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Kazakhstan Foreign Minister discusses Middle East issues with regional ministers
Kazakhstan's Foreign Ministry reported that the Foreign Minister of Kazakhstan discussed Monday events in Iran and throughout the Middle East with counterparts from Central Asia and Azerbaijan. According to a ministry statement, those who took part in the unusual discussion, which included most of the states in 'the region all at once, called for a "negotiated settlement" to the unrest in and around Iran. In a statement, the ministers stressed the importance of "de-escalating tensions", adhering to international law and combining efforts in the interest of maintaining regional stability, security and peace. In a statement, it was stated that Kazakhstan's Minister, Yermek Ksherbayev met with his counterparts from Kyrgyzstan and Tajikistan as well as Turkmenistan, Uzbekistan and Azerbaijan. He thanked Turkmenistan for its assistance in evacuating Iranians and stated that the two countries were prepared to coordinate future departures and other issues. U.S.-Israeli air attacks against Iran increased on Monday. Israel launched an attack on Lebanon in response to Hezbollah's strikes and Tehran's continued drone and missile attacks against Gulf states. David Gaffen, David Gaffen (reporting)
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Greek police arrest man suspected of spying at a naval base in Crete
Police officials in Greece said that a 36-year old man was detained on suspicion of spying on a naval facility on the island of Crete, which is a strategic base for the United States of America in the eastern Mediterranean. On the basis of information from the?intelligence service, a man was arrested at Athens airport. Souda bay in Crete houses?military bases for Greece, U.S., NATO and NATO's?military alliance. Recently, U.S. aircraft carriers Gerald R. Ford and Ford visited the base to replenish supplies. Police officials confirmed that Greek authorities have launched an investigation into the case. They added that digital evidence including photos is being examined. One of the officials said that the man who was staying in a hotel near Souda, last month, had not made a statement about the allegations. Azeri man was arrested in June by Greek police on suspicion of spying. He had been staying at a hotel close to the naval and air force base on western Crete. Security has increased since Israel and the U.S. launched strikes against Iran. (Reporting from Athens by Yannis Soulieotis, Writing by Renee Maltezou and Editing by Matthew Lewis).
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United Flight returns to Los Angeles after engine failure for an emergency landing
'A United Airlines flight landed on an emergency landing Monday - shortly after departing Los Angeles - due to an engine problem. The Federal Aviation Administration reported that passengers had to disembark on a taxiway. The 'FAA reported that United Airlines Flight 2127, which was bound for Newark Liberty International Airport, returned safely to Los Angeles at around 2:20 p.m. ET. After lifting the ground stop, the FAA said that there would still be arrival delays up to 30 mins. CBS Los Angeles reported that fire crews appeared?to hose off the left engine of the car and a video posted on social media showed smoke emanating from it. United Airlines said that passengers deplaned via slides and airstairs, and were then bussed to the terminal. Onboard were 256 passengers, 12 crew members. (Reporting and editing by David Shepardson)
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Wizz Air announces it will increase flights to Sharm el-Sheikh in the wake of the Iran War
Wizz Air announced on Monday that it would "add substantial additional?capacity to Sharm El-Sheikh, Egypt" starting 'on Friday. This is to support Israelis and other customers whose travel plans have been disrupted due to the war between Iran which has closed the airspace. Wizz, a company that plans to open a 'base in Israel soon,' has suspended flights from and to Israel, Saudi Arabia and Dubai Abu Dhabi, as well as Amman, until March 7, due to the U.S.-Israeli strikes against Iran. These attacks have prompted retaliatory sonic missile attacks throughout the equatorial region. The airline will increase the number of flights from Budapest, Rome and London to Sharm to 52 per week, up from 24 currently. Sharm is located 225 km or 3 hours drive from the Israeli border town of Eilat at the Red Sea. Wizz released a statement saying that the additional flights would provide more options for passengers affected by the suspension in direct services between Israel and Europe. It added that it "worked?closely with?aviation authorities?and?airport partners to ensure safe operating windows and route." (Reporting and editing by Chris Reese, Nick Zieminski and Steven Scheer)
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Stranded travellers endure travel chaos in hand-washed underwear and fake Adidas
