The outbreak of the conflict in the Middle East has seen maritime insurers cancel coverage, adding to the risk shipping companies face.

As in 2022 when Russia invaded Ukraine, the new war in the Middle East is exposing once again how far Europe and others lag in replacing imported fossil fuels with domestic solar and wind power, specialists say.

Shipping through the Strait of Hormuz between Iran and Oman has ground to a near halt after vessels in the area were hit

Market moves have been comparatively mild amid hopes that the crisis will be short-lived

Companies including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations would take effect from March 5

The multinational cigarette producer blamed it on a plunge in profit in 2025

Despite the surge, the price was below the level it reached in January

It was shut as a precautionary measure and the situation is under control, the source said.

The grounding of ships around the Gulf and the paralysis of the Strait of Hormuz represent a significant upheaval for a wide range of sectors

Much of the oil flows to Asia, and particularly China which was the main buyer of Iranian crude

Military strikes by the United States and Israel on Iran showed no sign of lessening, while Iran responded with missile barrages across the region, risking dragging its neighbours into the conflict.

Global air travel remained in turmoil on Monday as war in Iran forced the closure of key Middle Eastern hubs including Dubai and Doha for a third day

Gold rose to near a one-month high on Friday and was headed for a seventh straight month of gains, supported by geopolitical tensions after the United States and Iran extended nuclear talks, while softer US Treasury yields further boosted bullion.

Green Pure Houseware (BD) Co Ltd, a China (Hong Kong)-based company, is set to invest $30.47 million to set up a manufacturing plant in the Bepza Economic Zone.

Global energy markets face one of their gravest shocks in decades as joint US and Israeli strikes on Iran and Tehran’s retaliatory missile attacks across the Gulf disrupt oil exports from the world’s most important producing region.

Only one out of seven vessels owned by the Bangladesh Shipping Corporation is now in the Gulf region

Oil could spike to $100 a barrel, analysts say

This is the highest amount in at least seven fiscal years

The Strait of Hormuz links the Gulf to the Indian Ocean and is situated between Iran and Oman's Musandam exclave

The conflict could certainly severely disrupt global oil supplies and send barrel prices soaring to a level not seen in years