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Australia rejects military involvement in Iran conflict
Australia announced on Monday that it would not participate?in any military operation in Iran and would not send troops to the Middle East should the conflict escalate. Israel launched fresh strikes against?Tehran, while Iran responded by launching more'missile attacks. Iran's Supreme leader Ali Khamenei died in an attack Saturday. The United States also reported its first casualties as President Donald Trump suggested that the conflict could continue for another four weeks. Penny Wong, Australian Foreign Minister, said Canberra "would not get into it". "Australia is not at the center of the Middle East's issues." Wong said on Channel Nine that we would not be participating in future strikes. Wong stated that the Australian government is in talks with airlines about helping Australians stuck in the Middle East, but acknowledged 'that evacuation plans will be difficult as long as airspace in much of the region remains closed. We understand how difficult and distressing this time can be, and will do everything we can to help you and provide information. Wong told reporters earlier in Canberra that the situation was very difficult. Wong stated that there were 115,000 Australians in the region, and that the best way to bring them home would be if commercial airlines resumed their services. She refused to confirm whether the government planned repatriation flight. "There's conflict in the?region, and we've lost lives across the region. And?airspace?is not open. Wong explained that the flights cannot take place, whether it's an Australian flight or commercial flight. Etihad, Emirates and other airlines cancelled some flights from Australia to the Middle East on Monday. Defence Minister Richard Marles stated that the government has taken steps to ensure the safety of the 100 Australians based at Al Minhad Air Base, near Dubai. The base is used for UN missions.
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Israeli military claims projectiles fired from Lebanon
Israeli military reported 'on Monday that the launch of projectiles from Lebanon resulted in sirens sounding in several areas in northern Israel. This was the first time since U.S.-Israeli strikes against Iran, that such a launch had occurred from Lebanese soil. Israel -and Lebanon -agreed to a U.S. mediated ceasefire in 2024. This ended more than a year's worth of fighting between Israel and the Lebanese militant Hezbollah, which culminated with Israeli strikes that weakened the Iran-backed group. The sides have been exchanging accusations about violations since then. Hezbollah has not yet commented on the reported launch in Lebanon. Shi'ite Muslims, who have been one of Iran's main allies for many years, showed solidarity with Iran but did not say whether they would be involved. In a statement issued a few days later, the Israeli military said that they intercepted one launch and other projectiles fell in open areas. The military confirmed that no injuries or damage were reported. Reporting by YomnaEhab and NayeraAbdallah, Editing by Bill Berkrot
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Three tankers are damaged in the Gulf as tensions between Iran and the United States escalate
After a 'U.S. Shipping sources and officials reported on Sunday that Israeli strikes against Iran led to a retaliatory response from Iran, which put merchant ships in danger of collateral damage. Shipping data revealed that the risks to commercial shipping increased in the last 24 hours. More than 200 vessels, including oil and gas tankers, dropped anchor around the Strait of Hormuz. Iran has announced that it has closed the navigation of this critical waterway. The U.S. and Israeli attack on Iran has increased the risk of security for ships operating in the Persian Gulf, and adjacent waters," Jakob 'Larsen said. Chief Safety and Security Officer at BIMCO. "SHIPS MAY be targeted in error or with malice" Ships with ties to U.S. and Israeli interests are more likely to be targeted. However, other ships could also be deliberately or accidentally targeted. The country's maritime safety centre did not specify what struck the vessel, but said that it was a Palau-flagged tanker subject to U.S. sanctions. Two maritime security sources reported on Sunday that the Marshall Islands flagged crude oil tanker MKD VYOM, while carrying a cargo off the coast of Oman, was struck by a projectile. One of the sources claimed that the vessel was struck 44.4 nautical miles north of Muscat. The British maritime agency UKMTO reported that a merchant vessel laden with cargo had reported an explosion at the same location. A tanker in Jebel Ali, United Arab Emirates was nearly damaged by debris that fell from an aerial intercept after Iranian attacks overnight on Gulf states. Two shipping sources confirmed that a third oil-bunkering vessel was damaged near the coast of UAE. The U.S. Transport Ministry's Maritime Administration issued a warning on Saturday advising vessels to avoid the Strait of Hormuz, and the wider Gulf of Oman due to the?risk of retaliatory attacks by Iran. It said that any commercial vessel operating in the area, whether it is U.S. flagged or owned by U.S. citizens should maintain a distance of 30 nautical mile from U.S. military ships to avoid being misunderstood as a potential threat. Security sources also said that there was a?potential danger of mines being laid by Iranian forces within the Strait of