Senator Elizabeth Warren, a Democrat from Massachusetts and ranking member of Senate Banking, Housing, and Urban Affairs Committee, speaks during a hearing in Washington, DC, US, on Thursday, Feb. 12, 2026.
Stefani Reynolds | Bloomberg | Getty Images
Sen. Elizabeth Warren is demanding answers to economic questions surrounding the Iran war, ticking off a list of queries about the impact on food, energy and retail costs, among other concerns, in a letter sent Friday to administration officials.
The liberal Democratic firebrand from Massachusetts ripped President Donald Trump, whom she said has “dragged the United States into an illegal and reckless war” that will hurt U.S. consumers, particularly in the middle and lower classes.
“I write today with grave concern that President Trump is weakening an already fragile economy, and will continue to do so, pouring billions of dollars into a war that will drive up prices, slow growth, and leave American families with higher costs while they are forced to foot the bill,” Warren said, according to a letter exclusively obtained by CNBC.
Warren is the ranking member on the Senate Banking, Housing and Urban Affairs Committee.
Since the war began three weeks ago, energy costs have soared. The benchmark global oil price is approaching $110 a barrel, with costs at the pump nearing $4 a gallon, or about $1 higher than a month ago, according to AAA.
Official government inflation figures are not available yet for March, but surging energy costs — and pass-through effects — are likely to boost prices at least as long as the fighting continues.
Warren delineated impacts on energy, food and retail prices, and said the war is having a broader impact in terms of economic uncertainty.
“The list of economic consequences goes on and on,” she wrote. “And it does not appear that the Trump Administration has any meaningful plan to keep prices low or prevent Americans from running low on the goods they need to work, go to school, and feed their families.”
Administration officials did not immediately respond to a request for comment.
The letter was addressed specifically to Treasury Secretary Scott Bessent, National Economic Council Director Kevin Hassett, and Pierre Yared, the acting chair of the Council of Economic Advisers.
Warren quizzed the recipients on whether their organizations had done costs analyses on the war’s impact prior to its start or had projections on where they see prices going for the rest of 2026.
Earlier in the week, Federal Reserve Chair Jerome Powell did not directly address the war but said he expected energy prices would rise but wasn’t sure of the longer-term impacts. The Fed voted to hold its benchmark rate steady, in part citing uncertainty over the war.
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FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016.
Nick Oxford | Reuters
Supply measures alone won’t be enough to mitigate “the largest supply disruption in the history of the global oil market” amid an escalating conflict in the Middle East, the International Energy Agency warned on Friday.
Instead of waiting for disrupted production to recover, lowering demand could ease pressure on consumers and help bring prices down more quickly.
Minimizing road and air transport, working from home where possible, and switching to electric cooking could significantly help cushion the shock for consumers, the agency said.
Heightened geopolitical risk has rattled traders, sending not only crude prices higher but also sharply increasing costs for refined products such as diesel and jet fuel, which directly impact transportation, logistics and consumer prices.
Oil prices have surged more than 40% since the start of the U.S.-Iran war on Feb. 28, reaching their highest levels since 2022 as supply has been severely disrupted, mostly due to the effective closure of the Strait of Hormuz.
The strait is a narrow maritime corridor off Iran’s coast that connects the Persian Gulf and the Gulf of Oman and normally carries about a fifth of global oil consumption.
Countries have already begun tapping strategic petroleum reserves, with hundreds of millions of barrels slated for release.
The IEA last week agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war — the largest such action in the organization’s history — without providing a timeline for when the stocks would enter the market.
Lowering oil demand
While policymakers continue to manage supply disruptions, coordinated efforts to reduce consumption could provide the fastest relief.
“Addressing demand is a critical and immediate tool to reduce pressure [on] consumers by improving affordability and supporting energy security,” the IAE said Friday, as it laid out a range of measures that can be taken by households and businesses to lower demand.
Among the most impactful steps are encouraging remote work where possible, increasing carpooling and public transit use, and cutting back on non-essential air travel.
Read more U.S.-Iran war news
Measures focus primarily on road transport, which accounts for around 45% of global oil demand.
Working from home where possible reduces fuel demand for commuting, while lowering speed limits, shifting from private cars to public transport, and alternating private vehicle access in cities, could further reduce congestion and fuel consumption, the agency said.
Measures to shift liquefied petroleum gas (LPG) use away from transport and towards essential applications like cooking can also help keep prices lower, as can adopting alternative clean cooking solutions that reduce reliance on LPG.
Taxes
Countries are also looking to fiscal measures to ease the pressure on consumers and prevent sharp rises in fuel prices that could add to inflationary pressures.
Spain is planning to reduce the value-added-tax (VAT) on fuel to 10% from 21%, according to a local media report citing sources familiar with the matter. The government will also eliminate a 5% tax on electricity, according to the report.
Italy on Wednesday cut excise duties on fuel, while Germany’s finance ministry has said it is looking at ways to shield consumers from rising fuel prices, such as introducing a windfall tax on oil companies.
Early Friday, international Brent crude futures with May delivery rose 1.3% to $109.93 per barrel, while U.S. West Texas Intermediate futures with April delivery traded largely flat at $96.20.
— CNBC’s Sam Meredith contributed to this report
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Garrett Mauch spreads manure as fertilizer on fields at his family’s farm in Lamar, Colorado, on January 21, 2026.
RJ Sangosti | The Denver Post Via Getty Images | Denver Post | Getty Images
The Strait of Hormuz shutdown caused by the war in Iran is jacking up fertilizer prices, hitting farmers in their pocketbooks and threatening to raise food prices.
