructure were among the targets. Before the operation, evacuation warnings were issued to residents in the affected areas.

Israeli Chief of Staff Eyal Zamir announced the launch of an offensive operation against Hezbollah and emphasized Israel’s readiness for a “multi-front scenario.” According to Lebanon’s Health Ministry, 31 people were killed and 149 injured. Al-Arabiya and Al-Hadath, citing sources, reported the death of Mohammed Raad, head of Hezbollah’s political wing.

Market reaction

At the opening of trading, Brent crude rose above $80 per barrel, reaching $82, its highest level since summer 2024. The increase was about 13%, before prices corrected to $79.

Stock markets in the United Arab Emirates were closed on March 2–3. Abu Dhabi Securities Exchange and Dubai Financial Market suspended trading. The regulator said it would continue monitoring developments and take additional measures if necessary.

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