Israel

Wave of US-Israeli strikes hit key Iran sites

BY AFP TEAMS IN JERUSALEM, SANAA, WASHINGTON, TEHRAN, BEIRUT AND DUBAI

  • The Iranian government also said airstrikes had hit a plant making cancer drugs and anaesthetics, claims AFP could not independently verify.
  • Iranian media reported Tuesday that a wave of US-Israeli strikes hit military bases, a religious site and a cancer drug plant in the more than month-old war rocking the Middle East and roiling the world economy.
  • The Iranian government also said airstrikes had hit a plant making cancer drugs and anaesthetics, claims AFP could not independently verify.
Iranian media reported Tuesday that a wave of US-Israeli strikes hit military bases, a religious site and a cancer drug plant in the more than month-old war rocking the Middle East and roiling the world economy.
US President Donald Trump has sent conflicting signals on whether Washington will further escalate the war, possibly by deploying American ground forces, or try to soon end it through negotiations with Tehran.
Pentagon chief Pete Hegseth, speaking in Washington after he visited US troops in the Middle East, vowed that "the upcoming days will be decisive. Iran knows that, and there's almost nothing they can militarily do about it."
Asked about possible next steps, he said "you can't fight and win a war if you tell your adversary what you are willing to do, or what you are not willing to do, to include boots on the ground."
Trump threatened Monday that, if Iran doesn't agree to a deal, US forces would "obliterate" all of Tehran's oil wells, its main Kharg Island export terminal, power systems and possibly its water desalination plants.
On Tuesday two massive explosions shook Iran's central city of Isfahan, seen in video footage verified by AFP, and Iranian state media reported damage to the Shia religious centre of Grand Husseiniya in Zanjan in the northwest.
The Iranian government also said airstrikes had hit a plant making cancer drugs and anaesthetics, claims AFP could not independently verify.
Tehran residents spoke of life in a city during wartime still clinging to some routine, despite tight security and explosions that on Tuesday sparked power outages in parts of the capital.
"When I make it to a cafe table, even for a few minutes, I can almost believe the world hasn't ended," dental assistant Fatemeh, 27, told AFP journalists in Paris via a messaging app. 
"And then I go back home, back to the reality of living through war, with all its darkness and weight."

'Go get your own oil!'

Trump and Israeli Prime Minister Benjamin Netanyahu launched the war on February 28, killing Iran's supreme leader Ayatollah Ali Khamanei, just after a new round of talks between US and Iranian envoys.
Iran has denied Trump's claims of renewed direct talks and has kept firing at Israel and US allies in the Gulf region, joined in the regional war by Lebanon's armed group Hezbollah and Yemen's Houthis.
Explosions were heard Tuesday in Dubai and near northern Iraq's Erbil airport, and two people were wounded near the Saudi capital Riyadh when air defence intercepted a drone, civil defence said.
Kuwait's state oil company said one of its oil tankers was on fire off Dubai after a "direct and malicious Iranian attack", with the crew unhurt and the blaze later extinguished.
Iran has also maintained its chokehold on the Strait of Hormuz, through which one-fifth of global oil passes, sending shock waves through the global economy.
The average gasoline price at US pumps soared past $4 a gallon, the highest for nearly four years, while Indonesia announced fuel rationing and ordered civil servants to work from home one day a week to conserve energy stocks.
Trump in a Truth Social post lashed out at countries that have refused to help the United States secure the crucial waterway.
"The U.S.A. won't be there to help you anymore, just like you weren't there for us," he wrote. "Iran has been, essentially, decimated. The hard part is done. Go get your own oil!"
Iran has let some Chinese container ships pass, and its parliamentary committee has voted to impose tolls on other vessels while completely banning US and Israeli ships.
China and Pakistan called for peace talks as soon as possible, as they agreed to boost their cooperation on Iran.
The two countries outlined a joint initiative "for restoring peace and stability in the Gulf and Middle East region", after a visit from senior Pakistani officials to Beijing.

Threat to water desalination plants

Trump's threats against Iran have included "completely obliterating" not just energy sites but also "possibly all desalinisation plants!"
An Iranian health ministry official told the ISNA news agency Tuesday that a strike had left one desalination plant, on Qeshm Island in the Strait of Hormuz, "completely out of service", though without saying when.
Iran has vowed to match strikes on its infrastructure with similar raids against its US-allied Gulf neighbours.
If more desalination plants were to be hit, this would pose a major risk in the water-stressed region, and experts have warned strikes on civilian infrastructure could constitute a war crime. 
Desalinated water provides 70 percent of drinking water in Saudi Arabia and 90 percent in Kuwait.
Meanwhile, Israel pounded Lebanon, including the southern suburbs of Beirut, as it seeks to deliver a heavy blow to Iran-backed Hezbollah which has joined the war.
Israel on Tuesday reported its own casualties, with four soldiers killed in combat in southern Lebanon and eight people suffering minor injuries from falling munitions fragments near Tel Aviv. 
Defence Minister Israel Katz said Israel's military would occupy a swathe of southern Lebanon even after the end of the war and that "all the houses in the villages adjacent to the border in Lebanon will be demolished".
Israeli strikes have killed more than 1,200 people in Lebanon, and over a million have been displaced, Lebanese authorities say.
Sheltering in Beirut's largest stadium were some 1,000 people forced from their homes, among them around 50 people with mobility challenges. 
"If there's a strike, the people around me could run away and leave me behind," said 62-year-old Fatima Nazli, who uses a wheelchair. "I can't get up and move if no one helps me."
burs/dc-fz/ser

Global Edition

Stocks rise on peace hopes, oil flat

  • US President Donald Trump continued to inject uncertainty into the markets with comments Tuesday that nations are struggling with fuel shortages should "go get your own oil" in the Strait of Hormuz.
  • US and European stocks rose Tuesday on hopes for a quick end to the Middle East war, while oil prices steadied amid the continuing uncertainty.
  • US President Donald Trump continued to inject uncertainty into the markets with comments Tuesday that nations are struggling with fuel shortages should "go get your own oil" in the Strait of Hormuz.
US and European stocks rose Tuesday on hopes for a quick end to the Middle East war, while oil prices steadied amid the continuing uncertainty.
Wall Street's main indices jumped more than one percent as trading got underway in New York.
The equities "market has been energized by a report that the president is willing to end the war with Iran, even if the Strait of Hormuz is not fully open," said Briefing.com analyst Patrick O'Hare.
He called the response peculiar as this would not ensure a resumption of oil shipments, but noted the stock market is currently oversold on a short-term basis. 
"The headline material suggesting the US is traveling toward an off-ramp is enough to prompt some short-covering activity and some speculation wrapped up in the thought of not wanting to miss a rebound effort," said O'Hare. 
Investors who short stocks -- bet on a fall -- rush to purchase stocks if they believe prices will rise in order to avoid losses.
O'Hare said oil prices would be the true indication of whether the off-ramp is real or a dead end.
"The US may want to be done with Iran, but if the Strait of Hormuz is not fully open, the Iran issue will not be done with upsetting the global economy," he said. 
Brent North Sea crude for delivery in June -- its most traded contract -- dipped 0.2 percent to $107.23 per barrel.
But the international benchmark's contract for May, which expires Tuesday, stood at $118.49 per barrel, up 5.1 percent.
The June contract better reflects market dynamics while May need for immediate deliveries.
The benchmark US contract, WTI, edged higher to $102.93 per barrel.
The head of a maritime analyst group meanwhile warned in an interview with AFP that Asia is confronting a major energy crisis, as it faces the gravest fallout from the war.
"We think Asia will, for now, be the ones suffering the most," Kpler president Jean Maynier told AFP at the company's offices in Singapore.
US President Donald Trump continued to inject uncertainty into the markets with comments Tuesday that nations are struggling with fuel shortages should "go get your own oil" in the Strait of Hormuz.
Oil "remains painfully high for economies to deal with", noted Susannah Streeter, chief investment strategist at Wealth Club.
In a sign Trump will likely face pressure to act to bring crude prices down, the American Automobile Association said US petrol prices jumped above an average of $4 a gallon for the first time since 2022 in the aftermath of Russia's invasion of Ukraine.
Market experts warned that any US ground operation or wider Iranian retaliation could send oil prices to levels not seen since July 2008, when Brent hit almost $150 per barrel.
"The question is no longer how high oil spikes, but how long elevated energy costs bleed into growth, margins, and consumption," said SPI Asset Management's Stephen Innes.
European stocks rose despite data showing eurozone inflation leapt in March because of surging energy prices caused by the conflict, hitting its highest level since January 2025.
Consumer prices rose by 2.5 percent in March, sharply up from 1.9 percent in February, the EU's statistics agency said.
Asia's main stock markets closed mixed.

