Iran continued its attacks on civilian and economic infrastructure across the Gulf on Wednesday, showing no respite in the ongoing Middle East conflict as regional air defence systems intercepted waves of drones, ballistic missiles and other aerial threats targeting key cities, airports and energy facilities.
Markets are already beginning to trade as if the Iran conflict will de-escalate — even though there is no formal resolution yet, says the CEO of one of the world’s largest independent financial advisory and asset management organisations.
Bahrain's Crown Prince and Prime Minister His Royal Highness Prince Salman bin Hamad Al Khalifa has said that hostile Iranian strikes targeting residential areas, civilian infrastructure, energy facilities and water desalination plants are blatant violations of international law and international humanitarian law.
US President Donald Trump on Monday that the war against Iran could end soon, but threatened to escalate if Iran blocked oil shipments from the Middle East.
Global oil prices fell sharply on Tuesday after surging to their highest levels in more than three years in the previous session, as signals of possible diplomatic progress in the Middle East eased fears of prolonged supply disruptions.
Aramco warned the Strait of Hormuz disruption from the Iran war could have “catastrophic consequences” for global oil markets and trigger ripple effects across shipping, insurance, aviation, agriculture and automotive industries.
Iran’s retaliatory strikes across the Gulf have disrupted some business activity in one of the world’s most trade-dependent regions, forcing temporary airport closures, interrupting port operations and unsettling financial markets , while the private sector remains resilient according to authorities.
Iran's Revolutionary Guards warned on Saturday that no vessel would be allowed to pass through the Strait of Hormuz, a chokepoint through which nearly a fifth of the world’s oil supply passes.
An Iranian Jamaran-class corvette was struck by US forces during the start of Operation Epic Fury, said US Central Command. The ship is currently sinking to the bottom of the Gulf of Oman at a Chah Bahar pier, it said.
Bahrain international airport was targeted by drone, Reuters quoted Interior Ministry as saying. The ministry said the drone only caused material damage.