Now, Democrats trying to win the U.S. midterm elections in November see another new opportunity to pound the affordability crisis and turn the tide after years of losses in the states that produce crops and livestock.
The Strait of Hormuz is a critical channel for fertilizer, including about 50% of global nitrogen-rich urea fertilizers, according to the Fertilizer Institute, the industry’s trade association. The strait has been effectively impassable since President Donald Trump launched the assault, which is now in its third week with no end in sight.
The closure has spiked fertilizer prices just before planting season, potentially scrambling decision-making for farmers across the U.S. And it comes on top of already low commodity prices that have lingered for years and eaten into farmers’ margins.
“We’re in uncharted territory,” Matt Frostic, a Michigan farmer who sits on the board of the National Corn Growers Association, said in an interview with CNBC. “It’s like a code red.”
Frostic said he purchased nitrogen fertilizer, critical for corn crops, in January for around $350 per ton. That same product, he said, is now closing in on $600 per ton.
The murky farm outlook also comes eight months before the midterm elections that could cost Trump control of both the House of Representatives and the Senate. Democrats, who are trying to win competitive seats in farm-heavy states such as Iowa, Minnesota and Nebraska, are jumping on the high fertilizer prices as a new example of the affordability issue that continues to haunt Trump and Republicans.
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“There are tons of people just like me in our district who are like, I don’t get it. I don’t understand. It was already hard, and now they’re making it harder, and nobody knows why,” said Jake Johnson, a public school teacher who is running for Congress in Minnesota’s first District against incumbent Republican Rep. Brad Finstad.
“Our number one job as a campaign and what we want to talk about to every single person we talk to is we need ways to make things cheaper,” Johnson said.
The rural entreaties from Democrats come after years of bleeding support in the country’s rural, agrarian states in the middle of the country. Trump in 2024 won nearly every state in the Midwest, with exceptions in Minnesota and Illinois. He also dominated the county-by-county contest, according to the Center for Politics, winning 2,660 counties compared with former Vice President Kamala Harris’ 451, which were centered in the most populated parts of the U.S.
Democrats want to win rural America
Turning the tide in rural America has been a longtime goal for Democrats, but has often proved elusive. In Iowa in 2018, Democrats won 3 out of the 4 congressional seats in the state. Now, Republicans control all four. But with Trump’s economic approval plummeting and Democrats leading in the generic ballot, Democrats have high hopes this year.
“A vote for me is a vote to end tariffs, and it’s a vote to end the war,” he said. “We do have to start by undoing the obvious damage that the status quo has foisted upon us.”
Republican presidential candidate and former U.S. President Donald Trump takes the stage during his Iowa caucus night watch party in Des Moines, Iowa, U.S., January 15, 2024.
Evelyn Hockstein | Reuters
Republicans, meanwhile, are scrambling to push even more aid to farmers just months after last year’s infusion. An additional farmer bailout, estimated at around $15 billion, was being discussed before the war broke out to address low crop prices — and lawmakers are now seeking to attach it to a potential Iran supplemental spending bill. The White House is floating a $200 billion spending request for the war.
“Clearly there’s going to be a supplemental for the conflict in Iran,” Sen. John Hoeven, R-N.D., who leads the Senate Appropriations subcommittee responsible for funding the Agriculture Department, said in an interview.
To get approval for such a package in the Senate, Hoeven said he expects more than war spending will need to be included. He pointed to disaster assistance that Democrats want and aid for farmers as likely add-ons.
On Thursday, more than 50 agriculture trade groups including the Farm Bureau wrote another letter to Trump, asking him to include farm aid in the forthcoming defense package.
“As the Administration considers what needs to be included in a defense supplemental package in the coming weeks, we urge you to include much-needed market relief for America’s farmers,” the letter read.
“The good news is everybody understands what a problem this is for our farmers,” Boozman said in an interview. “Because of that, everything’s on the table. We’re looking at all the options that are available, and hopefully we’ll decide on a plan soon.”
Boozman did not detail what those plans would be. His counterpart in the House, Rep. G.T. Thompson, R-Ark., said Trump is “aggressively” trying to work on getting the Strait of Hormuz back open.
Thompson noted Trump’s efforts to court “other countries in order to make those transport ships and tankers be able to pass safely during that narrow strip.”
He also said any tariffs on fertilizer should be removed ahead of planting season.
“We really shouldn’t have tariffs on fertilizer or any of the components,” he said.
Treasury Secretary Scott Bessent on Fox Business Thursday said Agriculture Secretary Brooke Rollins “will likely be making an announcement on fertilizer in the next few days.”
Bessent noted the Trump tariffs largely exempt nitrogen-based fertilizer, which is critical to growing corn.
But opening the strait to allow fertilizer to flow is a tall order for the administration, despite efforts to free trapped cargo ships. And the risks for U.S. farmers and food consumers continue to rise.
“Without strategically prioritizing the delivery of critical farm inputs such as urea, ammonia, nitrogen, phosphate, and sulfur-based products, the U.S. risks a shortfall in crops,” American Farm Bureau Federation President Zippy Duvall said in a recent letter to Trump. “Not only is this a threat to our food security — and by extension our national security — such a production shock could contribute to inflationary pressures across the U.S. economy.”
Agriculture price shocks similar to 2022
Joe Glauber, a former chief economist at the Agriculture Department under the Obama administration and a research fellow emeritus at the International Food Policy Research Institute, said the shock is similar to when Russia invaded Ukraine — but noted that the accompanying commodity price spikes are now missing.
“We hit record levels in 2022,” Glauber said. “But the other thing that was really high in 2022 were grain prices, and so farmers, even though they were paying really high fertilizer costs, they were able to more or less get by because they were getting good returns from what they were selling.”