Key figures at around 1330 GMT

Brent North Sea Crude: DOWN 0.2 percent at $107.23 a barrel
West Texas Intermediate: UP less than 0.1 percent at $102.93 a barrel
New York - Dow: UP 1.1 percent at 45,732.41 points
New York - S&P 500: UP 1.2 percent at 6,418.13
New York - Nasdaq Composite: UP 1.4 percent at 21,083.37 
London - FTSE 100: UP 0.8 percent at 10,209.25 
Paris - CAC 40: UP 0.8 percent at 7,831.63
Frankfurt - DAX: UP 1.0 percent at 22,779.13
Tokyo - Nikkei 225: DOWN 1.6 percent at 51,063.72 (close)
Hong Kong - Hang Seng Index: UP 0.2 percent at 24,788.14 (close)
Shanghai - Composite: DOWN 0.8 percent at 3,891.86 (close)
Euro/dollar: UP at $1.1517 from $1.1460 on Monday
Pound/dollar: UP at $1.3249 from $1.3183
Dollar/yen: DOWN at 159.24 from 159.69 yen
Euro/pound: DOWN at 86.92 pence from 86.93 pence
burs-rl/db

US

Indonesia rations fuel as prices soar over Mideast war

BY MARCHIO GORBIANO

  • Since the Middle East war began on February 28, some of Indonesia's neighbours have already announced fuel-saving steps including work-from-home measures, official travel cuts and online schooling.
  • Indonesia on Tuesday announced fuel rationing and mandated work from home for civil servants as it seeks to conserve energy stocks amid global price hikes due to the Middle East war.
  • Since the Middle East war began on February 28, some of Indonesia's neighbours have already announced fuel-saving steps including work-from-home measures, official travel cuts and online schooling.
Indonesia on Tuesday announced fuel rationing and mandated work from home for civil servants as it seeks to conserve energy stocks amid global price hikes due to the Middle East war.
"To ensure fuel distribution, the government will regulate purchases... with a reasonable limit of 50 litres per vehicle" per day for private consumers, said Airlangga Hartarto, the coordinating minister of economic affairs.
Speaking at a virtual news conference from Seoul, he said civil servants will work from home every Friday, official vehicle use will be cut in half and work trips for government officials reduced by as much as 70 percent.
The measures do not apply to government workers in sectors deemed essential, including health care, security, energy, and water and food supply.
The government estimates the measures, which enter into force Wednesday and are to be reviewed every two months, would save between 121 and 130 trillion rupiah ($7.1-7.6 billion), Airlangga said.
Since the Middle East war began on February 28, some of Indonesia's neighbours have already announced fuel-saving steps including work-from-home measures, official travel cuts and online schooling.
Some have also raised fuel prices, but Jakarta said on Tuesday it would not do so in the near future.
Southeast Asia's largest economy, where fuel is heavily subsidised, is an oil producer but nevertheless a net importer.
The government has doggedly defended its subsidy, which at $12.3 billion represents about five percent of the total annual budget for 2026.
Observers say Jakarta's hand may eventually be forced given that the government is required by law to keep fiscal deficit under three percent of gross domestic product.
The 2026 fuel subsidy calculation was premised on a global oil price of $70 per barrel, but prices have since topped $100.

'No price adjustment'

Airlangga however said that "the national economic condition remains stable with strong fundamentals. National fuel stocks are safe and fiscal stability is maintained."
Bahlil Lahadalia, the energy minister, encouraged Indonesians to use public transport or electric vehicles instead of gasoline-powered cars.
"We need the support and cooperation of the public. We need to purchase fuel reasonably and wisely."
On Sunday, the government announced a one-day-per-week reduction in its free school meals programme, though not for areas with high malnutrition rates.
The government said that in-person schooling will be maintained, and work-from-home measures for the private sector may be considered at a later stage.
Unlike some of its neighbours, Indonesia has not seen long fuel queues as global oil prices have soared due to Iran's de facto closure of the strategic Strait of Hormuz.
A fifth of the world's crude supplies and a substantial amount of gas normally run through the waterway, but traffic has effectively halted during the war, which began with US-Israeli strikes on Iran.
A statement from the Indonesian government sent to AFP said there would be no increase "for subsidised or non-subsidised" fuel from April 1.
It warned against "misinformation" about a pending price hike, quoting presidential spokesman Prasetyo Hadi as saying "we guarantee the availability of fuel... and there is no price adjustment."
Previous fuel price hikes in Indonesia have resulted in mass protests.
President Prabowo Subianto seeks to raise the economic growth rate from 5.1 percent last year to eight percent by 2029, powered by high public spending.
mrc/mlr/ami

US

Indonesia rations fuel as prices soar over Mideast war

BY MARCHIO GORBIANO

  • Speaking at a virtual news conference from Seoul, he also said that civil servants will work from home every Friday, part of the government's efforts to save energy.
  • Indonesia on Tuesday announced fuel rations and mandated work from home for civil servants, as it seeks to conserve energy stocks amid global price hikes due to the Middle East war.
  • Speaking at a virtual news conference from Seoul, he also said that civil servants will work from home every Friday, part of the government's efforts to save energy.
Indonesia on Tuesday announced fuel rations and mandated work from home for civil servants, as it seeks to conserve energy stocks amid global price hikes due to the Middle East war.
"To ensure fuel distribution, the government will regulate purchases... with a reasonable limit of 50 litres per vehicle" per day for private consumers, said Airlangga Hartarto, the coordinating minister of economic affairs.
Speaking at a virtual news conference from Seoul, he also said that civil servants will work from home every Friday, part of the government's efforts to save energy.
The government said earlier Tuesday it would not increase the price of fuel, which is heavily subsidised in Indonesia.
The Southeast Asian archipelago is an oil producer but nevertheless a net importer.
The government has doggedly defended the subsidy, which at $12.3 billion represents about five percent of the total annual budget for 2026.
Observers say the government's hand may eventually be forced given that Indonesia is required by law to keep its fiscal deficit under three percent of gross domestic product.
The 2026 fuel subsidy calculation was premised on a global oil price of $70 per barrel, but prices have since topped $100.
Airlangga said that "the national economic condition remain stable with strong fundamentals. National fuel stocks are safe and fiscal stability is maintained."
Bahlil Lahadalia, the energy minister, said: "We need the support and cooperation of the public. We need to purchase fuel reasonably and wisely."

'No price adjustment'

A government statement sent to AFP earlier said there would be no increase "for subsidised or non-subsidised" fuel from April 1.
It warned against "misinformation" about a pending price hike, quoting presidential spokesman Prasetyo Hadi as saying "we guarantee the availability of fuel... And there is no price adjustment."
Previous fuel price hikes in Indonesia have resulted in mass protests.
Unlike some of its neighbours, Southeast Asia's biggest economy has not seen long fuel queues as global oil prices have soared due to Iran's de facto closure of the strategic Strait of Hormuz.
A fifth of the world's crude supplies and a substantial amount of gas normally run through the waterway, but traffic has effectively halted during the war, which began with US-Israeli strikes on Iran on February 28.
Earlier this month, the Indonesian presidency spokesman Prasetyo said the government was looking to set aside up to 80 trillion rupiah (about $4.7 billion) to shield the economy from the fallout.
On Sunday, the government announced a one-day-per-week reduction in its free school meals programme, though not for areas with high malnutrition rates.
President Prabowo Subianto seeks to raise the economic growth rate from 5.1 percent last year to eight percent by 2029, powered by high public spending.
mlr/mrc/ami

US

How Middle East war is driving up shipping costs

  • Here are five data indicators of how the crisis is driving up shipping costs.
  • Iran's closure of the Strait of Hormuz trade route in the Middle East war is driving up the costs of shipping fuel and goods around the world, industry data shows.
  • Here are five data indicators of how the crisis is driving up shipping costs.
Iran's closure of the Strait of Hormuz trade route in the Middle East war is driving up the costs of shipping fuel and goods around the world, industry data shows.
Prices have risen because of falling capacity, with ships staying put in the Gulf for fear of attack if they set sail. Other ships are taking long, costly alternative routes to avoid the strait -- while the reduction of oil flows has raised the price of boats' fuel.
"We've had to stop bookings... from and to the upper Gulf region because we can't get the ships in nor out," said Rolf Habben Jansen, chief executive of major container shipping line Hapag-Lloyd last week, estimating the war had driven up costs by "$40, 50 million per week".
"A big chunk of that is bunker fuel prices but also in categories like insurance or container storage and inland transportation we have seen costs go up, and we have six ships that we cannot use today, which reduces the available capacity," he told a news conference.
Here are five data indicators of how the crisis is driving up shipping costs.

Tanker charters

The cost of chartering an oil tanker multiplied after US and Israeli forces started striking Iran on February 28, prompting retaliatory strikes across the region.
For a big Suezmax-class crude carrier, the average "earnings" -- a standard indirect indicator of charter costs -- has more than tripled since February 26 to over $330,000 a day, according to maritime research group Clarksons.
For liquefied natural gas carriers on a reference US to Japan route, the measure also tripled in that period to $90,000 a day.

Oil shipping

The overall cost of shipping oil shot up after the war broke out, said freight pricing specialist Peter Norfolk at Platts, part of S&P Global Energy.
From $46 per metric tonne at the end of February, the cost of shipping crude from the Gulf to China on a giant VLCC-class tanker nearly tripled in a few days, then eased to stand at around $64 at the end of March, he told AFP on Monday.
"Of course, in reality there is hardly any loading happening at the moment," he noted.
Around a fifth of global crude oil and liquefied natural gas passes through the strait in peacetime.

Container costs

The spot reference price to ship a 40-foot container has risen by 20 to 25 percent on the main routes from the Far East to Europe and the US West Coast, according to consultancy Maritime Services International.
The price has reached between $2,200 and $2,700 for a 40-foot container on that Europe route, it said.
"War surcharges have caused rates from the Far East to the Middle East Gulf and Red Sea to spike by nearly 200 percent" from February 20 to March 20, it said in a report.
"Traffic through the SoH (Strait of Hormuz) has been severely constrained, with carriers suspending bookings, rerouting vessels, and discharging cargo at alternative safe regional hubs."

