Explosions rocked Beirut early Monday as Israel targeted the Lebanese capital in a new wave of attacks. Simultaneously, Dubai suspended airport operations temporarily after an Iranian drone struck a fuel tank.
Following recent strikes by the United States and Israel, Iran has been retaliating by targeting Israel, American bases, and energy infrastructure in Gulf Arab countries using drones and missiles.
Iran has effectively halted shipping traffic in the strategic Strait of Hormuz, a crucial route for a fifth of the world's oil supply. This disruption has raised concerns about a potential global energy crisis, with Brent crude prices remaining above $100 per barrel on Monday, up nearly 45% since the initial attacks on Iran.
President Donald Trump has urged around seven countries to send warships to safeguard the Strait of Hormuz, but so far, no commitments have been made. The rising fuel prices are causing worry within the Republican party, fearing backlash from American consumers in the upcoming elections.
Iran's Foreign Minister Abbas Araghchi dismissed speculations of seeking a truce or negotiations, emphasizing their determination to continue military action against the U.S. and its allies.
In a separate incident, a drone strike near Dubai International Airport ignited a fire in a fuel tank, prompting a temporary flight suspension. Additionally, an Iranian missile hit a vehicle in Abu Dhabi, resulting in a fatality, and an oil facility in Fujairah caught fire following a drone attack.
Amid the conflict, Iran has launched numerous missiles and drones towards Gulf nations hosting U.S. military assets. The UAE claims to have intercepted most of these attacks, while Iranian officials accuse the UAE of facilitating strikes against Iran.
Saudi Arabia reported intercepting 35 Iranian drones directed towards its major oil installations. Israel also engaged in missile exchanges with Iran, with reports of cluster bomb usage by Iranian forces.
Israel intensified attacks on Beirut, targeting Hezbollah infrastructure, leading to evacuations and displacements in Lebanon. The conflict has resulted in significant casualties, with over 800,000 people displaced in Lebanon and hundreds killed in both Iran and Israel.
Trump warned countries refusing to assist in securing the Strait of Hormuz that their lack of support would be remembered. The European Union discussed extending its naval mission to protect the strait, with some EU members questioning the clarity of U.S. and Israeli objectives in the conflict.
Japan, a major oil importer, expressed readiness to protect its ships in the region independently of U.S. requests. As oil prices surge, Japan began releasing oil reserves to mitigate potential supply shortages.
Trump expressed confidence in a quick resolution to the conflict, anticipating a rapid decline in oil prices once the situation stabilizes. However, he did not confirm discussions on selling oil futures to control escalating prices.
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