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The Latest Breaking News from Middle East

From Jakarta to Manila, south-east Asia turns to Russia to plug fuel, fertiliser gaps caused by Iran war

South-east Asia, which relied heavily on the Middle East for energy and fertiliser, is desperately seeking to plug huge gaps in its supplies

The Guardian - UK

UK economy set for £35bn hit from Middle East energy crisis, think tank says

The National Institute of Economic and Social Research said the UK could enter a recession this year if the crisis is particularly protracted.

Evening Standard

Iranian ambassador summoned to Foreign Office over embassy’s ‘unacceptable’ social media post

Seyed Ali Mousavi was called in by Middle East minister Hamish Falconer over an online message reportedly recruiting expats to become martyrs

The Independent UK

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Middle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds

Climate group calls for urgent windfall tax on excess fossil fuel profits, as delegates tell Colombia conference their nations are suffering

The Guardian - UK

Iran war briefing: Trump meets with national security over Tehran peace plan

Donald Trump discussed Iran's proposal to reopen the Strait of Hormuz and end the Middle East conflict with his national security team on Monday, but a US official told Reuters that the President “doesn’t love the proposal” as he wants a peace plan to address Iran’s nuclear programme. The conflict…

The Independent UK

Malta's Prime Minister Robert Abela calls early general election for May

The Maltese leader mainly cited rising energy costs due to the Middle East conflict, as concerns and fears of a spike in inflation grow in a country reliant on imports as reasons to seek a new mandate.

Euronews

ASX extends losses as Gulf worries buoy oil prices

Investor sentiment remains under pressure after weeks of earnings downgrades and the Middle East energy crisis weighing on hopes of future economic growth.

AAP

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Aussie travellers on the go as Asian airport hubs shine

Australians still have the travel bug, despite the uncertain geopolitical environment created by the Middle East crisis, according to our busiest airport.

AAP

Shop price inflation falls on back of heavy discounting by retailers

Consumers have been warned they are yet to see the full force of the Middle East conflict feeding into prices.

The Independent UK

Military action still needed to counter Hezbollah rockets and drones, Israel's PM says

Hezbollah drew Lebanon into the Middle East war by firing rockets towards Israel to avenge the killing of Iranian supreme leader Ali Khamenei in US-Israeli strikes.

Euronews

$Complex that supplies 70% of global critical PCB base targeted in Iranian strike — attack could fracture the already disrupted electronics supply chain$

Complex that supplies 70% of global critical PCB base targeted in Iranian strike — attack could fracture the already disrupted electronics supply chain

Tom’s Hardware

Stocks Set for Muted Open as Investors Await Big Tech Earnings and Fed Meeting; Middle East Developments in Focus

June S&P 500 E-Mini futures (ESM26) are down -0.09%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.06% this morning as investors refrain from making big bets at the start of a busy week featuring earnings from major tech names, the Federal Reserve’s interest rate decision, and a raft…

Barchart

Trickle-down impacts of Middle East war, from pistachios, to copper, to leather

As oil prices surge and key shipping routes close because of the war in the Middle East, the downstream effects are impacting different markets around the world, from pistachios and bananas to luxury leather goods, as industries are being forced to adapt to disrupted supply chains and increased costs.

Radio France Internationale

Cheap spirits, pricey condoms: how war in the Middle East is shifting the way Australians spend

Beyond cutting back on driving, households are slicing deeper into their budgets, with some even forgoing healthcare

The Guardian - AU

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The Guardian - UK

The great energy pivot: US oil and Chinese solar are the winners in Trump’s war on Iran

Exposure of world’s reliance on Middle East supplies accelerates global shift towards new energy superpowers

International Business Times UK

More Shocking Photos From USS Lincoln Reveal Single Meat Patties and Sparse Trays as Sailors Report Losing Weight Amid War in Middle East

Reports of food shortages on US Navy ships, including USS Abraham Lincoln, have surfaced despite Pentagon denials. Sailors and families have shared images and testimonies of sparse meals and delayed care packages.

The Independent UK

EU considers helping with Mideast energy infrastructure to bypass conflict zones

Top European Union officials say the bloc is looking into funding alternative energy infrastructure in the Middle East that would circumvent conflict hot spots like the Strait of Hormuz

Euronews

EU leaders vow to boost security and economic ties with Middle East to minimise effect of Iran war

Leaders from Lebanon, Egypt, Syria and Jordan as well as the secretary general of the Gulf Cooperation Council, were in Nicosia to meet their European Union counterparts on the sidelines of an EU summit.

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Fortune

War in the Middle East is stressing Europe's hard-learned lessons about fossil fuel dependency from 2022

It’s Europe’s second major energy crisis in just four years. The continent’s reliance on fuel imports is the common thread.

Euronews

Cyprus: How the Iran war is shaping Europe’s closest frontier to the conflict

On 1 March, an Iranian-made Shahed drone launched from Lebanon hit the British airbase of Akrotiri in Cyprus, bringing the Iran war unexpectedly closer to Europe. This report explores the tensions shaping the European Union’s closest frontier to the conflict.

Barchart

Nasdaq Futures Rally on Upbeat Intel Earnings and Iran Talks Optimism

June Nasdaq 100 E-Mini futures (NQM26) are trending up +1.33% this morning as strong quarterly results and guidance from chipmaker Intel, along with optimism over potential U.S.-Iran talks, boosted sentiment.

The Guardian - AU

US envoy and Trump’s son-in-law to travel to Pakistan amid hopes for renewed Iran peace talks – as it happened

Steve Witkoff and Jared Kushner to travel to Pakistan, White House says; Iranian state media says foreign minister Abbas Araqchi traveling to Islamabad, Muscat and Moscow

AAP

ASX logs second week of losses as banks, miners weigh

With no end in sight to the Middle East conflict, investor confidence is fading as soaring energy prices and inflation expectations hammer risk sentiment.

The Guardian - UK

EU formally approves €90bn Ukraine loan and 20th sanctions package against Russia

Ursula von der Leyen hails ‘good news’ after Hungary’s lifting of vetoes allows leaders to sign off on agreements

The Independent UK

Fallout from Iran war is ‘major new threat to foreign aid’

There are growing concerns that the economic fallout from the current conflict in the Middle East will push Gulf nations – who collectively provided more humanitarian aid than the US last year – turning away from foreign assistance

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