Ship fuel surge

The price of the bunker fuel that powers ships nearly doubled after the war broke out, peaking at $1,053 per metric tonne on March 20.
It stood at more than $936 on March 31 -- up from around $540 on the eve of the war, according to market data from financial platform Factset.

Insurance premiums

War-risk insurance could run into tens of millions of dollars for a single trip through the Hormuz Strait, with ships and cargoes worth hundreds of millions.
David Smith, head of the marine arm at specialist insurance broker McGill, estimated last week that premiums were swinging "between three and-a-half and 10 percent" of a vessel's value.
rlp/jwp/jxb

US

Asia to be hit hardest by Iran war energy crisis: Kpler to AFP

BY COLIN PEREIRA

  • - 'No crude' - "There is almost no crude oil arriving" in Asia currently, and no viable alternatives to energy imports from the Middle East while "inventories are being depleted", Maynier said.
  • Asian nations are facing a major energy crisis as a result of the Iran war, with a sharp fall in crude shipments and few alternatives, global maritime analytics firm Kpler told AFP on Tuesday.
  • - 'No crude' - "There is almost no crude oil arriving" in Asia currently, and no viable alternatives to energy imports from the Middle East while "inventories are being depleted", Maynier said.
Asian nations are facing a major energy crisis as a result of the Iran war, with a sharp fall in crude shipments and few alternatives, global maritime analytics firm Kpler told AFP on Tuesday.
"We think Asia will, for now, be the ones suffering the most," Kpler president Jean Maynier told AFP in an interview at the company's offices in Singapore.
The war, which began with US-Israeli strikes on Iran on February 28, saw Tehran effectively halt traffic through Strait of Hormuz, through which a fifth of the world's crude supplies and a substantial amount of gas normally run.
This has sent shockwaves across global energy markets, leading to price hikes for consumers worldwide.
Maynier said Asia did not have enough energy resources of its own to fill the gap "in China... in big countries like the Philippines or Indonesia. So it's a real energy crisis."
The impact of the de facto closure of the Strait of Hormuz has already led governments to take exceptional measures, like the Philippines which has declared a national energy emergency, Maynier noted.
"It's really bad for Asia and we are not optimistic if the event continues," he said.

'No crude'

"There is almost no crude oil arriving" in Asia currently, and no viable alternatives to energy imports from the Middle East while "inventories are being depleted", Maynier said.
He said that while the attack on Iran had been anticipated, its timing and the duration of the war that has ensued were surprising.
"What is surprising is the length of this event and, especially in Asia, the crisis that we have now with energy."
Brussels-based Kpler, which was founded in 2014 and owns the MarineTraffic website, is considered one of the foremost data analytics and ship-tracking agencies in the world.
It has been keeping a close eye on the Strait of Hormuz since the attack on Iran.
Iranian military officials have claimed to control the waterway and attack vessels from "hostile" nations, but Kpler said some are risking the trip.
Seventeen commodities vessels crossed the the strait over the weekend, 12 of them on Saturday, making it one of the busiest days for crossings since March 1, according to Kpler.
As of 1700 GMT on Monday, commodities vessels had made just 196 crossings of the waterway this month, a huge decrease from before the war.
Of those, 120 were by oil tankers and gas carriers and most were travelling east out of the strait.

'Dark vessels'

Kpler, which provides real-time data for close to 1,000 companies, uses satellites, drones and other tools to track ships, said Maynier.
"All of this combined, and the selection of data sets that we collect from different partnerships help us to really understand what's happening" including when ships "go dark", he added.
A "dark" vessel -- usually a tanker or cargo carrier -- deliberately disables or manipulates transponders in a bid to go undetected by public tracking systems like Kpler's MarineTraffic.
"Dark vessels try to switch off their (tracking) device and try to escape monitoring, usually because they are involved in smuggling or trying to export sanctioned cargoes," Maynier said.
Using satellite images, shore-based antennae, data and other sources, Kpler aims to reconstruct the trajectory of a vessel that has "gone dark," he added.
"It's always hard to be 100 percent, but we can detect more than 90 percent of what's happening in real time."
str-jhe/ami

tech

Huawei reports slowing revenue growth in 2025

  • But the figure was a fraction of the 22 percent jump in revenue reported in 2024, reflecting in large part the slowing growth of the company's consumer business.
  • Chinese tech giant Huawei's revenue growth slowed last year, its annual report showed Tuesday, as sales of the company's consumer devices plateaued against a backdrop of sluggish domestic consumption.
  • But the figure was a fraction of the 22 percent jump in revenue reported in 2024, reflecting in large part the slowing growth of the company's consumer business.
Chinese tech giant Huawei's revenue growth slowed last year, its annual report showed Tuesday, as sales of the company's consumer devices plateaued against a backdrop of sluggish domestic consumption.
Huawei's revenue came in at 880.9 billion yuan ($126 billion) in 2025, up 2.2 percent from the previous year's 862 billion yuan, the company said. 
But the figure was a fraction of the 22 percent jump in revenue reported in 2024, reflecting in large part the slowing growth of the company's consumer business.
While Huawei regained its position as the top seller of smartphones in China last year, the overall domestic market shrank in 2025, according to the US-based International Data Corporation.
Huawei reported 344.5 billion yuan revenue from its consumer business in 2025, up only 1.6 percent from the year before compared to the 38.3 percent jump reported in 2024.
"Our consumer business worked to overcome formidable challenges," rotating chairwoman Meng Wanzhou said in Tuesday's report, noting also that Huawei was "moving toward a future that is full of uncertainty".
Revenue growth from telecommunications infrastructure sales also slowed in 2025, rising 2.6 percent on-year compared to 4.9 percent in 2024.
The company attributed this to "the impact of industry investment cycles". 
Huawei has in recent years been at the centre of a standoff between China and the United States after Washington warned its equipment could be used for espionage by the Chinese government, an allegation Huawei denies.
Sanctions since 2019 have cut the firm's access to US-made components and technologies, forcing it to diversify its growth strategy.
Huawei's research and development expenditure rose in 2025 to 192.3 billion yuan -- 21.8 percent of its total revenue -- as the company poured resources into building computing products intended for AI use.
Net profit for 2025 was 68 billion yuan, up 8.7 percent from 2024's 62.6 billion yuan.
tjx/reb/mtp

US

Strait of Hormuz shipping blockade update

  • Of these, 121 were by oil tankers and gas carriers and most were travelling east out of the strait.
  • Here are the latest key facts about security alerts and trade impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.
  • Of these, 121 were by oil tankers and gas carriers and most were travelling east out of the strait.
Here are the latest key facts about security alerts and trade impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.
Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.
The war erupted on February 28 when the United States and Israel began bombing Iran, prompting Tehran to retaliate with strikes across the region and restrict access to the strait.

Kuwaiti tanker hit

An Iranian attack sparked a fire on a Kuwaiti oil tanker at Dubai Port, Kuwaiti official news agency KUNA reported, citing the state-owned oil company.
KUNA said the tanker was fully laden at the time of the attack but no injuries or oil spill were reported. Dubai authorities said firefighters extinguished the blaze.
Security intelligence firm Vanguard identified the vessel as the Al Salmi and said authorities were investigating.
Iranian media meanwhile reported that strikes hit a desalination plant on Iran's Qeshm island in the strait, putting it out of service.

Chinese container ships pass

China's foreign ministry said three Chinese ships had transited the strait.
On Monday, maritime tracker MarineTraffic identified two ultra-large container vessels owned by Chinese shipping giant Cosco that crossed after an aborted attempt last week.
It interpreted their passage as "signalling a potential shift in conditions for commercial shipping". The ministry did not provide details about the third ship.

Handful of crossings

Just four vessels crossed the strait on Monday, according to maritime intelligence firm Kpler.
From March 1 to 31 as of 0700 GMT, commodities carriers made 201 crossings, according to Kpler data -- a decrease of 95 percent from peacetime.
Of these, 121 were by oil tankers and gas carriers and most were travelling east out of the strait.
The channel in peacetime sees around 120 daily transits, according to shipping industry intelligence site Lloyd's List.

2,000 ships in Gulf

Bloomberg data showed on Tuesday that 2,459 vessels sent transponder signals in the Gulf west of the Strait of Hormuz over the past day.
Of those, 362 were oil and gas vessels, including 11 very large gas carriers and 60 very large crude carriers.

Eight sea workers killed

Since the conflict began, at least eight seafarers or dock workers have died in incidents in the region, according to the International Maritime Organization (IMO).
The last fatality reported by the IMO was on March 11. A further 10 seafarers were injured. Around 20,000 seafarers are affected in the region, according to the IMO.

Iran-approved route

Recent crossings appeared to have mainly used a route apparently approved by Iran around Larak Island just off the country's coast.
Leading shipping journal Lloyd's List last week said at least 34 ships had been tracked using it.
The Revolutionary Guards said the route was closed to vessels travelling to and from ports linked to Iran's "enemies".