Glauber said farmers are right to be worried if they’re only considering their balance sheet — what they grow and what they sell. But he noted the influx in government payments to farmers, like the one being considered now in Congress, has been huge in recent years.
“It’s a different story if you include government payments,” Glauber said. “And there’s just been a ton of government payments.”
Frostic, the Michigan farmer, said he’s aiming for Congress to pass a “consumer choice” bill that would allow drivers to buy ethanol gasoline, known as E15, year-round. Ethanol is typically priced cheaper than regular gasoline, and the bill would potentially lift commodity prices by giving farmers a new market to sell into.
And Frostic, while saying he was grateful for government payments, said the bailout may fall short and that he’d rather make money by selling his crop.
“I would rather sell my products and make money than have the government write me a check to make me whole,” he said. “It distorts the market too much, it can kind of pick winners and losers, and typically when we get checks like that, it’s a pass-through.”
An Iranian security personnel monitors an area in phase 19 of the South Pars gas field in Assalooyeh on Iran’s Persian Gulf coast 1,400 km (870 miles) south of Tehran on August 23, 2016.
Morteza Nikoubazl | Nurphoto | Getty Images
U.S. President Donald Trump on Wednesday warned that if Iran continued targeting Qatar’s energy facilities, America would “massively blow up the entirety of the South Pars Gas Field.”
Tehran has attacked a key energy facility in Qatar after Israel bombed the South Pars Gas in Iran, signaling a sharp escalation in the conflict and sending energy prices soaring.
Qatar said Wednesday that Iranian missiles caused “extensive damage” at Ras Laffan Industrial City, home to the largest liquefied natural gas, or LNG, export facility in the world.
Trump also denied any prior knowledge of Israel attacking South Pars, pushing back against reports that the strike was coordinated with and approved by his administration.
In a social media post Wednesday night stateside, Trump said that “the United States knew nothing about this particular attack, and the country of Qatar was in no way, shape, or form, involved with it, nor did it have any idea that it was going to happen.”
Trump also urged Israel to end attacks on the South Pars gas field, unless Iran “unwisely” decides to attack Qatar. In that case, the U.S. will “massively blow up the entirety of the South Pars Gas Field at an amount of strength and power that Iran has never seen or witnessed before.”
The attack on South Pars — the world’s largest natural gas reserve, shared between Iran and Qatar — marked the first time Israel has targeted Iranian natural gas production infrastructure since the conflict began on Feb. 28.
Iran has fired ballistic missiles at Qatar’s Ras Laffan Industrial City, with QatarEnergy saying the attack had caused “extensive damage” warranting deployment of emergency response teams to contain fires at the site. No casualties were reported.
Separately, Reuters reported Thursday that the U.S. government was considering deploying thousands of U.S. forces to the Middle East, raising the prospect of further escalation.
As tensions spiral, world leaders are scrambling to contain the Middle East conflict amid fears of deepening the turmoil in global energy markets.
Europe calls for de-escalation
Following phone calls with the Emir of Qatar and Trump, French President Emmanuel Macron called for an immediate halt to targeting civilian infrastructure.
“It is in our common interest to implement, without delay, a moratorium on strikes targeting civilian infrastructure, particularly energy and water supply facilities,” he said in a post on X on Thursday.
German Foreign Minister Johann Wadephul on Wednesday warned of a “crisis of the gravest order” if global supply chains continued to be disrupted, calling for a path toward de-escalation and a cessation of hostilities once U.S. and Israeli military objectives are achieved, according to local media reports.
Gulf states sound alarm
The United Arab Emirates called the targeting of energy facilities linked to the South Pars field in Iran a “serious escalation,” posing “a direct threat to global energy security” with severe environmental repercussions.
The UAE Ministry of Foreign Affairs also called Iran’s targeting of its Habshan gas facility and Bab field a “terrorist attack,” risking a “dangerous escalation.”
Qatar’s foreign ministry spokesperson Majed al-Ansari described the Israeli strike on South Pars as “a dangerous and irresponsible step” amid escalating regional tensions.
The Gulf nation has declared Iranian military and security attachés and their staff at the Iranian embassy in Doha “persona non grata,” ordering them to leave the country within 24 hours.
Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud also appeared to toughen the tone, reportedly saying that “what little trust there was before with Iran has completely been shattered.” Both political and non-political responses to Iran remain on the table, he added.
Iran vows retaliation
Iran’s Islamic Revolutionary Guard Corps on Wednesday threatened to escalate hostilities by targeting oil and gas facilities in Saudi Arabia, the UAE, and Qatar.
In a post on X, Iran’s President Masoud Pezeshkian condemned the strikes on Iran’s energy infrastructure, saying that they “could have uncontrollable consequences, the scope of which could engulf the entire world.”
The attacks on Middle East energy production facilities have further deepened supply disruption triggered by the conflict. Brent crude May futures rose 4% to $111.77 a barrel as of 10:25 p.m. ET , while U.S. West Texas Intermediate futures for April climbed over 1.3% to $97.56 per barrel.
Oil tanker traffic through the Strait of Hormuz — a vital chokepoint for one-fifth of global oil supply and a significant share of LNG exports — has plunged since the war began, with the waterway effectively closed to most commercial shipping.
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Micron CEO Sanjay Mehrotra speaks at a groundbreaking ceremony for the company’s semiconductor manufacturing facility in Clay, New York, on Jan. 16, 2026.
Heather Ainsworth | Bloomberg | Getty Images
Micron’s revenue almost tripled in the latest quarter as results topped analysts’ estimates and guidance sailed past expectations. The stock, which is up more than 350% in the past year, slipped in extended trading.
