Latest News
-
Etihad Airways resumes certain operations; commercial flights are still halted due to the Iran conflict
The 'airline' said that Etihad Airways, Abu Dhabi, resumed a few?limited flight services?on Sunday, as airlines around the world, including Middle East carriers, adapt to the disruptions caused by the escalating conflict in Iran since Saturday. Due to the Israeli and U.S. attacks against Iran, and the military response of?Tehran, airspace was closed in several?countries throughout the Middle East including the United Arab Emirates and key airports such as Dubai and Doha. The airline announced that some repositioning flights, cargo flights, and repatriation flight may be operated 'in coordination with UAE officials and subject to strict operational and safety approvals.' All scheduled commercial flights from and to Abu Dhabi remain cancelled. On the airline's site, it was shown that several flights left?Abu Dhabi’s Zayed International Airport Monday morning for destinations such as London, Paris and Amsterdam. The website also listed more flights for 'Jeddah' and Kochi among other destinations. Etihad didn't specify which flights would be used to repatriate stranded people. In a note posted on the airline's website, it had stated that all flights to and from Abu Dhabi would be suspended until Tuesday 10:00 GMT. Reporting by Federico Maccioni from Dubai and Alexander Cornwell from Tel Aviv. Editing by Gareth Jones.
-
Source: Oil and gas condensate production in Kazakhstan jumped 43% m/m m/m during February.
An industry source said that the production of oil and condensate in Kazakhstan increased by 43% between January and February. This was due to the recovery of output at Tengiz after a major outage. Tengiz, a supergiant oilfield owned by Chevron, that accounts for 40% of Kazakhstan's oil production, has been shut down for most of January due to fires on electrical equipment. Sources claim that the oil and gas condensate production in Kazakhstan increased last month from 5.3 million to 6.8 million metric tons or 1.83 millions barrels per day. Sources claim that output at Tengiz increased to 590,000. bpd last month from just 240,000. In August 2025, Tengiz's output reached a record of 3.7 million tonnes, or approximately 950,000 bpd. Tengizchevroil is the operator of this?field. It said Monday that it would increase production as conditions permit, but declined to give any figures. The energy ministry did not respond immediately to a comment request. Calculations show that oil production in Kazakhstan, excluding gas-condensate (a type of lighter oil), rose to 1.58 million barrels per day in February from 1.09 millions?bpd. This compares with the production quota of 1,569 million bpd for the country, which was set by OPEC+, a group of countries that are members of the Organization of Petroleum Exporting Counties. The quota will increase to 1,579 million bpd by April. Toby Chopra (Reporting and Editing)
-
Israel's main international airport will reopen Monday in an 'extremely restricted format'
Ben Gurion Airport, Israel's international gateway near Tel Aviv said on its Whatsapp channel that they expect to reopen Monday evening in an "extremely restricted format" following the conflict with Iran which shut down Israeli airspace. Airport officials said on Monday that flights would resume on Tuesday but only Israeli carriers will be flying. Israel and the U.S. started bombing Iran on Sunday, triggering a retaliatory wave across the Middle East that has left hundreds of thousands of passengers worldwide stranded. El Al Israel Airlines announced on Monday that it is seeking approval to fly charters from Europe to Israel bordering destinations to bring passengers back to their home countries. Israel's?Population and Immigration Authority? estimates that over 300,000 Israelis travelled abroad within the past three months and still haven't returned - including 172,000 in the previous month. Other 34,000 tourists also reside in Israel. The airline is looking at flights to Aqaba, Jordan and?Taba, Egypt. Both are near the Israeli Red Sea resort of Eilat. Israeli airlines have cancelled flights until Tuesday. El Al Israel Airlines, the flag carrier of Israel Airlines, has announced that it will stop selling tickets until March 21, to accommodate customers whose flights have been cancelled as soon as the airspace is opened. Arkia, a smaller rival airline, and Israir, a larger rival airline have both suspended ticket sales until March 15, and March 18, respectively. Arkia has launched rescue flights on Sunday, and is currently operating flights from Athens to Taba via Rome, Larnaca, Sofia, and Athens. El Al announced that it was planning to?rescue flight from more than twenty cities, including New York City, Miami, Los Angeles and Bangkok. It said it was examining the feasibility of using KlasJet to operate flights from European cities to Taba or Aqaba. The statement said that these flights "require approval by the State of Israel as well as the security authorities." Israir announced that it would begin recovery?flights from six?European?cities including Prague, Budapest, and Sofia on Tuesday. The Israeli Airports Authority announced that its Taba border crossing would be open 24 hour a day, and three other crossings into and out of Jordan will operate during the day and evening. Reporting by Steven Scheer, Editing by Sharon Singleton
-
Kuwait accidentally shoots down US planes after the Iran conflict spreads to Lebanon