44% sanctioned ships

Since the war started, 44 percent of the crossings have been by ships under US, EU or UK sanctions, according to an AFP analysis of passage data.
Of the crossings by oil and gas tankers, 61 percent were by vessels under sanctions.
rlp/jwp/jxb

US

Middle East war: global economic fallout

  • - Trump threatens to destroy key Iran oil hub - President Donald Trump threatened on Monday to destroy Iran's oil export hub Kharg Island if a deal to end the war was not reached soon and the Strait of Hormuz did not "immediately" open.
  • Here are the latest economic events in the Middle East war: - Oil prices rise - Oil prices sank and most stocks rose Tuesday, following a Wall Street Journal report that indicated Donald Trump was willing to end the Iran war even if the key Strait of Hormuz remained closed.
  • - Trump threatens to destroy key Iran oil hub - President Donald Trump threatened on Monday to destroy Iran's oil export hub Kharg Island if a deal to end the war was not reached soon and the Strait of Hormuz did not "immediately" open.
Here are the latest economic events in the Middle East war:

Oil prices rise

Oil prices sank and most stocks rose Tuesday, following a Wall Street Journal report that indicated Donald Trump was willing to end the Iran war even if the key Strait of Hormuz remained closed.
Market experts did however warn that any US ground operation or wider Iranian retaliation could send oil prices to levels not seen since July 2008, when Brent hit almost $150 a barrel.
Both main oil contracts fell Tuesday, though West Texas Intermediate and Brent were still sitting well above $100 a barrel.

Indonesia makes cuts to school meal programme

Indonesia will make cuts to its free school meals programme from Tuesday as it seeks to set aside billions of dollars to counteract budget pressures brought on by the war and soaring oil prices.

Trump threatens to destroy key Iran oil hub

President Donald Trump threatened on Monday to destroy Iran's oil export hub Kharg Island if a deal to end the war was not reached soon and the Strait of Hormuz did not "immediately" open.
The island, located around 30 kilometres (19 miles) off the Iranian mainland, handles roughly 90 percent of Iran's crude exports, according to a JP Morgan note released early March. 
He warned US forces would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."

Iranian attack sparks fire on Kuwait oil tanker

An Iranian attack sparked a fire on a Kuwaiti oil tanker at Dubai Port, state media reported on Tuesday.
"The Kuwaiti giant crude oil tanker was subjected to a direct and malicious Iranian attack while in the anchorage area of Dubai Port in the UAE," official news agency KUNA reported, citing Kuwait's state-owned oil company. 
There were no injuries, according to the report, and Dubai authorities later said firefighters had extinguished the blaze.

Iran parliament body approves Hormuz tolls

Iranian state media reported Monday that a parliamentary commission had approved plans to impose tolls on vessels transiting the Strait of Hormuz, a waterway vital to oil and gas shipments that has been effectively closed due to the Middle East war.
Citing a member of the parliament's security commission, state TV said the plan involved among other things "financial arrangements and rial toll systems" and "implementing the sovereign role of Iran", as well as cooperation with Oman on the other side of the Strait.

Dubai announces financial aid

Dubai will provide support worth over $270 million to help businesses and families, authorities announced Monday, as Gulf states face economic disruption from Iran's aerial attacks and partial closure of the Strait of Hormuz.

Panama Canal sees traffic increase

The war in the Middle East has prompted a surge in ships utilizing the Panama Canal, an executive for the waterway said Monday.
"We had expected around 34 daily passages" for this year, but in the last two weeks "we've been having 38, 39, 40," the deputy administrator of the canal, Ilya Espino de Marotta, told Telemetro in an interview.

Haifa refinery fire

A large blaze ignited at Israel's Haifa oil refinery after it was hit by debris from the interception of a projectile on Monday.
Television channels showed black smoke billowing into the sky from the site, while the fire service shared photos of a tank on fire, shortly after the Israeli military said it had detected new missiles from Iran.

Sri Lanka raises electricity prices 40%

Sri Lanka announced a nearly 40 percent increase in electricity prices from Wednesday as it battles an energy shortage caused by the war in the Middle East.
Sri Lanka has raised fuel prices three times this month, increasing them by more than a third, and has imposed a four-day working week in a bid to save energy.

Norway cuts fuel taxes

Norway will temporarily cut its taxes on petrol and diesel to counter rising prices as the Middle East war disrupts global energy supplies, the government said.

G7 pledges 'necessary measures'

G7 economy and finance ministers said Monday that they stood ready to take "all necessary measures" to ensure the stability of the energy market as they tackled the economic consequences of war in the Middle East.

Bangladesh orders energy saving

Bangladesh has ordered civil servants to switch off lights and turn down air conditioning to save power as the Middle East war worsens an energy crunch, officials said. 

Gulf energy targets

Kuwait said an Iranian attack on a desalination and electricity plant killed one worker and damaged a building as Tehran pressed its aerial campaign against its Gulf neighbours.

Iranian grid 'stable'

Iran has restored electricity in parts of Tehran and nearby areas after strikes damaged power grids and briefly disrupted supply, deputy energy minister Mostafa Rajabi-Mashhadi told state television.
burs-aha/ane/ceg

Israel

Iran fires missiles across Middle East as Trump threatens oil hub

BY AFP TEAMS IN JERUSALEM, SANAA, WASHINGTON, TEHRAN, BEIRUT AND DUBAI

  • As sirens rang out in Jerusalem, Israel's military said it had responded to fresh Iranian missiles, while local Iranian media reported new explosions in Tehran that caused "power outages in parts" of the capital.
  • Iran fired missiles across the Middle East on Tuesday as its capital was hit by fresh explosions, after US President Donald Trump threatened the country's key oil export hub, power stations and desalination plants.
  • As sirens rang out in Jerusalem, Israel's military said it had responded to fresh Iranian missiles, while local Iranian media reported new explosions in Tehran that caused "power outages in parts" of the capital.
Iran fired missiles across the Middle East on Tuesday as its capital was hit by fresh explosions, after US President Donald Trump threatened the country's key oil export hub, power stations and desalination plants.
Israeli Prime Minister Benjamin Netanyahu, Trump's partner in attacking Iran, said more than half of his military aims had been achieved, but both leaders refused to put a timeline on an operation that has ignited a month-long regional war and jolted global markets.
As sirens rang out in Jerusalem, Israel's military said it had responded to fresh Iranian missiles, while local Iranian media reported new explosions in Tehran that caused "power outages in parts" of the capital.
Israel's military also reported Tuesday that four more of its soldiers had been killed in combat in southern Lebanon, where the war has spilled and where they are clashing with Iranian-backed Hezbollah. 
Before the latest strikes on Tehran, Israel issued a warning on X to residents of an area in the west of the city saying it would "attack military infrastructure" there.
Iran, meanwhile, fired a new salvo of missiles at Gulf nations it accuses of serving as a launchpad for US strikes.
In Dubai, four people were wounded by falling debris from intercepted projectiles while an Iranian attack sparked a fire at a Kuwaiti oil tanker in the city's port, said authorities in the financial hub whose reputation for stability has been shaken by the conflict.
In Saudi Arabia, authorities said they intercepted eight ballistic missiles, hours after Iran's top diplomat called on Riyadh to "eject US forces".
Trump warned Monday that if Iran did not strike a war-ending deal -- which included reopening the vital Strait of Hormuz shipping lane -- US forces would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."
But the Wall Street Journal reported he also told aides he was willing to end the war even if the strait remains largely closed --likely strengthening Tehran's control on the waterway.
Refusing to back down, an Iranian parliamentary committee voted to impose tolls on vessels in the strait, the passageway through which one-fifth of global oil passes, and completely ban ships from the United States and Israel.
The strait had been open before the war, but Secretary of State Marco Rubio has recently spoken of building a "coalition" to oppose the Iranian tolling plan.
"It sets an incredible precedent," Rubio told Al-Jazeera of the tolls.
"So this means that nations can now take over international waterways and claim them as their own," Rubio said of the waterway the US president recently called the "Strait of Trump".

War 'beyond halfway point'

Trump said the United States was speaking to a "more reasonable regime" in Tehran, which has denied any talks and accused him of lying about negotiations as cover while readying a ground invasion.
For Israel's part, Netanyahu said his military had achieved key objectives including "wiping out" industrial plants in Iran and coming "close to finishing their arms industry".
"It's definitely beyond the halfway point. But I don't want to put a schedule on it," Netanyahu told US broadcaster Newsmax.
The war, and the spiraling price of oil, has been unpopular in the United States, where Rubio again said Monday that it would last "weeks" more and not months.
Egyptian President Abdel Fattah al-Sisi, whose country is feeling the economic pinch of the war, appealed directly to Trump to find an offramp.
"Please, help us to stop the war; you are capable of it," Sisi told a press conference. 
Pakistani Foreign Minister Ishaq Dar, whose country is acting as an intermediary between Tehran and Washington, was set to travel to Beijing for talks Tuesday on "global issues of mutual interest" with counterpart Wang Yi.
Dar hosted foreign ministers from Saudi Arabia, Egypt and Turkey in the Pakistani capital on Sunday, saying Islamabad was ready to host talks between the United States and Iran in the "coming days".
Trump has claimed to be in direct contact with senior Iranian figures whom he has not identified publicly.
But Iranian foreign ministry spokesman Esmaeil Baqaei again denied any negotiations, saying the United States had sent only a request to talk via intermediaries, including Pakistan.
After weeks of strikes, residents of Tehran painted a picture of a city that is still clinging to some routine despite tight security.
"When I make it to a cafe table, even for a few minutes, I can almost believe the world hasn't ended," said Fatemeh, 27, a dental assistant.
"And then I go back home, back to the reality of living through war, with all its darkness and weight."

