What could a war between Israel and Iran mean for the global economy?
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What could a war between Israel and Iran mean for the global economy?
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Al Jazeera
an hour ago
- Al Jazeera
LIVE: Israel-Iran attacks continue; Trump demands unconditional surrender
Explosions rock Tel Aviv and Tehran as the conflict between Israel and Iran rages on for a sixth straight President Donald Trump demands Iran's 'unconditional surrender', saying, 'We now have complete and total control of the skies over Iran.' The US also deploys more fighter jets to the Middle East, reports death toll from Israel's attacks on Iran has risen to more than 240, including 70 women and children. More than 24 people have been killed in Iranian attacks on Gaza, Israeli forces have killed at least 89 Palestinians, including 70 people seeking food aid in the city of Khan war on Gaza has killed at least 55,432 people and wounded 128,923, according to Gaza's Health Ministry. An estimated 1,139 people were killed in Israel during the October 7 attacks and more than 200 were taken captive. Update: Date: 3m ago (00:10 GMT) Title: Iranians extremely distraught as more explosions are reported in Tehran Content: We've heard of two major explosions in Tehran over the past hour and another one in the suburb of Karaj, west of the capital. Air defences have been activated there due to the latest strikes, as well as in the city of Tabriz, northwest of the country, as well as in Bushehr in the south. What we are also hearing from the Israeli military is that they are issuing again another forced evacuation threat. This time, in the District 18 of Tehran that is known as the Shadegh area. It is a densely-populated area that is home to about 400,000 people, and is located south of the Mehrabad Airport, the domestic airport, which has not been operation since Friday. This is the second time that Israel issued an evacuation threat highlighting a specific neighbourhood, and it is coming in the middle of the night. Internet is also down in the country due to a cyber-attack, so it is not clear if most people would get the information that they are supposed to evacuate. People are extremely distraught and worried. Those who have fled the capital are also facing issues of food supply in the areas where they have fled to. There's lots of concerns and nowhere to go, and they are not able to access information easily. Update: Date: 8m ago (00:05 GMT) Title: WATCH: What could the war between Israel and Iran mean for the global economy? Content: As attacks escalate between Iran and Israel, fears are growing over the global economic fallout. Watch below: This is a modal window. Beginning of dialog window. Escape will cancel and close the window. End of dialog window. This is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Update: Date: 11m ago (00:02 GMT) Title: A recap of recent developments Content: Update: Date: 13m ago (00:00 GMT) Title: Welcome to our live coverage Content: Hello and welcome to our coverage of the conflict between Israel and Iran. Stay with us for up-to-the-minute coverage of Israel's attacks on Iran and Iran's retaliatory barrages of missiles. You can find all our updates from Tuesday, June 17, here.
Qatar Tribune
3 hours ago
- Qatar Tribune
Oil prices tick up again as Israel-Iran conflict spurs uncertainty
Agencies Oil prices climbed again on Tuesday amid concerns that the conflict between Israel and Iran may intensify, raising the risk of further unrest and the potential disruption of oil supply from the key Middle East producing region. Brent crude futures rose 34 cents, or 0.5%, to $73.57 a barrel as of 3:40 a.m. GMT. U.S. West Texas Intermediate crude was up 29 cents, or 0.4%, at $72.06. Both contracts rose more than 2% earlier in the trading session. Oil prices settled more than 1% lower on Monday, on hopes that the conflict would ease after media reports that Iran was seeking an end to hostilities. However, concerns have escalated after U.S. President Donald Trump, in a social media post, urged 'everyone' to evacuate the Iranian capital of Tehran. Entering its fifth day on Tuesday, the fighting has continued with Iranian media reporting explosions and heavy air defense fire in Tehran. In Israel, air raid sirens sounded in Tel Aviv in response to Iranian retaliatory missile strikes. 'The conflict between Iran and Israel is still fresh and brewing, and investor sentiments may still be holding on to the 'war risks,'' Priyanka Sachdeva, senior market analyst at Phillip Nova, said in an email. 'Added volatility and caution ahead of the Fed policy decision are further ensuring higher-paced price reactions in oil,' Sachdeva added, referring to the U.S. Federal Open Market Committee (FOMC) meeting, which guides interest rate decisions, that begins on Tuesday. Still, most of the market is focused on the uncertainty around the Israel-Iran hostilities.
Qatar Tribune
3 hours ago
- Qatar Tribune
Lebanon's energy sector on the cusp of transformation, says minister Joe Sadd
Tribune News Network Doha Lebanon's new Minister of Energy and Water, Joe Saddi, outlined steps on how to rebuild his country's faltering economy and energy industry during a candid and forward-looking conversation in the latest episode of the Al-Attiyah Foundation podcast. In a wide-ranging interview,Saddi, a former Chair of Strategy & Middle East and a veteran of major regional privatisation efforts, outlined Lebanon's pressing energy challenges and the ambitious steps being taken to rebuild a fractured system. Speaking with host Nawied Jabarkhyl, the minister emphasised the need for institutional reform, transparency, and private-sector engagement to unlock investment and stabilise electricity supply. 'Lebanon has endured one of the most severe peacetime economic crises globally,'Saddi said. 'But for the first time since 2019, we have a glimmer of hope. There's a path, a tough path, but nevertheless there is path that if we follow, we should be able to get through the thick of it.'At the heart of this transformation is the country's electricity sector, which has long suffered from decades of underinvestment, regulatory stagnation, and chronic described the absence of new power plant development over the last 15 years as a critical failure, compounded by ineffective governance. 'Tens of billions of dollars were spent without a single new plant being built,' he stated. To rebuild credibility,Saddi is reviving long-dormant legislation, most notably Law 462, passed in 2002 but never implemented. This law calls for the unbundling of generation, transmission, and distribution, and the creation of an independent Electricity Regulatory Authority. He has prioritised the Authority's establishment, receiving over 340 applications for its five positions in a matter of weeks signaling renewed public trust in energy sector reform. The minister also spoke of major infrastructure upgrades, including the construction of at least one new power plant and modernisation of the national transmission grid, envisioning financing these initiatives through international and domestic private partnerships. Renewables are also central to Lebanon's energy highlighted the untapped potential of solar energy and the pivotal role of regulatory reform in enabling utility-scale projects. 'The next step is scaling up with large, grid-integrated projects,' he said. Natural gas will also play a critical role in the energy transition. He confirmed efforts to secure floating storage and regasification units (FSRUs) and re-engage with regional pipeline infrastructure, while continuing exploration partnerships with companies such as TotalEnergies and QatarEnergy. Asked why investors should place faith in Lebanon now,Saddi pointed to a change in mindset: 'Lebanon is back in a sense. The trust in the current government is the highest that it has been for the last 30 or 40 years in Lebanon. The wave of reform that is coming is inescapable; there is no other path that is open to the Lebanese. One of the first things I said when I took this role is that politics must be removed from the electricity sector which has been plagued be political dealings.'
