Live updates: Jamie Dimon expects cyber, terror attacks in retaliation for Iran strikes

U.S. State Department outlines steps for Americans to take in the Middle East

The U.S. State Department posted on X about steps Americans should take in the Middle East, directing those needing consular assistance to call +1-202-501-4444 from overseas or +1-888-407-4747 from the U.S. and Canada.

— Riya Bhattacharjee

Jamie Dimon says he expects cyber, terror attacks in retaliation for Iran attack

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., right, departs the US Capitol in Washington, DC, US, on Wednesday, Feb. 25, 2026.

Graeme Sloan | Bloomberg | Getty Images

JPMorgan Chase CEO Jamie Dimon warned that he expects a rise in cyber or terrorist attacks globally after the U.S. and Israel attacked Iran over the weekend.

When asked by CNBC’s Leslie Picker about geopolitical risks caused by the conflict, Dimon said he believed the odds of a “long, just peace” in the region were higher as a result of the campaign.

“The most important thing is that we keep the Western world free and safe for democracy,” Dimon said. “People like this have gotten away literally with murder for 50 years, that’s far more important.”

“But… as a corollary to that, you’ve got to expect there’ll be cyberattacks or terrorist attacks, either here or around the world,” Dimon said. “Banks may be targets.”

The impact on markets and inflation is likely to be limited unless the campaign is “prolonged,” he said

—Hugh Son

Emirates resumes service from Dubai, El Al weighs hiring private jets

An Emirates Airbus A380 passenger aircraft takes off from Dubai International Airport in Dubai on March 2, 2026.

Fadel Senna | Afp | Getty Images

Emirates’ first departure from Dubai since the U.S. and Israel attacked Iran last week took off late Monday, bound for Mumbai, India, a sign that flight cancellations that have topped 11,000 to and from the region since Saturday could soon start to ease.

Other flights are scheduled for late Monday after local authorities gave the Dubai-based carrier the green light for “limited” operations. The first flight was operated with an Airbus A380, the largest passenger plane in the world.

Separately, Israeli airline El Al said it was considering hiring private jets to bring some Israelis home from Europe via Jordan.

Leslie Josephs

Very large crude tanker rates surge

Crude oil tanker NS Creation, owned by Russia’s leading tanker group Sovcomflot, transits the Bosphorus in Istanbul, Turkey May 6, 2022. 

Yoruk Isik | Reuters

The daily rate for very large crude carriers, or VLCCs, was already up sharply year-to-date, and the war against Iran will likely increase rates even more as marine traffic comes to a halt around the Strait of Hormuz.

The time charter equivalent — essentially daily revenue — for VLCCs soared to $177,469 last week from $37,869 at the start of the year, according to data from the Baltic Exchange.

The increase is due to a tight supply of VLCC vessels, driven by increased oil exports from the Middle East at the beginning of the year and rising geopolitical tensions. A rise in shipping costs tends to eventually trickle through to consumers, raising the price at the pump and for petroleum-based products, including plastics.

“Even without significant further disruptions in the Strait, precautionary restocking and redirection can raise already elevated freight rates further,” Goldman Sachs wrote in a note to clients on Sunday.

Pippa Stevens and Gabriel Cortes

How the conflict in Iran is affecting markets

Here's how the conflict in Iran is affecting markets

Investors are on edge following the U.S. and Israel’s attack on Iran. CNBC’s Michael Santoli examines market reactions as investors weigh regional uncertainty and breaks down how similar outbreaks have moved prices in the past.

Lindsey Jacobson

Gas prices are headed higher

A driver refuels a vehicle at a Wawa gas station in Media, Pennsylvania, US, on Monday, March 2, 2026.

Matthew Hatcher | Bloomberg | Getty Images

The U.S.-Israel conflict with Iran could disrupt crude oil supplies and push prices for gasoline higher.

Already, U.S. crude prices gained 6% and U.S. gasoline futures surged by as much as 9.1% to $2.496 a gallon Monday, their highest since July 2024. 

It takes six weeks for crude oil to be processed and turned into gasoline for delivery, so the full impact may be somewhat delayed, according to Amy Myers Jaffe, director of the Energy, Climate Justice and Sustainability Lab at New York University.