Lebanon pounded

On another front, Israel has relentlessly pounded Lebanon, including central Beirut, as it seeks to deliver a heavy blow to Iranian ally Hezbollah, which fired rockets in response to the killing of Iran's supreme leader, Ali Khamenei.
The UN mission in Lebanon said that two Indonesian peacekeepers were killed when "an explosion of unknown origin destroyed their vehicle", with two other peacekeepers wounded, one seriously. Another Indonesian peacekeeper was killed on Sunday.
The Israeli military said early Tuesday that it had opened an investigation to determine if it or Hezbollah was responsible.
France, a key player in Lebanon, called for an urgent UN Security Council meeting, which was subsequently scheduled for Tuesday at 1400 GMT.
Economy ministers and central bankers from the G7 club of rich countries, meanwhile, met in Paris to discuss the war's consequences, with many countries introducing energy-saving measures.
Market experts warned that any US ground operation or wider Iranian retaliation could send oil prices to levels not seen since the 2008 commodity boom.
Adding pressure, Yemen's Iranian-backed Houthi rebels over the weekend fired missiles and drones at Israel, posing a threat to shipping on the Red Sea in addition to the Gulf.
burs-jfx/fox

US

Indonesia trims meals programme: what next?

BY MARCHIO GORBIANO

  • - Earlier this month, presidential spokesman Prasetyo Hadi said the government was seeking to set aside as much as 80 trillion rupiah to shield its economy from the Middle East fallout, without disclosing further details.
  • Indonesia will make cuts to its free school meals programme from Tuesday as it seeks to set aside billions of dollars to counteract budget pressures brought on by the Middle East war and soaring oil prices.
  • - Earlier this month, presidential spokesman Prasetyo Hadi said the government was seeking to set aside as much as 80 trillion rupiah to shield its economy from the Middle East fallout, without disclosing further details.
Indonesia will make cuts to its free school meals programme from Tuesday as it seeks to set aside billions of dollars to counteract budget pressures brought on by the Middle East war and soaring oil prices.
The programme, which feeds an estimated 60 million children and pregnant and breastfeeding women at a cost of nearly a tenth of the annual budget, is President Prabowo Subianto's signature project.
Here's what we know:
- What is being cut? - 
At a cabinet meeting over the weekend, ministers and Prabowo decided to trim the programme from six days per week to five in primary and secondary schools starting Tuesday.
In regions with high malnutrition rates, meals will remain available on Saturdays, when many Indonesian schools are open in Southeast Asia's biggest economy.
The move will save "around 40 trillion rupiah ($2.3 billion)," Nanik Sudaryati Deyang, deputy head of the government's National Nutrition Agency, told AFP on Sunday.
The cut may be reviewed if conditions change.
Launched in January 2025, the initiative was touted by the government as a way to tackle a malnutrition and stunting crisis in the country of 284 million people.
The program has a target of ultimately feeding 83 million people, but it has come under the spotlight after thousands of recipients contracted food poisoning.
- A harbinger of more to come? - 
The Indonesian government is also weighing options for curbing fuel consumption as the war in the Middle East has disrupted global energy supply.
The country produces crude but is a net importer of the commodity. It heavily subsidises fuel and natural gas for domestic consumers.
The government has so far defended the subsidy, which at $12.3 billion represents about five percent of the total annual budget for 2026.
Observers say the government's hand may be forced given that Indonesia is required by law to keep its fiscal deficit under three percent of gross domestic product.
The 2026 fuel subsidy calculation was premised on a global oil price of $70 per barrel, but prices have since topped $100.
Firman Noor, a political researcher with the government-funded National Research and Innovation Agency (BRIN), told AFP the cut to the meal programme "indicates that the pressure on our financial strength stemming from the war is already beginning to be felt".
"This is a warning that we must get prepared like other countries. And just be frank, we need an adjustment because we never know when the war will end, which will surely drive oil prices higher."
Previous subsidy cuts have led to mass riots.

Is it enough?

Earlier this month, presidential spokesman Prasetyo Hadi said the government was seeking to set aside as much as 80 trillion rupiah to shield its economy from the Middle East fallout, without disclosing further details.
Measures under consideration include ordering government workers to work from home one day per week, cutting back on official travel and encouraging bicycle, electronic car and public transport use to preserve valuable fuel.
Analysts said savings from trimming the free meals programme were not nearly enough if the government intends to meet its fiscal deficit limit.
"Without changes in big budget (programmes), I don't see steps taken by the government, such as cutting back on free meals from six to five days or one day work-from-home per week, as adequate to tackle" the widening deficit, said Deni Friawan, a researcher of the Centre for Strategic and International Studies (CSIS). 
mrc/mlr/lga/abs

US

Iran defiant as Trump threatens to destroy oil island

BY AFP TEAMS IN JERUSALEM, SANAA, WASHINGTON, TEHRAN, BEIRUT AND DUBAI

  • Trump warned that if a deal were not struck -- including to reopen the Strait of Hormuz -- US forces would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."
  • Iran fired new missiles early Tuesday as it vowed defiance against US President Donald Trump, who threatened to destroy the country's oil export hub of Kharg Island along with power and desalination plants unless Tehran quickly accepts a deal to end the war.
  • Trump warned that if a deal were not struck -- including to reopen the Strait of Hormuz -- US forces would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."
Iran fired new missiles early Tuesday as it vowed defiance against US President Donald Trump, who threatened to destroy the country's oil export hub of Kharg Island along with power and desalination plants unless Tehran quickly accepts a deal to end the war.
Israeli Prime Minister Benjamin Netanyahu, Trump's partner in attacking Iran, said more than half of his military aims had been achieved, but both leaders refused to put a timeline on an operation that has ignited a regional war and sent global oil prices soaring.
In Dubai, four people were injured in the early hours by falling debris of intercepted projectiles and a Kuwaiti oil tanker in the port caught fire, according to authorities in the financial hub whose reputation for stability has been shaken by over a month of war.
Saudi authorities said they intercepted eight ballistic missiles. Hours earlier, Iranian Foreign Minister Abbas Araghchi publicly called on Saudi Arabia to "eject US forces," saying Tehran otherwise respects the "brotherly" kingdom. 
Refusing to back down, an Iranian parliamentary committee voted to impose tolls on vessels in the Strait of Hormuz, the passageway through which one-fifth of global oil passes, and completely ban ships from the United States and Israel.
The strait had been open before the war, but Secretary of State Marco Rubio recently has spoken of building a "coalition" to oppose the Iranian tolling plan.
"No one in the world can accept it," Rubio told Al-Jazeera of the tolls.
"It sets an incredible precedent. So this means that nations can now take over international waterways and claim them as their own," Rubio said of the waterway the US president recently called the "Strait of Trump".
Trump said the United States was speaking to a "more reasonable regime" in Tehran, which has denied any talks and accused him of lying about negotiations as cover while readying a ground invasion.
Trump warned that if a deal were not struck -- including to reopen the Strait of Hormuz -- US forces would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."
Destroying civilian infrastructure would be illegal under international humanitarian law and could constitute a war crime, experts say.

Peacekeepers die in Lebanon

Israel has also relentlessly pounded Lebanon, including central Beirut, as it seeks to deliver a heavy blow to Hezbollah, the Iranian-backed force that had fired rockets in solidarity after Israeli forces killed Iran's supreme leader, Ali Khamenei.
The UN mission in Lebanon said that two Indonesian peacekeepers were killed when "an explosion of unknown origin destroyed their vehicle," with two other peacekeepers wounded, one seriously. Another Indonesian peacekeeper was killed on Sunday.
The Israeli military said early Tuesday that it had opened an investigation to determine if it or Hezbollah was responsible.
Before the latest war, Indonesia, the world's largest Muslim-majority country, had been preparing to send forces on a stabilization mission to ravaged Gaza following a ceasefire between Israel and Hamas.
France, a key player in Lebanon, condemned the deaths of the peacekeepers and called for an urgent UN Security Council meeting, which was subsequently scheduled for Tuesday at 14H00 GMT.
Economy ministers and central bankers from the G7 club of rich countries meanwhile met in Paris to discuss the war's consequences, with many countries introducing energy-saving measures or cutting fuel taxes to help consumers.
Market experts warned that any US ground operation or wider Iranian retaliation could send oil prices to levels not seen since the July 2008 commodity boom, when the cost of Brent crude, the international benchmark, hit close to $150 a barrel.
Brent has already risen nearly 60 percent this month, and the US benchmark WTI by more than half.
Adding pressure, Yemen's Iranian-backed Houthi rebels over the weekend fired missiles and drones at Israel, posing a threat to shipping on the Red Sea in addition to the Gulf.

