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US officials described the waters where the attack occurred as international waters.
Updated : Mar 7, 2026

‘We were told to leave’: Sailor’s last call reveals warnings before US attack on Iran warship

The Iranian frigate was struck by a torpedo fired from a US submarine on March 4 in the Indian Ocean, within the search-and-rescue zone of Sri Lanka. The attack occurred roughly 19-40 nautical miles south of Galle, according to various reports. 

The bulk of the spending so far — about $3.1 billion — comes from replacing the large number of missiles, bombs and other weapons fired during the opening strikes. 
Updated : Mar 7, 2026

$3.7 billion in just 100 hours: Inside the massive cost of the first phase of Operation Epic Fury

The campaign began with waves of long-range stand-off weapons such as cruise missiles aimed at degrading Iranian command centres and air defence systems. These missiles are among the most expensive in the US arsenal.

“We will carry out our duty toward our country, our people, and our residents who are also part of our family,” he added.
Updated : Mar 7, 2026

‘Not easy prey’: UAE President Mohammed bin Zayed warns as Iran missile attacks escalate

“The UAE has thick skin and bitter flesh – we are no easy prey,” the Emirati leader said while visiting people injured in recent strikes, according to remarks broadcast on Abu Dhabi TV.  

Kuwait is among the world’s major oil producers, pumping about 2.6 million barrels per day in February.
Updated : Mar 7, 2026

West Asia crisis: Kuwait reduces oil output citing Iran threats to Strait of Hormuz shipping

In a statement on March 7, the state-run Kuwait Petroleum Corporation (KPC) said the move was part of a “risk management and business continuity strategy” amid growing security threats in the region. KPC did not disclose how much output had been reduced.

The criticism came shortly after Pezeshkian publicly apologised to neighbouring states for Iranian attacks carried out during the escalating conflict.
Updated : Mar 7, 2026

‘Weak, unacceptable’: Iranian MP slams President’s apology, urges clerics to appoint Supreme Leader soon

The MP argued that the Iranian president’s tone undermined the country’s armed forces amid the ongoing regional conflict involving Iran, Israel and the United States. The MP added that the countries hosting American military forces — not Tehran — should be the ones offering apologies.

The remarks came as tensions in the region remain high amid the ongoing conflict involving Iran, Israel and the United States.
Updated : Mar 7, 2026

‘No longer bully of Middle East’: Trump warns Iran will be ‘hit very hard today’

Trump further claimed Tehran had ambitions to dominate the region but had now been forced to back down. “They were looking to take over and rule the Middle East. It is the first time that Iran has ever lost, in thousands of years, to surrounding Middle Eastern countries,” he said.

India continues to serve as one of the retailer’s most important sourcing markets for food imports into the UAE. 
Updated : Mar 7, 2026

LuLu Group airlifts fresh food from India to UAE as supply disruptions raise shortage fears in Dubai

The charter cargo operation is designed to move large volumes of perishable food quickly, ensuring that fruits, vegetables and other fresh products remain available for shoppers across LuLu’s supermarket network in the UAE. 

Pezeshkian added that Iran’s interim leadership council had approved the policy in an effort to prevent the conflict from widening across the region.  
Updated : Mar 7, 2026

‘No hostility’: Iran President Pezeshkian apologises to neighbours over strikes amid West Asia conflict

“Iran will not carry out attacks or missile strikes against neighbouring countries unless an attack against Iran originates from those countries,” Pezeshkian said. 

Brent crude climbed to around $90 per barrel as of March 7, 2026, while WTI traded close to $88, after tanker traffic through the Strait of Hormuz slowed sharply
Updated : Mar 7, 2026

West Asia conflict: Morgan Stanley raises oil price forecasts as Hormuz risk premium builds, Brent nears $90

In its latest research note, the brokerage revised its Brent crude forecasts higher, raising its 2026 estimate to $80 per barrel from $62.5, while lifting the next phase outlook to $70 from $60 and projecting prices around $65 for the 2026–27 period.

The Strait of Hormuz's disruption has led authorities to develop this targeted insurance facility to sustain confidence among oil and gas shippers.
Updated : Mar 7, 2026

US commits up to $20 billion in reinsurance for maritime losses in Gulf region: Report

The new reinsurance support will be provided on a rolling basis, with initial attention given to hull and machinery as well as cargo insurance, according to the DFC.

Pakistan petrol crisis
Updated : Mar 7, 2026

Pakistan raises fuel prices 20%; petrol at PKR 321, diesel PKR 335 as Iran war drives oil surge

The government raised prices by PKR 55 per litre, pushing petrol to PKR 321.17 per litre and high-speed diesel to PKR 335.86 per litre, one of the steepest increases in recent years. The hike comes as tensions in West Asia intensify following military strikes involving Iran, Israel and the United States.