Here’s how the company did relative to LSEG consensus:
Earnings per share: $12.20 adjusted vs. $9.31 expected
Revenue: $23.86 billion vs. $20.07 billion expected
Micron is benefiting from soaring demand for Nvidia graphics processing units that run generative artificial intelligence models. Each generation of Nvidia chip packs in more memory, creating a supply crunch. Micron has been working to add capacity, as have competitors Samsung and SK Hynix.
Revenue in the fiscal second quarter increased from $8.05 billion a year earlier, according to a statement.
For the current period, the company expects about $33.5 billion in revenue, up from $9.3 billion a year ago, implying growth of over 200%. Adjusted earnings per share will be about $19.15, Micron said. Analysts polled by LSEG had expected $12.05 in adjusted earnings per share on $24.3 billion in revenue.
“The step-up in our results and outlook are the outcome of an increase in memory demand driven by AI, structural supply constraints and Micron’s strong execution across the board,” CEO Sanjay Mehrotra said in prepared remarks the company issued at the time of the release.
Micron’s stock has been on a tear. The shares tripled in 2025 and have jumped another 62% year to date as of Wednesday’s close. Among the 10 most valuable U.S. tech companies, Micron is the only one that’s up. Oracle is the leading decliner, down 22%, and Microsoft and Tesla have also seen double-digit percentage drops.
“Looking at how the shares were trading going into this earnings report, I thought the biggest risk was high investor expectations,” said Hendi Susanto, a portfolio manager at Gabelli Funds, in an email. “However, fiscal third-quarter guidance is strong, well above analysts’ and my own expectations.”
Mehrotra said that AI and conventional servers are facing a “lack of adequate DRAM and NAND supply.” That refers to the company’s traditional memory products that have long been used in data centers and devices.
Memory companies have been shifting production capacity largely to high-bandwidth memory, which is embedded onto Nvidia’s latest GPUs and many other chips powering AI. Those products have higher margins.
The company’s GAAP gross margin, the profit left after accounting for the cost of goods sold, more than doubled in the past year to 74.4% from 36.8%, and increased from 56% in the prior quarter.
Net income climbed to $13.8 billion, or $12.07 per share, from $1.58 billion, or $1.41 per share, in the same quarter last year.
Micron said revenue in its cloud memory business rose more than 160% to $7.75 billion. The mobile and client unit saw even steeper growth, with revenue jumping to $7.71 billion from $2.24 billion a year ago.
Memory is typically a commodity business, which comes with lower margins than other silicon products and short-term contracts. In the past few months, memory companies have signed longer-term contracts as semiconductor makers work to ensure future capacity.
“As AI evolves, we expect compute architectures to become more memory-intensive,” the company said in an earnings presentation. “This is why we strongly believe that Micron is one of the biggest beneficiaries and enablers of AI.”
Mehrotra said on the earnings call that volume production of HBM4 for Nvidia’s Vera Rubin started in the fiscal first quarter, and next-generation HBM4e products will ramp in 2027. Nvidia has said it will utilize custom HBM in its next-generation Feynman GPU coming in 2028.
Mehrotra added that capital expenditures will “step up meaningfully” in fiscal 2027, with construction-related costs increasing by over $10 billion.
Micron is building two giant new campuses of fabrication plants in Idaho and New York to increase its memory manufacturing capacity in the U.S. Mehrotra said on the call that initial production at the Idaho site is expected by mid-2027. Micron broke ground in January on the massive $100 billion New York campus, and expects wafer output by the second half of 2028.
WATCH: How Micron is building the biggest-ever U.S. chip fab, despite China ban
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By JAMIE BULLEN, LIVE COVERAGE EDITOR and NOOR QURASHI, NEWS REPORTER
Updated:
Missiles caused ‘extensive damage’ in Qatar tonight hours after Iran threatened to wage a ‘full scale economic war’ by attacking energy facilities across the Middle East.
Video showed huge explosions in Ras Laffan – the world’s biggest natural gas plant – as well as Saudi Arabia’s capital Riyadh.
Energy sites in Saudi Arabia, the United Arab Emirates and Qatar were evacuated after Tehran warned it would hit them with strikes in ‘the coming hours’.
The price of Brent crude soared this afternoon by more than five per cent to over $109.
‘These centres have become direct and legitimate targets and will be targeted in the coming hours,’ the Islamic Republic warned.
Earlier, Israel said Iran’s intelligence minister Esmail Khatib has been killed in an overnight airstrike in Tehran marking the latest assassination to hit the regime.
Israel’s defence minister Israel Katz declared Khatib had been ‘eliminated’ and promised more ‘significant surprises’ today as the Israeli military hunts down high-ranking Iranian officials.
It comes as Iranians gather for the funeral of Ali Larijani, the assassinated security chief whose death was confirmed by Tehran last night. Larijani and military commander Gholamreza Soleimani were assassinated yesterday.
Follow the latest updates on the US-Israel war with Iran
Breaking:Fire reported at Ras Laffan in Qatar – area Iran warned it would target
The Qatari government has said it is dealing with a fire in the area of Ras Laffan – home to a refinery that Iranian state mediaearlier said it would target and warned should be evacuated.
Qatar is one of several Gulf Arab states that had been bracing for Iran’s retaliation after Israel struck Iranian facilities in the South Pars field, the world’s largest gas field, today.
The South Pars and the adjacent North Dome fields have been shared between Iran and Qatar for years.
Qatar’s Foreign Ministry spokesman, Majed Al Ansari, condemned Israel’s attack on the key economic target as being ‘reckless and irresponsible’.
QatarEnergy said:
Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused.
