World Business News32 nations agree to release record 400 million barrels of oil from strategic stockpiles amid Iran war supply disruptions
US to contribute 172 million barrels, Japan promises swift release of 80 million barrels; Oil prices rise as concerns of prolonged supply disruption persist
Mar 12, 2026
World Business NewsCiti, StanChart evacuate Dubai offices, HSBC closes Qatar branches after Iran threatens to hit US, Israel-linked banks
Dubai's status as a financial hub under threat as Tehran's military command warns it will target economic and banking interests linked to the US and Israel in the region after an attack on an Iranian bank
Mar 11, 2026
World Business NewsIran war causes double blow to Indian airlines already hit by Pakistan airspace ban
Air India and IndiGo cancel 64% of 1,230 scheduled flights to Middle East, Europe and North America in last 10 days
Mar 11, 2026
World Business NewsAramco warns of "catastrophic consequences" for oil markets if Iran war continues to disrupt cargoes
CEO Amin Nasser says current disruption largest crisis region’s oil and gas industry has faced
Mar 11, 2026
World Business NewsCargo ship hit by projectile in Strait of Hormuz, crew evacuates
An unknown projectile causes fire onboard, prompting the crew to evacuate and request assistance
Mar 11, 2026
World Business NewsUAE oil giant ADNOC shuts Ruwais refinery after drone strike, source says
Site hosts ADNOC facilities refining 922,000 barrels per day and major petrochemical plants
Mar 11, 2026
World Business NewsAsian, European airlines raise fares as Middle East conflict lifts fuel costs, disrupts flights
Jet fuel prices soar to $150-$200 from around $85-$90 per barrel before war; Carriers reroute flights and adjust schedules as Mideast airspace tightens; Some airlines with fuel hedges move cautiously, while others pass costs on to travellers
Mar 11, 2026
World Business NewsUS Navy tells shipping industry Hormuz escorts not possible for now
Trump promises tanker escorts, but Navy still reviewing options amid high risks
Mar 11, 2026
World Business NewsOil falls on report of IEA proposing biggest oil release ever
WSJ reports IEA proposed largest-ever release of oil reserves
Mar 11, 2026
World Business NewsDiesel markets, upended by Middle East conflict, threaten global economic slowdown
Strait of Hormuz disruptions could result in 3-4 million bpd of diesel supply loss; Retail diesel prices could double if shipping disruptions persist; Higher diesel prices could lift costs for everyday goods
Mar 11, 2026
World Business NewsCurrency market on tenterhooks as Iran war weighs on sentiment
Dollar wobbles as traders eye Middle East developments; Traders pin hope on swift resolution after Trump comments
Mar 11, 2026
World Business NewsOil shock to worsen should US-Israel seize Iran's Kharg Island, JP Morgan says
A direct strike would immediately halt the bulk of Iran’s crude exports, likely triggering severe retaliation in the Strait of Hormuz or against regional energy infrastructure, global financial services says
Mar 10, 2026