The attacks come eight hours after Iranian president apologized Saturday for attacks on “neighboring countries.”
Updated : Mar 7, 2026

US-Israel-Iran War Live: Qatar, Bahrain, and UAE intercept missiles and drones from Iran

US-Israel-Iran War Live updates: Qatar, Bahrain, and the United Arab Emirates all reported they intercepted missiles and drones on Saturday evening from Iran. The attacks come eight hours after Iranian president apologized Saturday for attacks on “neighboring countries.”

The missile that struck from near space
Updated : Mar 7, 2026

Explained: All about the Blue Sparrow, the air-launched ballistic missile used by Israel to take Khamenei out

Khamenei who had led Iran since 1989, died during a targeted strike on February 28 as part of a broader military operation against Iranian leadership and strategic facilities.

Without this crucial "piece of paper," a multi-million dollar vessel is legally and financially unable to sail, turning a geopolitical standoff into a global logistics nightmare.
Updated : Mar 7, 2026

West Asia tensions: About marine insurance, the piece of paper that protects oil shipments via Strait of Hormuz

But while the world watches the price of Brent crude, a quieter, more technical crisis is unfolding behind the scenes: the collapse of marine insurance.

Saad Sherida Al-Kaabi, Qatar’s energy minister, warned in an interview with the Financial Times that crude prices could spike as high as $150 per barrel in the coming weeks if oil tankers are unable to pass through the Strait of Hormuz
Updated : Mar 6, 2026

Oil surges past $90 as Donald Trump demands Iran’s ‘unconditional surrender’, stoking supply fears

Brent crude futures climbed 6.81% to $91.23 a barrel by 10:53 a.m. ET, while U.S. West Texas Intermediate (WTI) crude rose 9.95% to $89.07. U.S. crude has surged more than 30% this week, with Brent advancing nearly 26%, as traders react to growing risks around Middle East energy exports.  

In an interview with Axios, Trump suggested that Washington should play a role in shaping Iran’s future political leadership.
Updated : Mar 6, 2026

‘Make Iran Great Again’: Trump rejects Iran deal; demands ‘unconditional surrender’

Trump’s remarks come nearly a week after the United States and Israel launched coordinated strikes on Iranian targets, triggering missile and drone retaliation from Tehran and widening the conflict across the region.  

The company said critical shipments such as food, medicines and other perishable goods would receive special attention despite the restrictions. 
Updated : Mar 6, 2026

Shipping crisis: Maersk pauses key services, cargo bookings across West Asia

Maersk also warned of disruptions in air cargo operations after several countries in the region — including the UAE, Qatar, Bahrain, Kuwait, Iraq and Iran — temporarily suspended their airspace.

Although Qatar sends only a limited share of its LNG exports to Europe, al-Kaabi warned the continent could still face a severe squeeze.  
Updated : Mar 6, 2026

Oil at $150, gas prices to quadruple? Qatar warns West Asia war could crash global economy

According to Saad al-Kaabi, Qatari energy minister, the disruption may soon force energy exporters across the Gulf to invoke force majeure, a legal clause that allows suppliers to suspend deliveries due to extraordinary circumstances.  

For emergency departures, Indian nationals can currently exit Qatar through the Salwa land border crossing into Saudi Arabia.  
Updated : Mar 6, 2026

India issues advisory for nationals in Qatar: How to stay safe, exit option through Saudi Arabia

The Embassy also confirmed that Qatar’s airspace remains closed, with flight operations temporarily suspended. National carrier Qatar Airways is expected to provide the next update on flight operations on March 7 at 09:00 hrs Doha time.  

Speaking at the Raisina Dialogue 2026 in New Delhi, Khatibzadeh accused Washington and Tel Aviv of launching aggression against Iran based on “flat lies”. 
Updated : Mar 6, 2026

‘Will announce it’: Iran denies closing Strait of Hormuz, says 'no immediate plan' to shut global oil route

Iran’s Deputy Foreign Minister Saeed Khatibzadeh remarks come a day after Iran’s powerful military arm, the Islamic Revolutionary Guard Corps, said that passage through the strait would remain under the control of the Islamic Republic during wartime.

Rising freight costs and escalating geopolitical tensions
Updated : Mar 6, 2026

Freight surge, Gulf tensions threaten ₹5,000-crore pharma exports to West Asia

Concern comes even as India’s pharmaceutical exports to the West Asia and North Africa (WANA) region have grown steadily in recent years

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