On Monday, the U.S. and Israeli air war against Iran continued without end. Israel attacked Lebanon in response to Hezbollah strikes, while Tehran launched missiles and drones towards?Israel, Gulf States and a British base in Cyprus. Kuwaiti air defences mistakenly downed three American F-15E jet fighters during an Iranian strike, according to the U.S. Military. The six crew members ejected safely and were recovered. A video, shot at a verified location, shows one plane spiraling out of the air, with an engine engulfed in flames. Later on Monday, Iran's?Revolutionary Guard Corps? announced a second wave of attacks against Israel. The markets opened Monday with sharply rising energy prices, which put the global economy at risk. After a weekend bombing campaign that killed Iran's Supreme Leader, brought its neighbours to war, and stopped shipping in the Gulf. In the largest U.S. Foreign Policy gamble in decades President Donald Trump launched a campaign with Israel against an enemy that has tormented America and its allies since generations. Trump reiterated his call for Iranians to rise and overthrow the leaders and said that the air campaign may last several weeks. Residents in Iran have been rushing to leave cities while bombs were falling. They are feeling a mixture of apprehension and euphoria. Many Iranians celebrated openly the death of Ayatollah Ayatollah Khamenei (86), who ruled the country over 37 years, and led security forces to kill thousands of antigovernment protesters in the beginning of this year. The conservative clerical leadership has not shown any signs of relinquishing power. Experts say that U.S. air power and Israeli ground forces may not be sufficient to push them out. While scores of Iranians were reported dead in air strikes, some of which hit civilian targets, "They are attacking hospitals and killing children. Is this what Trump wants us to have? Morteza Sedighi said that innocent people had been killed first by the regime, and then by Israel and America. WAR SPREADS TO LEBANON A senior Iranian official was quoted as saying that Iran would continue to defend itself against aggressors. Hezbollah launched drones and missiles at Israel on Monday in response to the death of Khamenei, one of Tehran’s main allies in Middle East. Israel responded by launching a series of airstrikes that it claimed targeted Hezbollah's?southern suburbs in Beirut, and killed senior militants. Lebanese news agency NNA reported that an initial count showed 31 deaths and 149 injuries. Israel declared Hezbollah's leader Naim Qassem as a "target to be eliminated". Officials have said that they are not currently considering a ground invasion in Lebanon. ALLIES UNDER ATTACK Washington's Gulf allies were again targeted by Iranian drones and missiles. The area surrounding the U.S. Embassy in Kuwait was heavily guarded, with ambulances, fire trucks and security. In Doha and Samha, the capitals of Qatar and Dubai, there were loud explosions. Saudi Arabia closed its largest refinery following drone strikes that caused an explosion. This was one of many oil installations which became targets. Qatar, which is one of the world's top three producers of liquefied gas, has halted its production. A drone struck overnight the British Akrotiri Air Base in Cyprus, which is one of the U.S.'s European allies. The damage to Britain's Akrotiri air base in Cyprus was minimal, and no one was injured. European allies disassociated themselves from Trump’s initial decision to wage war, claiming that it did not meet the legal threshold for responding to an immediate threat. They have said that they will participate in order to suppress Iran's capability to retaliate against their allies after they are attacked by Tehran. Senior White House officials told reporters that Washington would eventually talk to Tehran, but not now. "President Trump stated that the new leadership in Iran have indicated their desire to talk, and he will eventually talk. Operation Epic Fury will continue unabated for now," said the official. Ali Larijani said in an X message on Monday that Iran will not negotiate with Trump because he has "delusional goals" and is now concerned about U.S. deaths. First US Casualties The deaths of three American servicemen in the campaign have been confirmed. Two U.S. officials were reported dead on a Kuwaiti base. A prolonged military campaign could be a serious political risk to Trump's Republican Party in the run-up to U.S. midterm elections. According to an Ipsos survey conducted on Sunday, only one out of four Americans approved of the operation. In a video released on Sunday, Trump promised that military strikes against Iran would continue "until all our objectives are achieved", without giving specifics. Trump called for Iran's military, police, and the Islamic Revolutionary Guard Corps to cease fighting. He promised immunity to those who surrendered and "certain death" to those who resist. He called on Iranians to stand up. The sudden interruption of oil shipments in the Strait of Hormuz, where a fifth of?world oil trade passes the Iranian coast, was a shock to the global economies. When the markets opened on Monday, oil prices jumped by double-digit percentages. The dollar rose and shares fell. Iran's Revolutionary Guards claimed on Sunday that they had attacked Kuwait and Bahrain military bases with drones and rockets, and three U.S. oil tankers and one UK tanker in the Gulf of Mexico and Strait of Hormuz. Ship data revealed that hundreds of vessels, including oil and gasoline tankers, dropped anchor in nearby waters. Airstrikes in the Middle East caused major airports to close, causing major disruptions to global air travel.