Netanyahu claims success

Netanyahu said Israel had achieved key objectives including by "wiping out" industrial plants in Iran and coming "close to finishing their arms industry."
"It's definitely beyond the halfway point. But I don't want to put a schedule on it," Netanyahu told US broadcaster Newsmax.
The war, and the spiraling price of oil, has been unpopular in the United States, where Rubio again said Monday that it would last "weeks" more and not months.
Egyptian President Abdel Fattah al-Sisi, whose country is feeling the economic pinch and has been playing a key role mediating indirect talks, appealed directly to Trump to find an offramp.
"Please, help us to stop the war, you are capable of it," Sisi told a press conference. 
Trump has claimed to be in direct contact with senior Iranian figures whom he has not identified publicly.
Rubio said there were "fractures" within the Islamic republic and voiced hope that the Iranian officials allegedly in contact with Washington had the "power to deliver."
But Iranian foreign ministry spokesman Esmaeil Baqaei again denied any negotiations, saying the United States had sent only a request to talk via intermediaries including Pakistan.
After weeks of strikes, residents of Tehran painted a picture of a city that is still clinging to some routine, with cafes and restaurants open and no shortages reported in supermarkets or petrol stations.
Security remains tight, with checkpoints erected on streets around the capital.
"When I make it to a cafe table, even for a few minutes, I can almost believe the world hasn't ended," said Fatemeh, 27, a dental assistant.
"And then I go back home, back to the reality of living through war, with all its darkness and weight."
burs-sct/js

politics

Cubans ready for Russian oil but some say not enough

BY LISANDRA COTS

  • Mexican President Claudia Sheinbaum, whose country last sent crude to Cuba in January, said there have been talks with private firms about buying oil from Mexico's state-owned energy company and selling to private Cuban companies.
  • Cubans on Monday cautiously welcomed the imminent arrival of a Russian oil shipment, with some warning it would do little to ease an energy crisis after US President Donald Trump granted a reprieve from his oil blockade.
  • Mexican President Claudia Sheinbaum, whose country last sent crude to Cuba in January, said there have been talks with private firms about buying oil from Mexico's state-owned energy company and selling to private Cuban companies.
Cubans on Monday cautiously welcomed the imminent arrival of a Russian oil shipment, with some warning it would do little to ease an energy crisis after US President Donald Trump granted a reprieve from his oil blockade.
The Anatoly Kolodkin, a tanker under US sanctions carrying 730,000 barrels of crude, was due to arrive at the western port of Matanzas by Tuesday with the first oil shipment to the communist-ruled island since January.
Trump's decision to let Russia deliver the oil avoids a confrontation with Moscow and provides temporary relief to a country that has endured blackouts, fuel rationing and dwindling public transportation.
"We'll welcome it with open arms. You have no idea how badly we need that oil," said Rosa Perez, a 74-year-old retiree who was taking a walk near the Matanzas port as her house had lost power again.
"Let's see if things improve for us, even just a little...I can't take it anymore," she told AFP, voicing hope that more shipments will follow.
Others said it was not enough to solve Cuba's crisis.
"It's a drop in the bucket compared to what this country needs. It means next to nothing," said Raul Pomares, a 56-year-old gardener waiting for a taxi in Havana.
"It's a symbolic gesture that won't have any real impact on the economy for ordinary Cubans," he added.
Moscow said it was "pleased" that the tanker had reached Cuban waters.
"Russia considers it its duty to step up and provide necessary assistance to our Cuban friends," Kremlin spokesman Dmitry Peskov told reporters, adding that Moscow and Washington had been in touch over the shipment.

'Cuba's finished'

Trump said Sunday he had "no problem" with Russia or another country sending oil because Cubans "have to survive" but he predicted that it would have little impact.
"Cuba's finished, they have a bad regime, they have very bad and corrupt leadership, and whether or not they get a boat of oil it's not going to matter," Trump said.
White House Press Secretary Karoline Leavitt said there was no change in US sanctions policy.
"We allowed this ship to reach Cuba in order to provide humanitarian needs to the Cuban people. These decisions are being made on a case-by-case basis," she said.
Cuba lost its main regional ally and oil supplier in January when US forces captured Venezuela's socialist leader Nicolas Maduro.
Trump subsequently threatened to impose tariffs on any country sending oil to Cuba and has mused about "taking" the island of 9.6 million people.
Mexican President Claudia Sheinbaum, whose country last sent crude to Cuba in January, said there have been talks with private firms about buying oil from Mexico's state-owned energy company and selling to private Cuban companies.
She said Monday she had personally donated 20,000 Mexican pesos ($1,100) for humanitarian aid to Cuba.  

'A Band-Aid'

The Anatoly Kolodkin was moving along Cuba's northern coast on Monday evening on its way to Matanzas, a key oil port east of Havana, according to shipping tracker MarineTraffic.
It would take about 15-20 days to process the oil and another 5-10 days to deliver its refined products, according to Jorge Pinon, an expert on Cuba's energy sector at the University of Texas at Austin.
It could produce 250,000 barrels of diesel, enough to cover demand for around 12.5 days, Pinon told AFP.
The government would have to decide whether to use the fuel for backup power generators or for buses, tractors and trains needed to keep the economy going for two weeks, he added.
The oil would likely not be used for Cuba's aging thermoelectric power plants, which rely on the country's own crude production.
Cubans have endured seven nationwide blackouts since 2024, including two this month.
The blackouts as well as persistent shortages of food, medicine and other basics have fueled public frustration and some rare protests.
Retiree Orlando Ocana, 76, said the Russian shipment was a "Band-Aid."
"The real solution to our problems is building new thermoelectric power plants," he said.
lt/jgc

Global Edition

Oil rises on Trump's Iran threats, stocks mixed

  • But oil markets were swayed by the red light of Trump's threats to destroy Iran's oil fields and export terminal.
  • Oil prices rose as the Middle East crisis escalated Monday with US President Donald Trump threatening to destroy Iran's main export terminal, and after the entry of Yemen's Houthi rebels into the war.
  • But oil markets were swayed by the red light of Trump's threats to destroy Iran's oil fields and export terminal.
Oil prices rose as the Middle East crisis escalated Monday with US President Donald Trump threatening to destroy Iran's main export terminal, and after the entry of Yemen's Houthi rebels into the war.
European stocks rose but Wall Street's major indexes closed mostly lower as markets cast a wary eye on Trump's comments about negotiations to end the fighting.
Trump expressed confidence that a negotiated settlement would soon be reached but warned that if it was not -- or if Iran continued to block the Strait of Hormuz to most sea traffic -- US forces would blow up Kharg Island and all of Iran's oil wells and electricity generation.
Brent North Sea crude, the international benchmark, jumped to almost $117 per barrel early in the trading session before closing at $112.78.
The West Texas Intermediate gained 3.3 percent to $102.88 a barrel, closing above $100 for the first time since the war started.
US stocks started the day in partial "rally mode" as Trump "made a comment that was meant to be taken positively," said Sam Stovall of CFRA Research.
"But Wall Street has learned by now that you really don't believe everything you read," he added, noting that markets still have room to decline further before bouncing back.
IG analyst Chris Beauchamp said the impact of Trump's statements is weakening.
"Until investors are treated to the sight of senior US officials physically getting on a plane to Pakistan to negotiate, investors will become more skeptical," he said.
Briefing.com analyst Patrick O'Hare compared the situation to an intersection where the traffic light is flashing all colors at once.
Equity investors took their cue initially from the "green light" of Trump indicating that serious discussions are underway to end the war, he said.
But oil markets were swayed by the red light of Trump's threats to destroy Iran's oil fields and export terminal. There were also reports that the United States is readying ground troops, he noted.

New risks

European stocks closed higher, with Frankfurt rising despite data showing German inflation in March jumped to its highest level since January 2024, on the back of rocketing energy prices due to the Middle East war.
Asia's leading stock markets ended the day lower. The Japanese yen jumped on talk that the Bank of Japan could intervene on markets to shore up the country's currency.
The yen's gains weighed heavily on Japanese exporters, with the Tokyo stock market closing down almost three percent.
India's rupee fell to a record low of more than 95 to the dollar on Monday before recovering.
The country is one of the "most vulnerable economies within Asia to an energy price shock," Nomura analysts wrote in a note.
As the war entered its fifth week, the spectre of a widening conflict grew as Houthi rebels said Saturday they fired "a barrage of cruise missiles and drones" at strategic sites in Israel.
"The Houthi's ability to disrupt shipping through the Bab al-Mandeb strait, which accounts for roughly 12 percent of global trade, is the new key risk," said Pepperstone analyst Chris Weston, referring to the waterway between Yemen and the Horn of Africa.

Key figures at around 2015 GMT

Brent North Sea Crude: UP 0.2 percent at $112.78 a barrel
West Texas Intermediate: UP 3.3 percent at $102.88 a barrel
New York - Dow: UP 0.1 percent at 45,216.14 points (close)
New York - S&P 500: DOWN 0.4 percent at 6,343.72 (close)
New York - Nasdaq Composite: DOWN 0.7 percent at 20,794.64 (close)
London - FTSE 100: UP 1.6 percent at 10,127.96 (close)
Paris - CAC 40: UP 0.9 percent at 7,772.45 (close)
Frankfurt - DAX: UP 1.2 percent at 22,562.88 (close)
Tokyo - Nikkei 225: DOWN 2.8 percent at 51,885.85 (close)
Hong Kong - Hang Seng Index: DOWN 0.8 percent at 24,750.79 (close)
Shanghai - Composite: UP 0.2 percent at 3,923.29 (close)
Euro/dollar: DOWN at $1.1460 from $1.1517 on Friday
Pound/dollar: DOWN at $1.3183 from $1.3272
Dollar/yen: DOWN at 159.69 yen from 160.20 yen
Euro/pound: UP at 86.93 pence from 86.78 pence
burs-rl-bys/des

Fed

Powell probe leaves US Fed leadership change in limbo

BY MYRIAM LEMETAYER

  • "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President," said Powell at the time.
  • US President Donald Trump has repeatedly insulted and criticized Federal Reserve Chairman Jerome Powell, famously calling him a "numbskull" and demanding the independent central bank lower interest rates despite stubbornly high inflation.
  • "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President," said Powell at the time.
US President Donald Trump has repeatedly insulted and criticized Federal Reserve Chairman Jerome Powell, famously calling him a "numbskull" and demanding the independent central bank lower interest rates despite stubbornly high inflation.
The Trump administration has ramped up the pressure on Powell, initiating an unprecedented investigation into him over cost overruns related to a Fed building renovation project.
Powell's term as chairman is due to end in May, and Trump has named former central banker Kevin Warsh to replace him. But with the investigation ongoing, the process remains stalled.