All personnel have been accounted for and no casualties have been reported at this time
WATCH: Orange fireball lights up sky in Riyadh as missiles strike Saudi Arabian capital
Striking video shows the moment Saudi Arabia’s capital Riyadh was targeted by missiles.
A bright orange fireball lit up the sky as huge explosions rocked the city.
It comes just hours after Iran threatened to wage a ‘full scale economic war’ by attacking energy facilities across the Middle East.
Oil prices rise above $108 a barrel as missile strikes Iranian gas facility
Oil prices have surged today after Iran said the US and Israel struck one of its gas facilities.
Brent oil rose 5% to over $108 a barrel after Iran vowed to hit energy facilities throughout the Gulf in retaliation to what it said was an attack on a facility on the Gulf coast serving a massive gas field it shares with Qatar.
The three main US stock indexes all opened lower, and European stock markets reversed earlier gains.
Earlier today, oil prices fell slightly after Iraq said it had resumed limited oil exports through the Turkish port of Ceyhan, using a pipeline that avoids the effectively shut Strait of Hormuz, through which a fifth of global oil flows.
The prices dropped despite Iran vowing revenge after Israel killed security chief Ali Larijani, a key force leading Iran since the death of Supreme Leader Ayatollah Ali Khamenei in the first strikes of the war.
The latest flareup in violence appears to rule out any opening of the Strait of Hormuz – which in peacetime carries about a fifth of global oil and LNG trade – to shipping in the near term.
Oil prices surge as Iran threatens ‘full scale economic war’
Oil prices have soared by five percent as Iran targets oil and gas facilities across the Middle East after threatening ‘full scale economic war’.
Energy sites in Saudi Arabia, the United Arab Emirates and Qatar have been evacuated after the regime said it would pummel them with strikes in ‘the coming hours’.
‘These centres have become direct and legitimate targets and will be targeted in the coming hours,’ the Islamic Republic warned.
‘Therefore, all citizens, residents, and employees are requested to immediately leave these areas and move to a safe distance without any delay.’
The evacuation warning came after Iranian facilities in South Pars and Asaluyeh were struck by Israeli missiles.
An Iranian assault would further devastate the global economy, with the closure of the Strait of Hormuz already sparking fears of a worldwide economic crisis.
Ras Laffan fire is now under control, Qatar says
The fire in Ras Laffan has been brought under control, Qatar’s interior ministry has said.
No injuries were reported.
UAE: Air defences responding to incoming missile and drone threats
The United Arab Emirates has said its air defences are currently responding to incoming missile and drone threats from Iran.
‘Consequences beyond our control’: Iranian president issues ominous warning after gas field attack
Iranian President Masoud Pezeshkian has warned of ‘consequences beyond our control’ after the attack on its South Pars gas field.
He warned the scope of the consequences would ‘engulf the entire world’.
Qatar is one of several Gulf Arab states that had been bracing for Iran’s retaliation after Israel struck Iranian facilities in the South Pars field, the world’s largest gas field, today.
Qatar calls Iran a ‘direct threat’ to region – adding it ‘reserves its right to respond’
Qatar has called the missile attack at Ras Laffan Industrial City a ‘direct threat to its national security and the stability to the region’.
The country’s foreign ministry wrote on social media:
The Iranian side continues its escalatory policies that are pushing the region toward the abyss and drawing in countries that are not parties to this crisis into the circle of conflict.
The statement added Qatar ‘reserves its right to respond’ and that it will ‘not hesitate to take all necessary measures to protect its sovereignty, security, and the safety of its citizens’.
‘Extensive damage’ from strikes on Ras Laffan, Qatar petroleum company says
QatarEnergy has released a statement confirming emergency response teams were ‘deployed immediately’ to contain the fire at Ras Laffan.
A spokesman said ‘extensive damage’ had been caused.
Kuwait reports 17 cases of ‘falling debris’
Kuwait’s Ministry of Interior has reported 17 cases of fallen debris.
This brings the total number of reports since attacks began to 421.
General Nasser Bouslaib, the ministry’s spokesman, added that 94 alert sirens had also been activated since then.
Saudi defences intercept four ballistic missiles over Riyadh
Saudi Arabia’s Ministry of Defence has said it intercepted and destroyed four missiles – which were ‘launched towards Riyadh’.
The General Directorate of Saudi Civil Defence stated that ‘initial assessments indicate no damage or injuries’.
It accompanied this with a warning that debris had scattered in areas across the city.
A social media post said:
Avoid gathering or filming, stay away from hazardous areas, and report any danger
Iranian building struck just 350 METRES from nuclear reactor
The UN’s nuclear watchdog has now confirmed missiles struck a building just 350 metres from an Iranian nuclear plant reactor.
The structure was destroyed but there was no damage to the reactor itself, IAEA director general Rafael Grossi said.
Iran reported the incident in Bushehr city to the IAEA this morning.
