Daily brief
Oil and fuel prices have risen sharply after the Strait of Hormuz was closed and oil facilities in the Middle East were attacked. The reported US and Israeli strikes on Iran have disrupted supply, causing European oil futures to briefly hit $85 a barrel. Maritime insurers have canceled war risk coverage in the Gulf, raising concerns about further energy cost increases and contributing to a drop in stock markets.
Indian airlines plan to operate 58 flights to the Gulf region on March 4, according to the Civil Aviation Ministry.
The European Central Bank's chief economist warned that a lengthy war with Iran could cause an inflation 'spike'.
Israel reopened the Kerem Shalom crossing for humanitarian aid today.
President Donald Trump threatened to halt trade with Spain over its stance on the Iran conflict.