Where are we now?

In theory, Powell will preside over his final interest-rate-setting meeting as Fed chair on April 28-29. 
Powell first took the helm of the Federal Reserve during Trump's first presidency in 2018, and was reappointed to the position under Democrat Joe Biden in 2022.
Since his return to power in January 2025, Trump has relentlessly attacked Powell, questioning his mental abilities and labelling him "too late" for not lowering interest rates at the Republican's preferred pace.
Trump has pressured Powell to resign and even threatened to fire him, although the president backed off the latter when markets reacted poorly to the move.
In 2025, the US president went as far as visiting the Fed's under-renovation headquarters, where he verbally tussled with Powell as the two toured the site.
The renovation project has seen cost estimates increase from an initial $1.9 billion to $2.5 billion.
In January, in an extraordinary move, Powell disclosed that Trump's Justice Department had threatened him with a criminal indictment as it investigated the renovation project.
"The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President," said Powell at the time.
Soon after, following a months-long process, Trump named Warsh, a former Fed governor, as his candidate to replace Powell.

What's the hold-up?

Warsh must now be confirmed by the US Senate before he can take up the role. 
The Justice Department probe, however, has ruffled many lawmakers' feathers, and Senator Thom Tillis -- a member of Trump's own party who sits on the Senate Banking Committee -- has vowed to hold up the nomination as long as the investigation remains unresolved.
Earlier this month, a federal judge quashed subpoenas issued to the Fed as part of the probe, with the court saying there was "a mountain of evidence" to suggest the investigation was a pressure tactic.
US Attorney Jeanine Pirro -- a Trump ally -- has vowed to appeal that decision.
While Powell's chairmanship ends in May, his term as a member of the Fed's board of governors runs until January 2028.
After the Fed's last rate-setting meeting in March, Powell vowed he would not leave his post as a Fed governor "until the investigation is well and truly over, with transparency and finality."
While it is not unheard of, it is rare for a Fed chair to remain on as a member of the board after their term as chief expires.
And as long as Warsh's nomination process continues, Powell can legally remain in his role as chair.
myl/els/eml/aha/mlm

Iran

Stock market winners and losers one month into US-Israel war on Iran

BY CORIN FAIFE

  • - Systemic pressure: Financial sector - Banking and financial services have also faced downward pressure as the conflict heightens global economic uncertainty, and the effects of rising fuel prices filter through the economy at all levels.
  • The US-Israel strikes against Iran have triggered a series of retaliations and military escalation in the Middle East that have sent shockwaves through global financial markets.
  • - Systemic pressure: Financial sector - Banking and financial services have also faced downward pressure as the conflict heightens global economic uncertainty, and the effects of rising fuel prices filter through the economy at all levels.
The US-Israel strikes against Iran have triggered a series of retaliations and military escalation in the Middle East that have sent shockwaves through global financial markets.
The conflict, now more than a month old, has disrupted trade and energy markets, with stocks around the globe facing diverging effects based on how exposed they are -- or how much they benefit from -- the chaos.
Here are some of the winners and losers from the conflict so far.

Attracting investors: Oil and gas

Iran has imposed a virtual blockade on the Strait of Hormuz, through which roughly a fifth of global oil and gas supplies pass, causing energy prices to skyrocket.
The price shock has also lifted the valuations of major energy producers.
These producers' profit margins have increased because as oil prices climb, the costs of extraction has remained relatively steady, said Jose Torres, senior economist at Interactive Brokers.
As a result, investors have poured money into companies that look set to profit from a sustained high-price environment.
"They see the conflict continuing for a while," Torres said. "That means oil prices are going to be structurally higher for the next year or two."
In the European markets, BP led the surge with a gain of 22.3 percent in the one-month period from February 27 -- the last trading day before strikes were launched -- to March 27.
TotalEnergies rose 16.7 percent and Shell climbed 13.3 percent in the same period.

Pulling back: Defense sector

Global conflict is usually a boon to defense contractors, and overall, 2026 has seen large gains for weapons makers.
On a shorter timescale, several major defense companies have seen their stock prices slip since the Iran war began, as the market grapples with potential supply chain bottlenecks.
Though munitions are being deployed at a rapid pace, due to long lead-in times for procurement and production, there is a lag until any increased demand can be met.
Investors "don't see a lot of new technology being produced," said Sam Stovall, chief investment strategist at CFRA. "We are in a sense still using up a lot of residual bombs"
German company Rheinmetall saw its shares tumble 17 percent between February 27 and March 27, while Thales dropped 6.7 percent and RTX -- formerly Raytheon Technologies -- fell 6.4 percent.

Facing headwinds: Aviation

The airline industry has emerged as one of the hardest-hit sectors, as the war forces mass flight cancellations and significant rerouting around contested airspace.
Compounding the operational difficulties is the surge in jet fuel prices, which has squeezed profit margins across the board.
The increased cost of fuel is the top concern, but far from the only one, said Stovall.
"Close behind is consumer confidence that is being affected by higher prices at the pump for their automobiles, higher prices when attempting to book summertime travel," he told AFP.
Stovall also pointed to the long lines for security checks at US airports, and heightened travel safety concerns, as reasons that many people are cutting down on nonessential travel.
Lufthansa experienced a sharp decline of 19 percent, while International Airlines Group (IAG, which includes British Airways and Iberia) saw its shares fall 15.9 percent. 
Low-cost carrier Ryanair was also down 10.2 percent.

Systemic pressure: Financial sector

Banking and financial services have also faced downward pressure as the conflict heightens global economic uncertainty, and the effects of rising fuel prices filter through the economy at all levels.
Torres, of Interactive Brokers, noted a pattern in some countries lowering interest rates despite the jump in oil prices.
"I think folks are increasingly worried about an economic slowdown, and they're pricing in now more of the demand destruction effects of higher crude oil prices, as well as how higher interest rates make private credit situations worse," he said.
A recent boom in private credit lending, where non-bank institutions like private equity firms make loans to companies, has sparked concerns that growing rates of default on these loans would have knock-on effects across the economy.
HSBC, which maintains significant exposure to global trade routes and emerging markets, saw its stock price decline by 13.9 percent.
US banks JP Morgan Chase, Goldman Sachs, and Bank of America all saw share prices fall a few percentage points compared to the start of the war, as investors brace for a period of lower lending activity and increased credit risk.
cf/aha/bgs

US

What could Trump achieve by threatening Iran's Kharg Island?

BY FABIEN ZAMORA

  • Just 60 kilometres away is the city of Bushehr, an important military centre "from which the Iranians defend the entire northern part of the Gulf, including Kharg", noted Pierre Razoux of French research centre FMES. - Why do it?
  • A scrubby island in the Gulf that is roughly one third the size of Manhattan, Kharg Island is the nerve centre of the Iranian oil industry -- and at the heart of US President Donald Trump's latest efforts to pressure Tehran.
  • Just 60 kilometres away is the city of Bushehr, an important military centre "from which the Iranians defend the entire northern part of the Gulf, including Kharg", noted Pierre Razoux of French research centre FMES. - Why do it?
A scrubby island in the Gulf that is roughly one third the size of Manhattan, Kharg Island is the nerve centre of the Iranian oil industry -- and at the heart of US President Donald Trump's latest efforts to pressure Tehran.
On Monday Trump vowed that a failure by Iran to agree a deal to end the war could see the United States "completely obliterating" the export hub. 
A day earlier, he had said the United States could take the island, eyed by the Pentagon for ground operations, "very easily".
So what are Trump's options, and how might Iran react if he presses on this pressure point?

What is Kharg Island?

It may be a mere scrap of land, but Kharg  handles around 90 percent of Iran's crude exports, according to a report by US bank JP Morgan.
Located in the north of the Gulf, around 30 kilometres (20 miles) from the Iranian coast and more than 500 kilometres from the Strait of Hormuz, it has no oil wells.
But it has Iran's largest oil terminal, oil pipelines, storage tanks and related infrastructure.
It also has military facilities, some of which have already been hit by Israeli-US strikes.
On March 13, "US forces executed a large-scale precision strike on Kharg Island", Centcom, the US military command for the region, said.
"The strike destroyed naval mine storage facilities, missile storage bunkers and multiple other military sites. US forces successfully struck more than 90 Iranian military targets on Kharg Island, while preserving the oil infrastructure."
Sources close to US intelligence services told US broadcaster CNN Iran had deployed additional troops and defence systems to the area in recent weeks, including MANPAD-type surface-to-air missiles and mines.

Trump's options?