-
Turkish ruling party proposes a 10% tax on crypto income, levied on service providers
In a draft bill submitted to the parliament, Turkey's ruling AK Party proposed a tax on cryptocurrencies and a transaction levy for crypto asset service providers. The draft law states that platforms must withhold 10% of income and gains derived from crypto-assets transactions quarterly. The profits from transactions involving crypto assets that are not conducted on authorized platforms will be taxed by declaring them in the annual statements. According to the proposal, crypto asset services providers would be required to pay a transaction tax of 0.03% on all sales and transfers they facilitate or conduct. The Turkish authorities have tightened their oversight of cryptocurrency platforms in the last few years as usage has risen in Turkey, due to high inflation and depreciation of the lira. Chainalysis, a U.S. blockchain research company, said in a recent report that Turkey is among the top markets in the world for crypto adoption. Reporting by Ezgi Erkoyun, Nevzat Dvranoglu and Ece Toksabay; editing by Jonathan Spicer and Ece Toksabay
-
Iran conflict disrupts shipping globally as tankers become stranded and damaged
As the Iran conflict intensifies, insurance companies have canceled?war-risk coverage for vessels around the Strait of?Hormuz. At least four tankers were damaged, a seaman was killed and 150 ships were stranded. The shipping through the Strait of 'Hormuz, which transports around one fifth of the oil and gas consumed worldwide, has come to a halt. Iran responded to U.S., Israeli and other strikes by hitting vessels in the region. Oil and European Natural Gas prices have risen due to the disruption and the fear of a prolonged closure. Brent crude futures are up by more than 7%, as the conflict has triggered several oil and gas shut downs in the Middle East. Shipping data revealed on Sunday that at least 150 vessels, including oil and LNG tankers, had dropped anchor around the Strait of Hormuz. Iran said that it had closed the navigation through this critical waterway. This prompted Asian governments and refiners, key buyers of oil to review their stockpiles. According to the MarineTraffic platform, the tankers were clustered off the coasts major Gulf oil producers, such as Iraq and Saudi Arabia as well as the liquefied gas giant Qatar. Two maritime security sources reported that projectiles struck the U.S. flagged products tanker Stena Imperative early on Monday in the port of Bahrain, causing an initial fire which was then extinguished. A projectile struck the Marshall Islands flagged product tanker MKD VYOM on Sunday and killed a crewmember as the vessel sailed near the coast of?Oman. Two other tanks were also damaged. In a separate incident, on Sunday, the Gibraltar flagged oil bunkering vessel Hercules Star was also hit by a projectile off the coast of the UAE, according to a manager Peninsula. Peninsula said that the tanker returned to Dubai's anchorage on Sunday morning, and its crew was safe. INSURERS CANCEL RISK COVERAGE As a consequence of these incidents, marine insurance companies are cancelling coverage for war risks on vessels. Oil shipping rates will also increase. According to notices posted on their websites dated March 1, companies such as Gard, Skuld and NorthStandard would be cancelling their memberships starting March 5. According to the notices, war risk coverage will not be available in Iranian waters or the Gulf, nor adjacent waters. Skuld also stated in its notice it was working to provide new cover under different conditions. The MS&AD Insurance Group in Japan announced that it had halted underwriting a number of insurance policies covering risks of war in the water around Iran, Israel, and neighboring countries. Oil shipping costs will rise further. The cost of shipping oil to Asia from the Middle East, already at a six-year-high, is set to increase even more as the growing conflict in Iran discourages shipowners to send vessels to the area, according to market sources and analysts on Monday. Spot shipping rates between the Middle East and Asia, also known as 'TD3C Shipbrokers expect to see gains continue. The benchmark has almost tripled in value since the beginning of 2026. On Monday, brokers estimated that the rate to hire a large crude carrier for the Middle East-China route was about 4% more expensive than it had been on Friday. The spot rate is near W225 in the Worldscale Industry Measure or at least $12 Million. Emril Jamil is a senior LSEG Analyst. He said that "TD3C prices were increasing?exponentially prior to the attacks, and they will continue to rise as countries scramble for energy to meet their needs." A shipbroker stated that there is still uncertainty about the final rate for 'Monday, but that all Middle East loading routes will 'hold firm. The shipbroker declined to name them as they weren't 'authorized to speak to media. A shipping company source said that the market would need more ships for longer voyages to transport crude oil from the U.S.