However, with supply now constrained, consumers are likely to see some immediate price changes at the pump.

If the price of oil goes up by $10 a barrel, the price of gasoline could rise by about 25 cents a gallon, according to Ken Medlock, senior director at the Center for Energy Studies at Rice University’s Baker Institute.

Within a week, “everyone is going to be paying a little more than they are right now,” he said.

— Jessica Dickler

Rubio to brief Gang of Eight on Monday afternoon as Congress reconvenes

U.S. Secretary of State Marco Rubio arrives for U.S. President Donald Trump’s State of the Union address to a joint session of Congress at the U.S. Capitol in Washington, D.C., U.S., Feb. 24, 2026.

Nathan Howard | Reuters

Secretary of State Marco Rubio will brief congressional leaders on the war in Iran on Monday afternoon.

The briefing comes as the Senate returns today and the House will reconvene on Tuesday. Democrats in both chambers have vowed to force votes on war powers resolutions that could limit President Donald Trump‘s authority to carry out further attacks on Iran.

Rubio will meet with the Gang of Eight, a group that includes leaders from both parties in the House and Senate, as well as the chairs and ranking members of the Senate and House intelligence committees. On Tuesday, Secretary of Defense Pete Hegseth, CIA Director John Ratcliffe and Chairman of the Joint Chiefs of Staff Dan Caine will hold an all-Congress briefing, the White House confirmed on Monday. White House spokesman Dylan Johnson said bipartisan staff on relevant national security committees were briefed on Sunday.

Justin Papp

Amazon warns of delivery delays in the Middle East

Packages with the logo of Amazon are transported at a packing station of a redistribution center of Amazon in Horn-Bad Meinberg, western Germany, on Dec. 9, 2024.

Ina Fassbender | Afp | Getty Images

Amazon warned customers in the Middle East of longer delivery times as regional instability tied to the war in Iran disrupted operations.

The company added a notice to the top of its marketplaces in Israel, Saudi Arabia, Kuwait and Bahrain that reads: “Extended delivery time in your area.”

Amazon added a similar advisory to its website in the United Arab Emirates.

“As we prioritize safety, some services may be temporarily unavailable in this area and delivery times may be impacted,” the notice stated: “Thank you for your patience and understanding.”

Amazon operates warehouses and cloud data centers throughout parts of the Middle East. It also has corporate offices in Dubai, Saudi Arabia and Israel.

Amazon data centers in the UAE and Bahrain were experiencing prolonged power outages on Monday amid the conflict.

— Annie Palmer

Trump: U.S. could wage Iran war for ‘far longer’ than five weeks if needed

US President Donald Trump speaks during a medal of honor ceremony in the East Room of the White House in Washington, DC, US, on Monday, March 2, 2026.

Daniel Heuer | Bloomberg | Getty Images

Trump said the U.S. expected “from the beginning” that its military intervention in Iran would last four to five weeks, but stressed that “we have capability to go far longer than that.”

“We’re already substantially ahead of our time projections. But whatever the time is, [it’s] OK, whatever it takes,” Trump said at the White House.

“We have the strongest and most powerful, by far, military in the world, and we will easily prevail,” he said in the East Room before a Medal of Honor award ceremony.

Trump also laid out the U.S. objectives for the war, more than two days after the fighting began.

Critics have charged that the justifications for the military action have been shifting or opaque. But Trump asserted Monday, “Our objectives are clear.”

The U.S., said Trump, aims to destroy Iran’s missile capabilities; annihilate its naval assets; prevent Tehran from ever obtaining nuclear weapons; and ensure that the regime cannot support foreign terrorism.

Kevin Breuninger

Centcom calls out Iran for fake news about sinking aircraft carrier

USS Gerald R. Ford aircraft carrier leaves Souda Bay on the island of Crete, Greece, Feb. 26, 2026.

Makis Kartsonakis | Reuters

U.S. Central Command in an X post called out the Iranian regime for misinformation about the purported sinking of an American aircraft carrier.

“The Iranian regime’s false messaging machine continues to falsely claim that it has sunk a U.S. aircraft carrier,” Centcom said in the post.