Hormuz's narrow lanes. In June, the Iranian military placed naval mines aboard vessels in the Persian Gulf, raising concerns in Washington that Tehran is preparing to blockade the Strait of Hormuz, according to two U.S. government officials. In July, two U.S. officials told?that the Iranian military loaded naval mines on vessels in the Persian Gulf. This raised concerns?in Washington that Tehran was preparing to establish a Strait of Hormuz blockade. Maritime sources reported that there was a belief among underwriters that the rates for war risk insurance would increase when they reviewed coverage on Monday. Lloyd's of London has already listed Iran, the Gulf of Oman and some parts of the Gulf of Oman on its list of high-risk areas. Dylan Mortimer, an insurance broker at Marsh, said that the near-term increase in rates for marine hulls insurance could be between 25% and 50%. Reporting by Yousef Sabah, Jonathan Saul and Jaidaa Tha, Additional reporting by Yannis Souliotis and Arathy Sommesekhar; Editing and editing by David Goodwin and Ros Russell
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Gulf businesses reel after Iran strike triggers regional closures
Iran's retaliatory attacks across the Gulf have caused the most widespread disruption of business in the region since the pandemic. They forced airport closures, stopped port operations, and sent shockwaves to financial markets. Three people were killed in the United Arab Emirates and loud bangs could be heard in Dubai and Abu Dhabi on Sunday. The attacks came in response to the joint U.S./Israeli attack against Iran. This region has built its reputation over decades as a reliable business hub. The attacks in the United Arab Emirates killed three people and there were loud bangs heard in Dubai and Abu Dhabi for the second day on Sunday. The strikes were a dramatic increase for Dubai. Its modern identity is built on its isolation from conflicts in the region. The emirate, which began as a fishing village in the 1970s, used oil revenues to build airports, ports and trade centers before pivoting to luxury tourism, financial services and real estate by the 1990s. Vijay Valecha is the chief investment officer of Century Financial. He said that regionally, there are mixed effects across Gulf economies. The increased oil price provides a fiscal cushion to producers like Saudi Arabia and Qatar. This increases revenues and liquidity. Trade, logistics, and tourism in the UAE would be affected if regional sentiment or shipping risks weakened. STOCK MARS FALL Gulf stock exchanges fell dramatically when trading began on Sunday. Saudi Arabia's index dropped more than 4% to open, and closed down by?2.2%. Oman lost 1.4%, and Egypt 2.5%. Both of these losses were a reduction from earlier losses. Kuwait's exchange has taken the unusual step to suspend trading until further notice. The UAE's markets will reopen on Monday after a weekend shutdown. Mohammed Ali Yasin is the chief executive officer of Ghaf Benefits in Abu Dhabi. He said that markets will remain 'fragile and volatile' as long as military operations are ongoing. In such situations, international institutional investors tend to put initial pressure on the markets by selling stocks. Local investors will then try and mitigate the drop in stock prices by selecting the top performing stocks. Iran's attacks targeted hotels, ports, and military installations across the Gulf. Both Abu Dhabi's Zayed International Airport and Dubai International Airport sustained damage. One civilian was killed and eleven others were injured. An aerial intercept also caused a fire at a berth in Dubai's Jebel-Ali Port. Emaar Properties, a Dubai-based developer and Majid Al Futtaim, a retailer in the UAE are two of its biggest companies. ADIA and Mubadala, which manage vast sovereign wealth pools, have attracted global hedge funds and major international banks. RAMADAN NETWORKING This disruption occurred at a time when the Gulf business calendar was particularly sensitive. The attacks occurred during Ramadan when corporate iftars, and suhoors (the communal meals that break the fast and start the day) are some of the most important networking events in the region. According to emails seen by, gatherings organized?by Dubai airline Emirates, Abu Dhabi energy firm Masdar, Mubadala, education firm GEMS and the Department of Government Enablement have been cancelled or delayed. The loss of Ramadan networking season is a significant but less visible cost for a region that relies on relationships to conduct business. The Fairmont The Palm Hotel was set ablaze, and the Burj al?Arab was damaged. The Fairmont was recently sold to Kuwait's Arzan Investment Management for $325million - an agreement seen as a sign of surging Gulf tourism demand. This damage is one of the more stark symbols of what the strikes have done to the region's booming economy. Following the strikes, the United States, UK, and European Union updated their travel advisories to the Gulf, urging citizens not to travel unless it is absolutely necessary. On Sunday, major transit airports in the region, such as Dubai, Abu Dhabi, and Doha, Qatar, were closed or severely restricted. In the near future, staff at major international firms are expected to adhere to local guidelines on working from home. The UAE federal labor authority has advised companies to implement remote work arrangements until March 3. They have also urged them to keep employees away from open areas except for vital roles that require physical attendance.