-
Sources: US flagged tanker struck by unknown projectiles at Bahrain port
Two maritime security sources reported that the U.S. flagged Stena Imperative, a 'products tanker', was struck by two unknown projectiles early on Monday morning in the port of Bahrain, causing an onboard fire, which was put out. Vanguard, a British maritime risk management company, said that the vessel was struck at 0257 GMT. Vanguard said that all crew members were'safe' and had evacuated the vessel. The first U.S. flagged vessel has been damaged since U.S. airstrikes and Israeli strikes began against Iran on?Saturday. This led to heavy retaliatory actions by Tehran, including attacks on Gulf?countries as well as Israel. Stena Bulk, the vessel's owner did not respond immediately to a comment request. LSEG'shipping data' showed that the?Stena Imperative?last?reported their position on February 28, when the U.S. led attacks on iran started. Reporting by Jonathan Saul and Yannis Souliotis; editing by Kirby Donovan
-
Air India Express MD Aloke Singh will step down after five years in March, according to a memo.
According to an internal memo seen by, the managing director of Air India Express - Air India's low cost unit - will step down from his position on March 19, after serving in it for five years. On?Monday. In the memo, MD Aloke said that the carrier had grown into India's third largest narrow-body operator with more than 100 planes and around 8,300 employees. Singh wrote in a memo to employees: "Together we have taken the carrier through a period defining transformation. We navigated an intricate merger,?a complex integration?, created a new brand?, and grew the fleet by four times. This has propelled the airline from being a?sub-scale?, niche operator?to India's third largest narrow-body operator ...,". He didn't name a replacement, but he did say that Captain Hamish, who had previously been an adviser to the MD, would?take on the role of accountable manager. This is a regulatory position responsible for ensuring a?airline’s safety oversight and operational standards. Air India Express has not responded to a request for comment. The carrier expects to report its first operating profit since it was acquired by Tata Group 2022. This will be a result of increased capacity and a higher market share. The airline plans to expand its fleet of more than 200 aircraft, and operates more than 100 Boeing or Airbus narrow body jets. Singh joined the airline as early as 2020, when the COVID-19 virus pandemic was sweeping the world. He then led the integration of the low-cost business with the AirAsia India unit after the Tata Group acquired Air India. Air India, owned by the?Tata Group & Singapore Airlines, is battling to rebuild its international network and reputation, as well as replace its ageing aircraft that have been hampered by supply chain delays. Reporting by Abhijith Gaapavaram and Nishit Navin in New Delhi; editing by Shreya Biwas and Mrigank Dahaniwala
Europe prepares for economic impact of Iran conflict
The U.S. and Israeli military attack on Iran could push inflation up, and stifle the already weak economic growth in Europe.
The attacks disrupted the commercial shipping in Gulf, which is a major source of fuels and petroleum products to Europe. The interruption of energy supplies immediately increased the price on financial markets.
Fuel prices will likely rise and the Bank of England and European Central Bank's outlook may be clouded, causing them to delay any rate cuts until they clear the fog of war.