“The TRUTH: The only carrier that has been hit is the Shahid Bagheri, an Iranian drone carrier. U.S. forces struck the ship within hours of launching Operation Epic Fury,” the post said.

— Dan Mangan

Trump: ‘This was our last, best chance to strike’

US President Donald Trump speaks during a Medal of Honor ceremony in the East Room of the White House on March 2, 2026, in Washington, DC.

Jim Watson | Afp | Getty Images

Trump claimed that the military campaign he launched against Iran “was our last, best chance to strike” in order to “eliminate the intolerable threats posed by this sick and sinister regime.”

Iran had ignored U.S. warnings to abandon efforts to rebuild after the U.S. struck its nuclear infrastructure last year, Trump said at the White House.

Tehran was also quickly growing a ballistic missile program that would act to “shield their nuclear weapon development,” the president said.

This “posed a very clear colossal threat to America and our forces stationed overseas,” Trump said.

Trump made that assertion after criticizing the 2015 Iran nuclear deal, which was finalized under former President Barack Obama and aimed to limit Tehran from developing its nuclear program.

The U.S. withdrew from that deal in 2018 during Trump’s first presidential term.

“I was very proud to have knocked out the Iran nuclear deal by President Barack Hussein Obama. That was a horrible, horrible, dangerous document. They would have had nuclear weapons three years ago, and they would have used them,” Trump said.

Kevin Breuninger

Marine war risk underwriters react swiftly to conflict in the Middle East: Aon

Dado Ruvic | Reuters

Aon, a global insurance broker, says marine war risk underwriters have reacted swiftly to the heightened geopolitical risk environment in the Middle East.

The primary actions the company is observing include:

  • Issuance of formal notices of cancellation under standard seven-day war clauses on certain annual hull war policies.
  • Reinstatement of cover offered at materially increased rates.
  • Withdrawal or revision of existing quoted additional premiums for transits through listed high-risk areas.
  • Heightened underwriting scrutiny for trips into or near sensitive zones.

Stephen Rudman, Aon‘s head of marine, Asia, says that “importantly, this activity relates specifically to war risk extensions. Core hull and machinery and P&I covers remain in place unless otherwise advised.”

“Additional premiums for vessels transiting high-risk waters are rising sharply and may continue to fluctuate in the short term. Cargo war risk remains available; however, rates are increasing and quotations are being reviewed on a voyage-by-voyage basis, particularly for energy and bulk commodity trades,” Rudman told CNBC in emailed comments.

Aon is not seeing a systemic withdrawal of capacity. Instead, the broker believes the market is repricing to reflect the elevated risk profile and reinsurance constraints.

“Should the situation escalate materially, for example, sustained state conflict or significant vessel loss, further rate correction is likely,” Rudman noted.

Dawn Giel

Iran war prediction market bets draw heat: ‘Insane this is legal’

In this photo illustration, Apps for online prediction market sites are shown on an electronic device on Feb. 25, 2026 in Chicago, Illinois.

Scott Olson | Getty Images

Prediction markets are facing renewed scrutiny from federal lawmakers after wagers about the fate of Iranian leader Ayatollah Ali Khamenei, who was killed in the Saturday bombardment of Iran.

“It’s insane this is legal,” Sen. Chris Murphy, D-Conn., said in a post on X, referring to another post highlighting people who had made money on the invasion. “People around Trump are profiting off war and death. I’m introducing legislation ASAP to ban this.”

Prediction market Kalshi, in a comment to CNBC, said it “doesn’t allow markets directly tied to death,” regarding betting lines over whether Khamenei would be out of power that have received criticism. The company issued refunds on the market, citing regulations barring wagers on death.

“We included every precaution on this market to make sure people could not trade on the outcome of death,” the company said. “Our rules were clear from the beginning, we never changed them, and we settled based on the rules. We reimbursed all fees and net losses because we thought the UX could have been clearer for users.”

NPR reported that on Polymarket, another prediction market that is not yet operational in the U.S., a user under the name “Magamyman” cashed in for more than $553,000.

Read the whole story here.

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.

Garrett Downs

Iran war key point ahead of North Carolina Democratic primary

Campaign signage for Democratic Congressional candidates Valerie Foushee and Nida Allam ahead of the North Carolina primary election in Durham, North Carolina, US, on Sunday, March 1, 2026.