Stranded travellers exchange tips about where to find underwear in the lobby of an old hotel near Doha Airport. They wear identical fake Adidas t-shirts purchased from a nearby shop. Erika Macikova said, "It is our uniform." She was stranded after returning from an ayurvedic resort in Sri Lanka. Her luggage is still at the airport but she and hundreds of other passengers were evacuated together to a hotel. Macikova, who had no spare clothing, began to share the names of open shops with other globetrotters. After escalating conflicts between the U.S. and Israel, Macikova and other travellers in the Middle East entered limbo for a third consecutive day. The biggest change in global air travel since COVID-19 Macikova was one of many stuck in the area who were just changing planes. Dubai, Doha, Abu Dhabi and other nearby cities handle more than 1,000 flights per day. They are at the intersection of east-west travel and funnel long-haul traffic from Europe to Asia via tightly-scheduled connecting flights. Tens of thousands of passengers are stranded all over the world, including in Bali, Kathmandu, and Frankfurt. The UAE civil aviation authority reported that it helped about 20,200 travelers on Saturday. At least 4,000 cancelled flights occurred in just three days, according to data. James Gaskin, a resident of?Dubai spent the morning of Monday washing his underwear in his bathroom sink. He also had a bunch of novelty socks. The 53-year old procurement manager, originally from England's north, was already out of clean clothes after a week spent in India on business when his connecting flight back to Britain was canceled. The 53-year-old procurement manager from northern England was already short of clean clothes when his connecting flight back to Britain was cancelled. Gaskin, like many others, said that he was unaware of the events unfolding at Dubai Airport when he arrived. "A lady came up to the gate, stood on a chair, and announced that everyone had to leave the airport. "All very calm and ordered," he said. "In the British way, six hours of queueing went by without any drama." He said that the baggage hall was a mess as people pulled their bags off of carousels to find theirs. He said, "Even though there was chaos, I was quite relaxed." He said that "there was quite a bit of banging, and the airport was hit". "That brought it all home." The general feeling is that the longer the situation continues, the more edgy the people become. Passengers can share tips via WhatsApp. Strangers in hotels across the region exchange information about where to find a washing machine, how to use airline helplines, or retrieve luggage. They also discuss whether it is better to pool resources to try and leave by car. In the lobby of hotels, they play games and watch sports. They also go to shopping malls for snacks. Whatsapp groups have been formed. Many people are trying to not dwell on their situation even when loud bangs overhead reminds them of why they're stuck. Macikova spent as much time inside the hotel as she could because she felt safe there. Gaskin, on the other hand, was bored. She was engrossed in a romance novel. He had received logins for various streaming services from his wife, but had not wanted to watch them. The British friends, Julie Hardy and Francis McKay who were on a 2-week tour in southern India, stayed at the same hotel. They took a taxi on?Sunday to the mall nearby to buy cheese, crackers and medication. They said it was fun. The nights are more difficult. Hardy's mobile phone rang twice on Saturday night and she hurried to the hotel in her nightie. She said, "I don't want to sleep up here." I would prefer to stay downstairs as long as I could. I can't rest because I fear something will happen during the night. I'll have to evacuate quickly. McKay, too, was worried. She even feared that she might not see her family ever again. It's an unknown and I have never been to a warzone. (Reporting from Lucy Craymer, in Dubai, and Justyna Pawelak; Editing and production by Josephine Mason and Kevin Liffey.
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No impact on operations after drone attack on UAE fuel tank terminal Musaffah
The Abu Dhbai Media Office reported on Monday that a fire broke out after a drone targeted the Musaffah Fuel Tank Terminal?in United Arab Emirates, without affecting?its operations. "Abu Dhabi authorities responded today to an fire that resulted from a drone targeting a Musaffah?terminal fuel tank. The situation was quickly contained," the office stated. There were no reported injuries. Abu Dhabi National Oil Company operates an oil facility in Musaffah, from where fuel is delivered?by truck. A 1,600-kilometre pipe network distributes finished products throughout the emirate Abu Dhabi. In 2022, the Houthis of Yemen who are aligned with Iran targeted the Mussafah Fuel Depot during their war against the Saudi-led Coalition. On Monday, the Saudi Arabian state 'oil giant Aramco closed its Ras Tanura refinery following a drone strike. This was an apparent escalation in the 'third -day-long campaign of strikes in the region by Tehran as a response to the u.s. and Israeli attack on Iran. Sources with knowledge said that QatarEnergy also announced it would halt production of LNG, and related products due to the attacks on Ras 'Laffan facilities. (Reporting and editing by Menna alaa el-din, Jaidaa taha, and Yousef saba; Alex Richardson).
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Iran Revolutionary Guards claim that a fuel tanker caught fire in the Strait of Hormuz following a drone strike.
Iranian news agencies reported that the Revolutionary Guards of Iran said a fuel tanker had been set ablaze in 'the Strait of Hormuz, after it was hit by two drones. The Strait of Hormuz is the most important oil export route in the world, connecting Gulf oil producers such as Saudi Arabia and the United Arab Emirates with the Gulf of Oman. A Guards statement named the vessel as Athen Nova. This was an apparent reference to Honduras flagged asphalt tanker Athe Nova which, it stated, was acting in "unison with America." The statement didn't?explicitly say that the ship had been hit by Iranian drones. However, the incident was mentioned?in a line of a report on the Guards military operations. The registered owner of Athe Nova could not be contacted immediately.