Key Updates
JD Vance to meet US oil executives on Thursday – report
Iran gas field attacked in major escalation of US-Israel war
Britain has destroyed more than 40 Iranian drones since start of war
US intelligence contradicts Trump over Iranian nuclear enrichment
Iranian president confirms intelligence chief assassination
Oil prices rise above $108 a barrel as missile strikes Iranian gas facility
Thousands of Iranians pack Tehran for Ali Larijani’s funeral
Iran to launch attacks on Gulf energy sites after strike at gas facility
Trump lashes out at ‘non-responsive’ NATO allies again
Major Iranian gas facility struck by airstrikes – report
Swedish national executed in Iran
Kremlin condemns ‘murder’ of Iranian regime officials
IDF claims Esmaeil Khatib played ‘significant role’ in protest crackdown
Israel Katz: ‘We will hunt them all down’
Who is Esmaeil Khatib? Iran’s intelligence chief assassinated by Israel
Israel says Iran’s intelligence chief was killed in Tehran airstrike
Israel believes regime assassinations are sowing ‘chaos’ in Iranian leadership
Iran to hold funeral for slain security chief Ali Larijani
Attacks on Gulf countries continue: What’s the latest
12 killed in Beirut strikes as Israel launches new attacks in Lebanon
Israel attempts to assassinate Iran’s intelligence chief in Tehran airstrike
Iran wreaks destruction across Israel after vowing revenge over Ali Larijani killing
Elderly couple killed in Israel after Iranian missile barrage
Gulf nations intercept drone and missile attacks
Iran warns war ‘will hit all’
Iran vows revenge over security chief’s assassination
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Iranian missiles cause ‘extensive damage’ to world’s biggest natural gas plant in Qatar as Tehran furiously hits back across Gulf following US-Israeli strike on fuel facility – sending price of crude SOARING
Iran’s then incumbent Minister of Intelligence Esmail Khatib (C) sits with Iran’s President Masoud Pezeshkian (C-R) before a speech to members of parliament in the capital Tehran, on August 17, 2024, as he defends his cabinet selection.
Atta Kenare | Afp | Getty Images
Israel’s Defense Forces said Wednesday that Iran’s Intelligence Minister Esmail Khatib had been killed in a “targeted strike” in Tehran, marking the third assassination of a high-ranking official in just two days.
“Khatib played a significant role during the recent protests throughout Iran, including the arrest & killing of protestors and led terrorist activities against Israelis & Americans around the world,” the IDF said in a post on social media.
“Similarly, he operated against Iranian citizens during the Mahsa Amini protests (2022–2023),” they added.
Iran has not yet commented on reports of Khatib’s death.
It comes after Israel said Tuesday that Iran’s top security official Ali Larijani and the commander of Iran’s Basij forces, Gholamreza Soleimani, had both been killed. Iran’s official judiciary news agency later confirmed the killing of Soleimani, the Associated Press reported.
According to AP, Iran’s Supreme National Security Council released a statement confirming Larijani was killed “along with his son Morteza Larijani and the head of his office, Alireza Bayat, as well as several guards.”
The IDF said Khatib was appointed to his position in 2021 by Iran’s late supreme leader, Ayatollah Ali Khamenei, who was killed in strikes aimed at high-ranking Iranian officials at the beginning of the war on Feb. 28.
Iran has since retaliated by attacking its Gulf neighbors and targeting ships trying to pass through the strategically vital Strait of Hormuz.
Read more U.S.-Iran war news
The U.S. and Israeli-led war against Iran entered its 19th day on Wednesday, with Israel launching a series of strikes on Lebanon’s capital of Beirut as it continues its offensive against Tehran-backed militant group Hezbollah.
Iran and its allied military groups have launched a series of retaliatory strikes across the Middle East, amplifying fears of a sprawling regional crisis.
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Ali Larijani, Secretary of Iran’s Supreme National Security Council, arrives in Beirut, Lebanon, on September 27, 2025, to attend a memorial service for Hezbollah leader Hassan Nasrallah.
Courtney Bonneau | Afp | Getty Images
Israeli Defense Minister Israel Katz said on Tuesday that Iran’s security chief, Ali Larijani, had been killed in airstrikes overnight.
Katz said in a statement that he had been informed by the military that Larijani and the commander of Iran’s Basij forces, Gholamreza Soleimani, had both been killed, according to Reuters.
Iran has not yet confirmed the report.
Larijani was seen as the right-hand man of Iran’s late supreme leader Ayatollah Ali Khamenei, who was killed in strikes aimed at high-ranking Iranian officials at the beginning of the war on Feb. 28.
Iran has since retaliated by attacking its Gulf neighbors and targeting ships trying to pass through the strategically vital Strait of Hormuz.
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Israel has reportedly launched an assassination attempt on Iranian securit chief Ali Larijani who taunted Donald Trump on the streets of Tehran last Friday.
The IDF is said to be investigating whether Larijani was killed in the attack which comes four days after he marched alongside thousands of Iranians at a Quds Day rally in Tehran where he criticised Trump during a live interview.
Meanwhile an Iranian drone struck a major oil terminal in the UAE today resulting in the second fire in as many days after the complex was attacked on Monday.
Oil loading operations were temporarily suspended at Fujairah, which sits on the Gulf of Oman, yesterday after the facility was hit causing a fire to break out. Authorities in the UAE say another blaze has broken out today.
‘Civil defence teams from the emirate intervened immediately on site and are continuing their efforts to bring the situation under control,’ the authorities said in a statement on X.
Meanwhile details have emerged of a tanker attacked near Fujairah port yesterday. The United Kingdom Maritime Trade Operations (UKMTO) said an unknown projectile caused minor structural damage with no injuries reported.
Follow the latest updates on the US-Israel war with Iran
Israeli military target Iran’s security chief in assassination attempt
Israeli media are reporting the IDF has launched an assassination attempt on Iranian security chief Ali Larijani.
According to media reports, the IDF is investigating whether Larijani was killed following an attack.
It comes four days after he marched alongside thousands of Iranians at a Quds Day rally in Tehran where he criticised Trump during a live interview.
Larijani, the strongman head of Iran’s Supreme National Security Council, continued his threats with a stream of invective on X aimed at President Trump.
‘Trump says he is looking for a speedy victory. While starting a war is easy, it cannot be won with a few tweets. We will not relent until making you sorry for this grave miscalculation,’ he wrote.