Cornell Watson | Bloomberg | Getty Images

The Iran war could quickly be a key issue for both Democrats and Republicans with midterm primaries kicking off this week.

Durham County Commissioner Nida Allam, who is trying to knock off incumbent Rep. Valerie Foushee Tuesday in a Democratic primary in North Carolina’s 4th Congressional District, released a campaign video Monday morning condemning the war in Iran and criticizing Foushee for accepting money from defense contractors.

“I will never take a dime from defense contractors, or the pro-Israel lobby,” Allam says in the video.

Foushee has also condemned the war and said she would support a war powers resolution to limit Trump’s military activity in Iran. The U.S. House is expected to take that measure up this week, but even if it passes Congress, Trump would be highly unlikely to sign it into law.

Justin Papp

Trump to discuss Iran war during event at White House

Trump is set to make his first live public comments on Iran since the war started, a White House official confirmed.

The president was expected to discuss Iran at a Medal of Honor ceremony at the White House.

— Dan Mangan

UK PM defends decision not to join U.S.-Israeli strikes against Iran following Trump criticism

Prime Minister Keir Starmer, issues a statement regarding the Manchester Synagogue attack, at Downing Street on October 2, 2025 in London, England.

Wpa Pool | Getty Images News | Getty Images

U.K. Prime Minister Keir Starmer has defended his decision to delay accepting a U.S. request to use military bases for strikes on Iranian missile sites.

In a speech to lawmakers in the House of Commons, Starmer said that the use of British military bases is limited to “agreed defensive purposes,” adding that Britain would not be joining the U.S. and Israeli “offensive” strikes against Iran.

His comments follow criticism from Trump, who reportedly accused Starmer of taking “far too long” to accept a U.S. request to use military bases for “defensive” strikes on Iranian missile sites.

“We will continue our defensive actions in the region,” Starmer said Monday.

— Sam Meredith

Trump says military action will ramp up: ‘The big one is coming soon’

U.S. President Donald Trump returns to the White House, after Israel and the U.S. launched strikes on Iran, in Washington, D.C., U.S., March 1, 2026.

Nathan Howard | Reuters

Trump said the U.S. military will soon ramp up its offensive in Iran.

“We haven’t even started hitting them hard,” Trump told CNN’s Jake Tapper in a phone call, the news anchor said Monday morning.

“The big wave hasn’t even happened. The big one is coming soon,” Trump said, according to Tapper, who spoke on air right after the nine-minute call.

The remark followed Trump urging Iran’s citizens — whom he has encouraged to take over the country’s government — to stay inside because “it’s not safe out there,” Tapper said.

The president said that the operations are so far “going very well.”

“We’re knocking the crap out of them,” Tapper said Trump told him.

Asked about how long the conflict might last, Trump told the CNN anchor, “I don’t want to see it go on too long. I always thought it would be four weeks, and we’re a little ahead of schedule.”

Defense Secretary Pete Hegseth told reporters at the Pentagon earlier Monday that the war’s timeline could shift longer or shorter than the four-week estimate Trump has previously floated.

Kevin Breuninger

Caine says more U.S. forces being deployed, Hegseth won’t say how long war could last

U.S. Secretary of War Pete Hegseth (L) speaks as Chairman of the Joint Chiefs of Staff General Dan Caine (R) listens during a news conference at the Pentagon on March 2, 2026 in Arlington, Virginia.

Alex Wong | Getty Images

The U.S. is poised to send additional forces to the Middle East today, military leaders said, while suggesting that the war could continue longer than the four- to five-week timeline that Trump floated a day earlier.

In preparation for possible armed conflict against Iran, the U.S. in recent weeks had preemptively deployed thousands of service members from all military branches, along with dozens of refueling tankers and multiple carrier strike groups, while establishing necessary supply flows, Joint Chiefs of Staff Chairman Gen. Dan Caine said at the Pentagon.

“And the flow of forces continues today. In fact, [Commander of U.S. Central Command Adm. Brad] Cooper will receive additional forces even today,” Caine said.

Asked how many troops are currently involved and how many are expected to be sent, Caine declined to be specific.