What you need to know about the economic impact on Europe of the Iran Conflict:
CHOKE POINT FOR OIL GAS AND OTHER OTHER PRODUCTS
The Strait of Hormuz is located between Oman, Iran and the United Arab Emirates. It's a major gateway for Gulf exports, including oil, gas, and chemicals.
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.
After the invasion of Ukraine by Russia, Europe has shifted its energy imports to the Gulf region.
According to the U.S. Energy Information Administration, Britain, Italy and Belgium are among the European countries that depend the most on LNG imports via the Strait of Hormuz.
According to broker Kpler, the Gulf is a major producer of propane, butane, and ethane which are used in heating, agriculture, and as fuel.
EUROPEANS PAYING HIGHER FUEL PRICES?
Shipping data indicates that more than 200 vessels, including oil and gas tankers, have dropped anchor in the Strait of Hormuz as a result of conflict with Iran.
The oil and gas price has increased immediately. Brent futures rose nearly 8%, to $78 per barrel. Natural gas prices on the Dutch market were up 19%, at 38 euros a megawatt-hour.
In its December projection, the ECB assumed a natural-gas price of 29,6 euros/MWh this year and a crude oil price of $62.5.
The ECB will publish its new macroeconomic forecasts on the 19th of March. A cut-off date has been set for energy prices and other market indicators, which is three weeks before that -- this Wednesday.
This would mean an upgrade in its projections for energy inflation. The ECB could, however, decide to create several scenarios. This is what it did when Russia invaded Ukraine in 2022.
UniCredit said on Monday that oil prices are likely to remain at around $80 due to the abundance of oil. A major escalation would be required, such as damage to Saudi oil infrastructure to push the price up to $100.
What else is affected beyond energy supplies?
Suez Canal has been the conduit for a vast amount of trade between Europe and Asia.
In late 2023, many vessels on this route were re-routed to Africa following attacks by Yemeni Houthi rebels in the Red Sea. However, before the Iran conflict broke out, shipping companies were considering increased use of Asia-Europe's vital trade corridor.
Shipping companies began to reroute vessels away from the Suez Canal on Sunday, potentially increasing freight rates and raising the cost of imported goods.
What is the impact on growth and inflation?
According to the ECB, the impact on inflation of the recent oil price increase is much greater than its impact on growth.
In its sensitivity analysis, published in December, it argues that an increase of 14% in oil and gas prices would only lower the growth rate by 0.1% and increase inflation to 0.5%.
Next year, these impacts will be similar in magnitude and then begin to fade.
According to polls, the euro zone and UK economy are expected to grow at 1,2% and 1%, respectively, this year and then 1.4% next year. This pace is modest compared to the United States where output is expected to increase by 2.5% in 2026 and 2.0% in 2020-27.
The impact would be minimal compared to 2022 when Russia's aggression against Ukraine will cause energy prices to rise. According to a study by the European Commission, this lowered growth by 1% and increased inflation by 2%.
Energy is priced in dollars, so a relatively strong euro could also help to reduce the impact.
In a separate report, the ECB argued that the growth impact is likely to be temporary, as the economy will adjust.
How will the central banks react?
Investors have lowered their bets that the Bank of England will cut its Bank Rate benchmark by a quarter of percentage point this month. Pricing suggests a 69% likelihood, down from a 78% probability on Friday.
The ECB has already shown that it will not be taking any immediate action. It is expected to keep its rates unchanged for the rest of the year.
The central bank of the eurozone does not react to volatility in the short term and ignores temporary energy price spikes.
Any reaction will be determined by how long and how wide the conflict is. Donald Trump, the U.S. president, said that Sunday that the Iran operation might last for four weeks.
Commerzbank economists saw no impact on the economy if war only lasted a few short weeks.
If it continued for several months, they estimated that inflation in the Euro zone would likely rise by at least 1 percentage point. Economic growth would also be lower by a few tenths.
A modest increase in inflation would not affect the target.
The ECB is usually concerned if a single inflation shock begins to impact longer-term expectations of prices and spreads through to broader wage and pricing trends, via what are called second-round impacts.
The ECB will say for the moment that they are monitoring temporary volatility, but remain alert to any developments.
The market's expectations of longer-term inflation remain largely unchanged, which likely reinforces the bank’s message to wait and see.
The markets are all on the same page. This year, no interest rate changes are priced. Reporting by Francesco Canepa, Balazs Coranyi and Topra Chopra.
(source: Reuters)