DAVID PATRIKARAKOS: How Iran learnt from the defeat of Saddam
by David Patrikarakos
Thick smoke coils across Iran’s horizon; the acrid stink of burning oil hangs over its cities. In the Strait of Hormuz, tankers burn and drones strike. Violence spreads like infection.
Operation Epic Fury is now into its third week, and its effects are global. According to US Central Command, by March 12 combined US and Israeli forces had struck around 6,000 targets in Iran since operations began – working out at around 460 strikes per day.
Iran’s leadership is decapitated; its control centres in disarray, its nuclear programme in ruins.
And yet, the Iranians fight on. How? Because they have spent twenty years preparing for this moment.
Their strategy is known as Decentralised Mosaic Defence (DMD), built around a single brutal principle: that the ‘body’ keeps fighting even if the ‘head’ is cut off – which is exactly what the Americans did when they killed Iran’s Supreme Leader Ayatollah Ali Khamenei on the first day of the war.
Read more here:
Iraq in talks with Iran for tankers to use Strait of Hormuz
Iraq’s oil minister has said talks are taking place with Iran to allow some of the country’s oil tankers to pass through the Strait of Hormuz.
Iraq is seeking to ease disruptions to crude exports following recent attacks on tankers in its own waters with separate plans underway to restore a disused pipeline that would allow oil to be pumped directly to Turkey’s Ceyhan port, Hayan Abdel-Ghani said.
Iraq will complete an inspection of a 100-km (62-mile) section of the pipeline within a week to enable direct exports from Kirkuk, he added.
The reopening of the Kirkuk-Ceyhan pipeline, which has been shut for more than a decade, would offer an alternative export route at a time when shipping through the strategic Strait of Hormuz is severely disrupted by the conflict in the Middle East.
One killed in UAE following drone and missile barrage
Falling debris from an intercepted missile killed one person in Abu Dhabi yesterday.
Authorities say the fatality was recorded in the Bani Yas area following the interception of a ballistic missile by air defences, the Abu Dhabi Media Office said on X.
The day before a Palestinian national was killed on the edge of the city when a missile hit his car.
It brings the death toll in the United Arab Emirates since the start of the Iran war to eight, with six civilians dead as well as two military personnel killed in a helicopter accident.
The oil-rich Gulf has borne the brunt of Iran’s attacks in response to US-Israeli strikes that sparked the Middle East war, with Tehran targeting US assets but also civilian infrastructure.
On the east coast of the country, the oil industrial zone of Fujairah was hit on Tuesday morning, sparking a fire but causing no injuries, local authorities said.
Israel claims to have killed high-ranking Iranian military chief
The IDF has claimed it has killed the high-ranking Iranian military chief Gholamreza Soleimani.
Soleimani is a senior Revolutinary Guards officer and commander of the paramilitary Basij forces.
Israel said his death marked a ‘serious blow’ to the regime’s security command.
In a statement, the Israeli Air Force said: ‘The Air Force, with precise intelligence guidance, carried out a targeted attack yesterday in the heart of Tehran and killed Gholam Reza Soleimani, commander of the Basij unit for the past six years.
‘The Basij forces are part of the armed forces of the Iranian terrorist regime, as part of the internal protests in Iran, and particularly in the recent period when they have intensified.
‘The Basij forces under Soleimani’s command led major repressive operations using severe violence, widespread arrests, and the use of force against civilian protesters.’
Tehran shaken by loud explosions as Israel launches new strikes
Loud explosions shook Tehran overnight following new Israeli strikes in the Iranian capital.
Blasts were heard in Tehran after a night of heavy bombardment mixed with thunder and rain.
It was not immediate clear what the targets were, but Israel’s army said earlier it had launched a wave of strikes ‘against Iranian terror regime infrastructure across Tehran’, as well as strikes in Lebanon.
Sources have since said the strikes have targeted Ali Larijani, Iran’s security chief. It is unclear whether he was killed in the overnight attack.
Oil prices spike more than 5% as fears grow over Strait of Hormuz
Oil prices surged more than 5% today as several countries pushed back against Donald Trump’s demand that they help secure the key Strait of Hormuz.
Investors are awaiting a slew of central bank decisions this week that analysts say could see a resumption of interest rate hikes aimed at offsetting a possible spike in inflation caused by the surge in crude prices.
Australia said today it had lifted borrowing costs because of ‘sharply higher fuel prices’.
Trump has called for allies in Europe and elsewhere to help reopen the Strait of Hormuz, which Iran has effectively closed, saying at the weekend that securing the waterway ‘should have always been a team effort, and now it will be’.
But there was only a lukewarm response, with German Chancellor Friedrich Merz saying the war started by US-Israeli strikes on Iran was ‘not a matter for NATO’, while Britain, Spain, Poland, Greece and Sweden all distanced themselves from the calls. Australia and Japan also opted not to join.
Watch: How Larijani taunted Trump on the streets on Tehran
Iranian leaders marched through Tehran on Friday at an annual anti-Israeli Quds Day rally, where they publicly taunted the US and Israel as an IDF missile exploded nearby.
Amongst those in attendance was national security chief Ali Larijani, who dismissed the latest Israeli-US attacks on the capital as being ‘out of desperation’.
‘These attacks are out of fear, out of desperation. One who is strong wouldn’t bomb demonstrations at all. It’s clear that it has failed,’ Ali Larijani told state TV.
Striking a defiant tone, he said US President Donald Trump ‘doesn’t understand that the Iranian people are a brave nation, a strong nation, a determined nation. The more he presses, the stronger the nation’s determination will become.’
Larijani added Trump would be ‘sorry’ for his ‘grave miscalculation’ after the President declared the US had won the war.