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Maersk suspends its sailings through the Suez Canal and Bab el-Mandeb Strait due to escalating conflicts
Maersk, a Danish shipping company, announced on Sunday that it would halt sailings 'through the Bab el-Mandeb Strait & the Suez Canal & reroute the ships around Cape of Good Hope after U.S. & Israeli strikes against Iran plunged this region into chaos. Maersk issued a statement saying that due to the deteriorating situation in the Middle East following the escalating conflict, "we have decided...to temporarily halt future Trans-Suez crossings through the Bab El-Mandeb strait." Maersk announced on Friday that it would temporarily reroute certain sailings away from the Suez Canal and around the Cape of Good Hope. It cited unforeseen restrictions in the Red Sea Region. Last month, the container shipping group announced that some services would be gradually returned to the Suez Route. This was seen as an important step in ending the two-year global trade disruptions caused by Houthi rebel attacks on ships at the Red Sea. The company stated that it would "continue to closely monitor the situation and take all necessary actions". Maersk commented on the Middle East India to Mediterranean and Middle East India to East Coast U.S. services. Maersk has also announced that it will suspend all vessel crossings through the Strait of Hormuz, until further notice. It added that services to ports in the Arabian Gulf could experience delays, rerouting or schedule adjustments. ? The shipping giant said it would continue to accept cargo bound for the Middle East. (Reporting from Kanjyik in Barcelona and Louise Rasmussen, in Copenhagen; editing by Emelia Sithole Matarise and Ros Russel)
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Dubai gold flow curtailed as flights are halted because of US-Israeli attacks on Iran
Three metals industry sources say that physical gold flows to and from Dubai's "bullion trading center" will be drastically curtailed in the coming days, as airlines cancel flights because of U.S. and Israeli attacks on Iran, and Tehran's response. Dubai's trading hub is a major supplier of gold to Switzerland, Hong Kong, and India, which are major consumers. Due to its high value and weight, gold is transported by air due to insurance and security concerns. One of the sources stated that "it looks like most, if not all airlines have cancelled flights. So there won't be much?gold movement for a few days." Sources said that the impact of the disruption on global supply would depend on its duration. The sources declined to name themselves because they are not authorized to speak to journalists. Gold prices rose by?1.7% to $5,277 an ounce on Friday, the highest level since January 30. Many analysts expect safe-haven flows into gold bullion when the market opens Monday. Gold's record high was $5594.82 in January. Another source stated that the market on Monday will be dominated by the financial flows from markets in Shanghai, London, and New York. A precious metals trader stated that "the?major places - China and India, New York City, London, and Zurich are still fine."
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Data shows that hundreds of ships anchor in the Gulf of Middle East
Shipping data revealed that at least 150 'tankers', including LNG and crude vessels, were anchored in the open Gulf waters beyond the Strait of Hormuz, and that dozens more were anchored on the other side. This was after the U.S.-Israeli strikes on Iran shook the region. According to estimates based on data collected by the MarineTraffic platform, the tankers were located in open water off the coasts major Gulf oil producing countries, such as Iraq and Saudi Arabia. They also included the liquefied gas giant Qatar. MarineTraffic data shows that many of the vessels are anchored in the exclusive economic zones (EEZs) of Gulf oil producers, such as Kuwait and the United Arab Emirates. The?EEZ stretches up to 24 nautical miles beyond the local territorial limits of 12 nautical miles. The data revealed that dozens of cargo ships clustered separately across different EEZs. Hormuz is the route through which 20% of all oil produced in the world, including that from Saudi Arabia, United Arab Emirates (UAE), Iraq, Kuwait, and Iran, as well as large quantities of LNG from Qatar, travels. According to data, there were also at least 100 other?tankers anchored along the UAE coast and Omani anchorage points, as well as dozens more?cargo vessels. Trading sources reported on Saturday that several tanker owners, major oil companies and trading houses had suspended crude oil, fuel, and LNG shipments through the Strait of Hormuz following the attacks. Tehran also claimed to have closed the navigation. The?U.S. has stated that "at this time, no such formal suspension" (of the traffic through the Strait) was communicated to the international community by recognized maritime authorities. In a Saturday note, the Joint Maritime Information Center led by the Navy?stated that no such formal suspension (of traffic through strait) has been communicated internationally. Mariners can expect an increased naval presence and enhanced force protection postures. They should also be prepared for congestion in areas near anchorages outside the Strait as well as volatility on the insurance market. (Reporting and editing by David Goodman, Ros Russell and Jonathan Saul)