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Bousso: The bet of the oil markets on a short Iran shock will soon be tested.
Investors are betting that disruptions to Middle East oil supplies will be brief. This optimism, however, may not be justified. The third day of conflict has not yet caused any damage to the oilfields in the region, but the inability of fuel to be shipped out of the Gulf has already put a strain on a global energy system that is tightly interconnected. Each day of disruption increases pressure on both producers and consumers, causing bottlenecks in the Middle East for exporters and a worsening of shortages elsewhere. The oil prices rose by more than 10% on Monday, reaching the highest level in a year. They then fell back to $79. This was a reaction to the extensive U.S.-Israeli airstrikes on Iran that took place over the weekend. These strikes killed the Supreme Leader Ali Khamenei, and provoked retaliatory attacks against Israel and Gulf States, plunging this region into the gravest crisis it has experienced in decades. The oil industry was hit hard by the fallout. After at least three vessels were hit, tanker traffic in the Strait of Hormuz - the narrow waterway that connects Iran and Oman and carries 20% of the world's oil - was all but halted. Although the strait is not officially closed, on Monday, 150 ships were stuck nearby as their operators avoided entering into the Gulf for fear of further attacks or being trapped. Iran has also targeted energy infrastructure and ports in the region. Saudi Aramco on Monday shut its largest domestic refinery, the 550,000-barrel-per-day (bpd) Ras Tanura plant, after a drone strike. Qatar, the second largest producer of LNG in the world, has halted LNG production at its massive Ras?Laffan plant following drone attacks. The news caused European benchmark gas to surge by up to 50%. The global oil market will likely be able to absorb this disruption if it lasts for only a few short days. Global oil supply is abundant due to increased production around the world. Several major consumers such as China and the U.S. could use strategic reserves to temper price spikes and cushion shortages. The backlog could be overwhelming if the conflict continues. The Strait of Hormuz is effectively closed and the clock is ticking. Around 15 million barrels per day of crude oil and over 4 million barrels per day of refined products (including gasoline, diesel, and jet fuel) leave the Middle East via the Strait of Hormuz. Once the tankers are full, producers may be forced to divert oil into onshore storage if the war doesn't end soon. The region does have extensive storage facilities but they are only able to accommodate a few days worth of normal exports in the event that flows are blocked. According to Augustin Prate, an analyst at Kayrros, Saudi Arabia has around 82 millions barrels of crude in its onshore storage. This represents 56% of the country's capacity. The remaining storage space could be filled in 10 days with a production rate of 10 million barrels per day and an export rate of 7 million barrels per day. According to Prate, Kuwait and the United Arab Emirates have respectively 34 million barrels and 28 million, which is equivalent to more than 40% capacity. Saudi Arabia could ease pressure by diverting its exports via a pipeline capable of carrying around?5million bpd to the Red Sea Port of Yanbu. The UAE has also built a pipeline that connects it to Fujairah, a storage terminal beyond the Strait of Hormuz. Both pipelines are in use, so their capacity to transport extra oil is likely limited. The length of the conflict is still unknown. Donald Trump, the U.S. president, said on the weekend that military activities could last for at least four weeks. The Republican President, who has promised to combat the high cost living at home, will 'likely' deploy all available tools, including the U.S. Navy, to keep oil costs in check by securing the shipping lanes. This effort is not guaranteed to be successful. Even if there are formal assurances in place, insurers and shipowners will likely remain cautious. They may limit flows even with naval escorts. Long considered the worst-case scenario for the energy industry, the closure of the Strait of Hormuz is now a reality. The more time the Strait of Hormuz remains blocked, the greater the pressure on Middle East producers who may be forced to reduce output if storage is full. This would then transform what the markets currently treat as a temporary shock, into a much more durable challenge to the global oil system. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
The US trade court will determine the next step in US tariff cases
A?U.S. A?U.S.
The U.S. Court of Appeals, Federal Circuit, issued a single-page order granting importers' motion to return the case?to the Trade Court where it was originally filed in early 2025. The Trump administration opposed the motion, saying it wanted to delay the case for up to 4 months so that it could 'consider its options.
The Supreme Court ruled on February 20, 2019 that Trump's tariffs, imposed as part of an economic emergency law, were invalid. The Supreme Court gave no guidance on how to refund the money paid by more than 300,000 imported goods. Trump also said that the process could take five years.
Around 2,000 people have sued for refunds. Many of them are large multinational companies such as FedEx. Importers of smaller goods hope that customs officials will use a low-cost and simple process to obtain refunds.
Once the case is brought back under the jurisdiction of the trade court, the importers will ask the court to order the government in the first instance to start a refund procedure. (Reporting and editing by Bill Berkrot in Wilmington, Delaware)
(source: Reuters)