The attendance by Larijani was one of the most high-profile public appearances by an Iranian official since the February 28 strike that killed supreme leader Ayatollah Ali Khamenei and other top officials.
Larijani attacked Gulf states for not standing by Iran during war with US and Israel
Ali Larijani yesterday accused Gulf nations of abandoning Iran in its war with the US and Israel as he warned them ‘America is not loyal and Israel is your enemy’.
In a statement addressed to governments of Islamic countries, Larijani blasted the response of Iran’s neighbours since the conflict broke out on February 28.
‘Is the position of some Islamic governments not in contradiction with the words of the Prophet of Islam who said: ‘Whoever hears the cry for help of a Muslim and does not respond is not a Muslim?’ he said.
In an apparent sideswipe at the UAE, Larijani said some countries had described Iran as an enemy because American bases had come under attack on its soil
‘Is Iran expected to sit idly by while American bases in your countries are used to attack it?’ These are weak excuses,’ Larijani said.
Urging Muslim countries to unite, he added: ‘You know that America is not loyal and that Israel is your enemy.’
Larijani was targeted in overnight airstrike
Israel targeted Ali Larijani in an airstrike in Iran overnight, according to Israeli officials.
It remains unclear if Larijani, the secretary of Iran’s National Security Council, was killed or injured in the strike.
IDF Chief of Staff Eyal Zamir appears to confirm the details in remarks reported by the Times of Israel.
Zamir says that ‘significant elimination achievements were also recorded overnight, with the potential to impact the campaign’s achievements and the IDF’s missions’ — in an apparent reference to the attempted assassination of Larijani.
Who is Ali Larijani? Iran’s security chief who threatened Trump with death
On the 14th day of the war Ali Larijani, the brutal Iranian regime’s security chief, sought to taunt Donald Trump from the streets of Tehran.
Larijani, 67, joined an annual Quds Day march and, as an explosion rocked Ferdowsi Square, he ranted to a state media TV camera that America would be defeated.
‘The attacks they carry out are out of fear, out of desperation,’ he claimed. ‘Trump’s problem is that he doesn’t understand the Iranian nation is wise and determined.’ Around him chants erupted of ‘Death to Israel’ and ‘Death to America.’
Amid such anti-American grandstanding, it may come as surprise to some – including to those chanting around him and his X followers – how closely linked Larijani’s family is to the US, and to Canada and the UK.
Indeed, it may also explain why some in the West had previously seen him as a potentially pragmatic figure the US could deal with in the wake of Supreme Leader Ali Khamenei’s death on the opening day of the war.
Larijani is one of five brothers dubbed the ‘Kennedys of Iran’ who have reached senior roles in the Iranian regime.
He has relatives in Canada and the UK but, perhaps most surprisingly, his daughter has spent the best part of a decade in the US.
Iranian rockets target US embassy in Baghdad
An explosion is captured in Baghdad
A drone and rocket attack targeted the US embassy in Baghdad this morning, while a strike killed four people at a house hosting Iranian advisors, security officials said.
The strikes came hours after air defences thwarted a rocket attack at the embassy and a drone sparked a fire at a luxury hotel frequented by foreign diplomats in Baghdad’s fortified Green Zone.
Iraq was drawn into the Middle East war after having long been a proxy battleground between the United States and Iran, with strikes targeting Iran-backed groups that have claimed daily attacks on US interests in Iraq and across the region.
Meanwhile, a strike on a house in Baghdad killed four people early Tuesday, with initial reports suggesting that two of the dead were ‘Iranian advisors’ to Tehran-backed groups, a security source told AFP.
Another source from an Iran-backed faction confirmed that four people were killed in the strike on a house hosting Iranian advisors in al-Jadiriyah neighbourhood.
The attacks came shortly after the powerful Tehran-backed Kataeb Hezbollah group announced that its senior security commander Abu Ali al-Askari had been killed, without providing details on the circumstances of his death.
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Israel airstrike hits Iranian leader Ali Larijani who taunted Trump on streets of Tehran last week: Live updates
Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
U.S. President Donald Trump continues to dominate the news cycle, and his latest round with reporters in the Oval Office has yielded more headlines and market moves this morning. It’s only Tuesday and already it’s been a volatile week for oil, which remains the epicenter of trading action.
Market participants— as well as us journalists —will need to stay on their toes to keep up with developments.
He voiced his frustrations by saying “some are very enthusiastic, and some are less than enthusiastic … and I assume some will not do it.”
Washington, meanwhile, is looking to postpone a meeting between Trump and Chinese President Xi Jinping amid the conflict with Iran. During a press conference in the Oval Office, he said, “There’s no tricks to it either. It’s very simple. We’ve got a war going on. I think it’s important that I be here.”
Back in the Middle East, the United Arab Emirates reopened its airspace on Tuesday after a brief shutdown, as Iran continued missile and drone attacks. The UAE’s Defense Ministry said that air defenses have intercepted more than 300 ballistic missiles and 1,600 drones so far.
The volatility has led to a hike in interest rates from the Reserve Bank of Australia. The central bank raised its benchmark policy rate for a second consecutive time, citing concerns over the inflation risk posed by the war in Iran.
In stock markets, Asia-Pacific equities rose Tuesday as auto and tech stocks gained after Nvidia announced robust revenue forecast for its key chips, and partnerships with carmakers from the region. European and U.S. futures are lacking direction in early trade.
— Leonie Kidd
And finally…
Why traders are getting nervous about Iran’s $200 oil warning
It comes as the U.S. and Israeli-led war on Iran continues to disrupt oil production and shipping in the region, with traffic through the strategically vital Strait of Hormuz effectively grinding to a halt in recent weeks.
— Sam Meredith
» Read more
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