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MIDEAST STOCKS - Gulf stocks fall, Kuwait suspends trade as Iran responds US, Israeli attacks
Boursa Kuwait halted trading on Sunday after U.S.-Israeli strikes on Iran led to retaliatory attacks on U.S.-targeted cities in the Gulf, fueling fears of a prolonged period of regional instability. On Sunday, witnesses reported explosions over Doha and in the Dubai region as Iran retaliated for the U.S./Israeli attacks that killed Iranian leader Ayatollah Khamenei. This was one of the largest disruptions to aviation worldwide in recent years. The trading in Middle East markets can be a good indicator of the impact investors will have on their assets, from gold to safe-haven currencies. Barclays analysts raised their Brent crude estimate to $100 per barrel from $80 a few days ago. Boursa Kuwait has suspended all trade in the country until further notice, citing "exceptional circumstances". Saudi Arabia's largest stock exchange, the benchmark index, pared its losses to trade just 2% lower than the 4.6% decline it had earlier in the session. The Saudi National Bank, Al?Rajhi Bank and flynas budget airline all saw declines of between 2.8% and 5.8%. Saudi Aramco, the oil giant, rose 2.6% on expectations of higher oil prices. Saudi Arabia said on Saturday that Iran attacked Riyadh, the eastern part of its country and other areas. The GCC markets will likely remain under pressure, as investors factor in a potentially higher and prolonged geopolitical premium after the recent escalation of the situation in the region," Tahir Abbas said. He is the head of research for Ubhar Capital in Oman. "While higher oil prices are a fiscal cushion in the short-term for the regional governments, the greater concern is the possibility of shipping routes being affected, especially through the Strait of Hormuz. This would have wider?implications on energy flows and trade." Gulf stock markets are facing increased volatility and correction risk as geopolitical conflict?drives a 'risk-off' mood, putting pressure on?prices? and expectations?, according to XTB MENA Senior Analyst Hani Abuagla. Investors will be watching regional developments, and any further escalation of the crisis or damage to the real economy could intensify the "sell-off", he said. Muscat's stock index has trimmed its losses to just 1.8%, after falling more than 3% in a general sell-off. Heavyweight OQ Base Industries fell by 1.3%. Qatar's stock market was closed due to a "bank holiday" and the Bahrain stock index fell by 0.9%. Egypt's blue chip index fell 5.5% early in trading, with all its constituents falling. Abuagla added that disruptions to shipping through the Strait of Hormuz are also a major risk. They can affect sentiments and disrupt normal operations in a variety of sectors. Reporting by Ateeq Sharif, Md. Manzer Hussain, Bengaluru. Editing by Christopher Cushing and Elisa Martinuzzi. Hugh Lawson.
Shares of Australian airline Qantas fall by more than 10% after US-Iran conflict
The shares of Australia's national carrier, Qantas Airlines, fell more than 10% to their lowest level in ten months after U.S. and Israel launched massive strikes against Iran over the weekend. This sent oil prices soaring.
When the Australian stock market opened on the Monday, shares of the firm fell by as much as 10.4%, to A$8.92 each, their lowest level since May 2, 2o25. They then pared some losses, trading at a loss of 5.8% as late as 2345 GMT.
On Sunday, global air travel was in turmoil as the war in Iran forced key Middle Eastern hubs such as Dubai and Doha to close for a second consecutive day. This left tens and thousands of passengers worldwide stranded and thousands of flights disrupted.
Virgin Australia shares, Australia's number two airline, fell as much as 3.5% on?Monday?to A$3.03 per share to hit their lowest in nearly a month. The shares of Australia's No.2 airline, Virgin Australia, fell as much as 3.5% to A$3.03 on Monday, before recovering losses and gaining around 1.9%.
Air New Zealand shares fell?0.5%, to NZ$0.553, their lowest level since April 7, 2025. They then pared losses and traded flat. (Reporting and editing by Jamie Freed in Bengaluru, with Shivangi Lahiri reporting from Bengaluru)
(source: Reuters)