Panoramic view of Tehran with smoke visible in the distance after an explosion was reported in the city, March 2, 2026 in Tehran, Iran.
Contributor | Getty Images
What you need to know today
The first flights from Dubai have been allowed to depart since the US and Israel attacked Iran, but the service is “limited”. This comes after more than 11,000 flights were canceled in the Middle East.
Oil prices soared after Iran reportedly announced it had closed the Strait of Hormuz. Oil prices rose more than 8% on Monday as market participants feared the war between the United States and Iran could spiral out of control and lead to major supply disruptions.
Apple has launched a low-cost iPhone 17e and a new iPad Air equipped with the M4 chip. The products kick off a week of product announcements on Monday as Apple begins a broad multi-day hardware push.
The S&P 500 rebounded from a sharp decline earlier in the day to end just above the flatline on Monday as investors bought on the spurt in the wake of the U.S. and Israeli attacks on Iran. The Nasdaq Composite Index rose 0.36%, and the Dow Jones Industrial Average fell 0.15%.
India is feeling the heat as tensions in the Middle East show no signs of abating, with soaring oil prices potentially adding to already hefty energy import bills and disruptions to flight routes hampering airline operations.
Uncertainty surrounding US President Donald Trump’s high-stakes visit to China has increased following the US attack on Iran that killed Supreme Leader Ayatollah Khamenei. Analysts say such a move could complicate Trump’s high-stakes trip to Beijing.
Qatar has halted liquefied natural gas production following Iranian attacks on two of its major operating facilities, as the Islamic Republic expands retaliatory attacks targeting regional energy infrastructure in its Persian Gulf neighbors.
And finally…
Strait of Hormuz crisis explained: What it means for global shipping
The escalation of wars in the Middle East has raised concerns about long-term disruption to global trade through key maritime corridors such as the Strait of Hormuz and Bab el-Mandeb.
Container shipping giants suspended operations through the strategic Strait of Hormuz and rerouted ships near the southern tip of Africa after the United States and Israel attacked Iran over the weekend.
Danish shipping company Maersk said in a statement that it was suspending all vessel traffic in the Strait of Hormuz until further notice, warning that services calling at Persian Gulf ports could be delayed.
