March 2, 2026
Tensions in the Middle East escalated rapidly after the United States and Israel launched pre-emptive strikes on Iran on 28 February. The action follows weeks of negotiations between the US and Iran regarding the latter’s nuclear programme. The strikes have led to the deaths of Iran’s Supreme Leader Ayatollah Ali Khamenei and other senior Iranian officials. In response, Iran launched counterattacks on Israel and other Middle Eastern countries with US bases, including the United Arab Emirates, Kuwait, and Bahrain. On 02 March, the conflict widened after Israel and Hezbollah in Lebanon exchanged strikes. The escalating situation and Iran’s closure of the Strait of Hormuz have led to a steep rise in oil prices.