But he said “more tactical aviation” is entering the theater, and added, “I think we’re just about where we want to be in terms of total combat capacity and total combat power.”

Hegseth then responded to a question about Trump’s remark Sunday that the operations could last around four weeks.

“It’s the typical, typical NBC sort of gotcha-type question,” Hegseth said.

“President Trump has all the latitude in the world to talk about how long it may or may not take. Four weeks, two weeks, six weeks. It could move up. It could move back. We’re going to execute at his command the objectives we’ve set out to achieve,” Hegseth said.

Kevin Breuninger

Stocks open in the red following U.S.-Israel strikes on Iran

Traders work on the floor of the New York Stock Exchange during morning trading on February 27, 2026 in New York City.

Michael M. Santiago | Getty Images

Stocks started the week off with losses after the U.S. and Israel attacked Iran over the weekend.

The Dow Jones Industrial Average dropped 543 points, or 1.1%. The S&P 500 lost 1.1%, and the Nasdaq Composite futures declined 1.6%.

— Sean Conlon

Flight cancellations continue to grow

Travellers check on a departure board displaying cancelled flights to Middle East countries amid the U.S.-Israel conflict with Iran, at Heathrow Airport Terminal 4, in Greater London, Britain, March 2, 2026.

Isabel Infantes | Reuters

Airlines have canceled thousands of flights for the week in the Middle East.

The cancellations continued Monday, with 1,560 flights scrubbed, or 41.28% of those scheduled for arrival in Middle East countries, according to aviation data firm Cirium.

Hundreds of thousands of passengers remain stranded.

The United Arab Emirates had the most flight cancellations in the region, with 774, according to Cirium. Dubai International Airport in the UAE is one of the busiest airport hubs in the world.

The airport authority that owns and manages airports in Dubai said a small number of flights would be permitted to operate from Dubai International and Dubai World Central – Al Maktoum International, but advised travelers to check with their airlines.

Airspace remains closed in many Middle Eastern countries. Cirium noted that some smaller airlines have not updated their schedules to officially cancel flights or have simply not flown the flights.

— Michele Luhn

New Norwegian Cruise CEO says long-term effects of oil price spike uncertain

Norwegian Sky, a 77,104 GT Sun-class cruise ship owned and operated by Norwegian Cruise Line, sails the Tagus River after departure from the cruise terminal on September 02, 2025, in Lisbon, Portugal.

Horacio Villalobos | Corbis News | Getty Images

New Norwegian Cruise Line CEO John Chidsey said the company is closely monitoring fuel costs as crude oil prices jump.

“As for fuel prices, the longer-term impact remains uncertain,” he said on an earnings call Monday. “However, we are currently approximately 51% hedge for 2026, 27% hedge for 2027, which helps mitigate near-term volatility.”

Chidsey said the company does not currently have cruises operating in the affected areas but will be monitoring the situation closely.

— Contessa Brewer and Michele Luhn

Oil stuck as transit in the Strait of Hormuz comes to a halt

FILE: Oil tanker SC Hong Kong is seen off the port of Bandar Abbas, southern Iran.

Atta Kenare | Afp | Getty Images

As transit through the Strait of Hormuz comes to a standstill, oil is stuck on vessels that can’t exit the Persian Gulf.

Approximately 77 million barrels of oil have been loaded onto tankers currently sitting in the Persian Gulf, according to Kpler data. The oil waiting to transit is at its highest level in six years, and there are an additional 88 million barrels of capacity on vessels still in the region.

Together, it represents about 10 days’ worth of shipments, the firm said, meaning there’s a “finite buffer before the halt in vessel movements severely bottlenecks global exports.”

Brent crude, the international oil benchmark, last traded at $79.22 per barrel, up 8.7%.

Pippa Stevens

More U.S. casualties expected as ‘major combat operations’ continue: Gen. Caine

Chairman of the Joint Chiefs of Staff General Dan Caine holds a briefing amid the U.S.-Israeli conflict with Iran, at the Pentagon in Washington, D.C., U.S., March 2, 2026.

Elizabeth Frantz | Reuters

Air Force Gen. Dan Caine, chairman of the Joint Chiefs of Staff, said the U.S. expects to sustain more military casualties as the widespread fighting in the Middle East continues.

