Regional oil giant Saudi Aramco said one of its refineries was
hit, causing a small fire that was contained.
Prospects of an escalation sent oil
prices surging, as investors assess risks of supply disruption. Safe‑haven gold climbed,
while U.S.
futures and Asian equity
markets fell across the board.
Iranian Supreme Leader Ayatollah Ali Khamenei was killed on the
conflict’s first day and state media reported more than 200 people were killed
in the country, while the U.S. has confirmed three American service members
have died and five have been seriously wounded. President Donald Trump has
warned of further American casualties and said the conflict could last up to
four weeks.
Trump also said Iran’s new leadership was looking to resume
negotiations, but Iran’s
security chief Ali Larijani said Tehran had no plans to engage
in talks with the U.S.
Iran is in a sensitive leadership transition, with a temporary
council, including senior cleric Ayatollah Alireza Arafi and President
Masoud Pezeshkian, assuming control
Emirates and Etihad have temporarily halted all flights into and
out of their hubs in the United Arab Emirates on Monday.
“Due to multiple regional airspace closures, Emirates has
temporarily suspended all operations to and from Dubai, up until 1500hrs UAE
time on Tuesday, 3 March,” Emirates said in an advisory on its
website.
“The situation remains dynamic and is assessed continuously. We
urge all customers to review the latest operational updates on emirates.com and
check their email for any notifications about changes or cancellations to their
flights before travelling to the airport,” Emirates said.
The UAE’s other major carrier, Etihad Airways, also said it was
suspending flights.
“Regional airspace closures continue to impact Etihad Airways’
operations, and all flights to and from Abu Dhabi are suspended until 14:00 UAE
time on Tuesday 3 March,” Etihad said on its website.
Meanwhile, Jordan announced a partial and temporary closure of its
airspace.
-- Azhar Sukri and
Emma Graham
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