There appear to be three routes for US forces wishing to seize the island -– an airborne attack; an amphibious operation; or a combination of the two.
The Pentagon is currently moving US paratroopers and Marines into the area.
"(The) US combat force build-up sets the stage for (a) potential ground offensive in Iran," said US think tank Soufan.
Centcom former commander General Joseph Votel told The War Zone website this month it would not take that many soldiers to seize Kharg.
"On a small island like Kharg, I imagine you'd need a battalion of Marines. We are therefore talking about a force of 800 to 1,000 men, perhaps a little fewer, certainly not much more," he said.
But taking Kharg and holding onto it "are two different things", stressed Professor Phillips O'Brien of the University of St Andrews in Scotland.
He said the US military would struggle to retain the island within range of Iranian missiles and drones.
Just 60 kilometres away is the city of Bushehr, an important military centre "from which the Iranians defend the entire northern part of the Gulf, including Kharg", noted Pierre Razoux of French research centre FMES.

Why do it?

Trump's war goals remain hazy. It is unclear whether he primarily wants to force Iran to reopen shipping lanes in the Strait of Hormuz; force regime change in Tehran; coerce the Iranians into concessions on their nuclear or ballistic missile programmes.
In the short term, capturing Kharg could give Washington leverage to force Iran to negotiate -– presumably on Trump's terms, given the country's dependence on oil revenue, the Soufan Center said.
It might not have much effect in reopening the Gulf to shipping, however, because Iran controls a string of other islands in the Strait of Hormuz.
And if the Iranians choose not to cede to Trump's demands, "What does the US do?", O'Brien wondered.
"Does the US then, out of spite, level all the economic facilities on Kharg?
"That could easily boomerang back in American faces. It means oil prices skyrocket even more and stay high for much longer," he said.
"It also means Iran will be incentivised to shut down the traffic in the Straits for even longer. If they cannot get their own oil out, why let anyone else's?"
fz/dab-gil/st

US

G7 ministers pledge 'necessary measures' to ensure stable energy market

BY MARTINE PAUWELS

  • "We stand ready to take all necessary measures in close coordination with our partners, including to preserve the stability and security of the energy market," G7 energy and finance ministers, as well as central bank governors, said in a joint statement.
  • G7 economy and finance ministers Monday said they stood ready to take "all necessary measures" to ensure the stability of the energy market as they tackled the economic consequences of war in the Middle East.
  • "We stand ready to take all necessary measures in close coordination with our partners, including to preserve the stability and security of the energy market," G7 energy and finance ministers, as well as central bank governors, said in a joint statement.
G7 economy and finance ministers Monday said they stood ready to take "all necessary measures" to ensure the stability of the energy market as they tackled the economic consequences of war in the Middle East.
The United States and Israel launched strikes on Iran in late February, and Tehran has hit back by targeting crude-exporting countries in the region and halting most shipments through the Gulf.
The squeeze on supply has pushed oil and natural gas prices higher, with drastic knock-on effects for supply chains in multiple industries.
"We stand ready to take all necessary measures in close coordination with our partners, including to preserve the stability and security of the energy market," G7 energy and finance ministers, as well as central bank governors, said in a joint statement.
"We recognise the importance of coordinated international action to mitigate spillovers and safeguard macroeconomic stability."
They said they continued to monitor developments and their potential impact on global growth, and financial market conditions. 
The G7 ministers also called on all countries to refrain from imposing unjustified export restrictions on hydrocarbons and related products.
The G7 -- an informal grouping of the United States, Canada, Britain, France, Germany, Italy and Japan -- helps shape policy debates in the world's wealthiest nations.
France currently holds the rotating presidency of the G7 advanced economies.
"What's happening now in the Gulf is having energy consequences, economic consequences, financial market consequences and potentially inflation consequences," French Finance Minister Roland Lescure told reporters ahead of the meeting, which he chaired. 
The United States has sought support from the group to help halt Iran's blockade of the Strait of Hormuz shipping route.
After a meeting last week, G7 foreign ministers said it was an "absolute necessity" for Iran to re-establish free passage through the strait and called for an end to attacks on civilian infrastructure.

'Act quickly'

Under increasing pressure, many governments have rolled out measures to limit the impact of supply difficulties and soaring energy prices. 
On Friday, the French government announced it would spend 70 million euros ($80 million) to help the fishing, agriculture and transport industries in April.
Lescure said on Monday that measures of support should be targeted and rapid.
"This is a crisis that affects all of us and that will result in costs for the nation," Lescure told reporters.
We need to "act quickly and act fairly," he said.
US officials, including President Donald Trump, have said their goals in the war are almost achieved, but thousands of US personnel have been sent to the region in an unprecedented military build-up.
Activists based outside Iran say the US-Israeli campaign has killed more than 3,000 people in the country, over half of them civilians, while Lebanese officials have said more than 1,000 have been killed there since Israel began attacking its territory in retaliation for Hezbollah attacks on March 2.
Officials in Israel and countries across the Gulf have also reported much smaller numbers of casualties.
bur-mpa-as/ah/st

aviation

Air Canada CEO to retire after row over English-only condolence message

BY BEIYI SEOW

  • Rousseau had sparked controversy by issuing an English-only video message to express condolences after a deadly collision late on March 22 between an Air Canada jet and a fire truck at New York's LaGuardia Airport.
  • Air Canada said Monday that CEO Michael Rousseau will retire later this year, an announcement following controversy over his failure to issue condolences both in English and French for a fatal airport disaster.
  • Rousseau had sparked controversy by issuing an English-only video message to express condolences after a deadly collision late on March 22 between an Air Canada jet and a fire truck at New York's LaGuardia Airport.
Air Canada said Monday that CEO Michael Rousseau will retire later this year, an announcement following controversy over his failure to issue condolences both in English and French for a fatal airport disaster.
Rousseau had sparked controversy by issuing an English-only video message to express condolences after a deadly collision late on March 22 between an Air Canada jet and a fire truck at New York's LaGuardia Airport.
Canada has two official languages -- English and French --  and media reports noted that one of the pilots killed in the accident was from French-speaking Quebec.
Rousseau has informed the company's board that he will retire by the end of the third quarter, the airline said, adding that work is underway to choose his successor.
"The Board will consider a number of performance criteria in assessing candidates including the ability to communicate in French," Air Canada said in the statement.
Until he steps down, Rousseau is set to continue leading the company and serving on its board.
Air Canada is the country's largest airline and is headquartered in Montreal, Quebec -- Canada's traditionally French-speaking region. The company is required to offer services in both languages.

'Lack of judgement'

Rousseau had earlier issued an apology over his English-only message, saying he was saddened that his limited French "has diverted attention from the profound grief of the families."
"Despite many lessons over several years, unfortunately, I am still unable to express myself adequately in French," he said in a statement.
He added: "I sincerely apologize for this, but I am continuing my efforts to improve."
Canadian Prime Minister Mark Carney has also criticized the CEO's conduct, saying he was "very disappointed, as others are, rightly so, in this unilingual message."
Carney added that the message showed a "lack of judgement and a lack of compassion."
Similarly, Canadian Foreign Minister Anita Anand told AFP on the sidelines of the G7 foreign ministers meeting in France that all Canadian leaders, including corporate bosses, should speak both official languages.
"Canada is a bilingual country," she said.
In 2021, Rousseau also issued an apology over his lack of French proficiency.
At the time, he apologized for causing offense by giving a speech almost entirely in English, pledging to improve his French.
After remarks to business groups and comments to journalists that he had managed to get by without French for years, Rousseau faced backlash from politicians.
Quebec is the only Canadian province that is primarily Francophone.
bys/sms

economy

Renault says developing ground-based military drone

  • French industry magazine L'Usine Nouvelle said that the carmaker is working in partnership with the Belgian group John Cockerill, which owns the main French supplier of military vehicles Arquus.
  • French carmaker Renault said on Monday it was developing a ground-based drone for military and civilian use as Europe scrambles to boost weapons production in the face of Russian aggression.
  • French industry magazine L'Usine Nouvelle said that the carmaker is working in partnership with the Belgian group John Cockerill, which owns the main French supplier of military vehicles Arquus.
French carmaker Renault said on Monday it was developing a ground-based drone for military and civilian use as Europe scrambles to boost weapons production in the face of Russian aggression.
French industry magazine L'Usine Nouvelle said that the carmaker is working in partnership with the Belgian group John Cockerill, which owns the main French supplier of military vehicles Arquus.
"Our R&D teams are testing and exploring various options, such as ground robots, which also have potential for civilian applications," Renault said in a statement to AFP.
"This is an exploratory study project," the company said without confirming the name of the partner company.
The car manufacturer said that it had been contacted by the defence ministry earlier this year.
"Our R&D teams are working on various projects in the defence sector, while also seeking civilian applications in each case," added Renault.
According to L'Usine Nouvelle, the land drone prototype that Renault is developing is said to be the size of a small car and is expected to be unveiled at the Eurosatory international defence and security exhibition in June.
Designed for battlefield reconnaissance, it resembles a lunar rover equipped with several suspended cameras, according to the specialist publication.
In January, Renault said it was teaming up with Turgis Gaillard, a French defence group, to produce aerial drones in France.
Aerial and terrestrial drones have redefined the nature of war in recent years. 
Last week a top NATO commander, Pierre Vandier, said NATO countries must respond to challenges such as Russia and Iran mass-producing drones, whose capacities are rapidly evolving.
leb-as/ekf/yad