“This is not a single overnight operation,” Caine said at the Pentagon.

“The military objectives that [U.S. Central Command] and the Joint Force have been tasked with will take some time to achieve, and in some cases, will be difficult and gritty work,” he said.

“We expect to take additional losses and, as always, we will work to minimize U.S. losses.”

Defense Secretary Pete Hegseth gave a similar warning: “An effort of this scope will include casualties. War is hell.”

Kevin Breuninger

Hegseth: This is not a regime-change war, ‘but the regime sure did change’

US Defense Secretary Pete Hegseth speaks during a press conference on US military action in Iran, at the Pentagon in Washington, DC, on March 2, 2026.

Brendan Smialowski | Afp | Getty Images

U.S. Defense Secretary Pete Hegseth said that the war in Iran is not being waged in order to overthrow Tehran’s ruling regime — but he pointed to the deaths of Iranian leaders that have resulted from the operations so far.

“Turns out the regime who chanted ‘Death to America’ and ‘Death to Israel’ was gifted death from America and death from Israel,” Hegseth said during a press briefing at the Pentagon.

“This is not a so-called regime-change war, but the regime sure did change, and the world is better off for it,” Hegseth said.

The “clear” mission of the U.S. campaign dubbed “Operation Epic Fury,” he said, is to destroy Iranian military threats and nuclear capabilities.

“Israel has clear missions as well, for which we are grateful,” Hegseth said.

Kevin Breuninger

Fuel prices surge as tanker traffic in Strait of Hormuz comes to a standstill

The Strait of Hormuz isn’t only vital for oil — it’s a key waterway for refined products, too, and prices are outpacing the gains in crude. While oil jumped about 9% on Monday morning, European diesel prices surged 20%.

Tanker traffic through the narrow waterway has come to a standstill, while Saudi Arabia’s Ras Tanura — a key refinery in the region — was hit by a drone.

Heating oil futures in the U.S., which are a proxy for diesel prices, jumped 14.5% on Monday morning. The fuel is often referred to as the workhorse of the economy, given that it powers trucks and trains.

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Gasoil futures spike amid disruptions in the Strait of Hormuz.

Pippa Stevens

Fourth U.S. service member killed in Iran conflict

Four U.S. service members have now died as part of the military conflict in Iran and the Middle East, U.S. Central Command said Monday morning.

The latest fallen service member succumbed to their injuries after being “seriously wounded during Iran’s initial attacks,” Central Command said in a post on X.

“Major combat operations continue and our response effort is ongoing. The identities of the fallen are being withheld until 24 hours after next of kin notification,” it said.

Kevin Breuninger

Pentagon to brief press on Iran strikes as conflict expands

Senior U.S. military officials are set to brief reporters at the Pentagon about the latest developments on their military operations in the Middle East.

Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine will lead the briefing, which is set to begin at 8 a.m. ET.

Kevin Breuninger

FedEx warns of delays after suspending Middle East flights

In this photo FedEx logo is seen in Washington D.C., United States on February 16, 2023.

Celal Gunes | Anadolu Agency | Getty Images

FedEx warned customers that shipments could be delayed after it suspended flights at major airports in the Middle East. The shipping giant operates a hub in Dubai and, in February 2024, it announced a $350 million investment in a facility there.

Pickups and deliveries in Bahrain, Kuwait, Iraq, Qatar and United Arab Emirates “have been temporarily suspended until further notice,” FedEx said, warning that other markets in the area could experience delays.

“We are closely monitoring the situation and will resume services as soon as it is safe to do so,” FedEx said.

— Leslie Josephs

QatarEnergy halts LNG production after military attacks

QatarEnergy announced in a statement seen by CNBC that it has “ceased production of liquefied natural gas” and “associated products,” citing military attacks on the company’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in the state of Qatar.

QatarEnergy is one of the world’s largest LNG producers, with a total production capacity of 77 million metric ​tons per annum.

Qatar has been targeted by Iranian counterstrikes on its capital Doha, its airport, and other civilian and state infrastructure.

Emma Graham

Russia and China condemn strikes on Iran, but offer no help

Russian President Vladimir Putin (C) enters the hall during the meeting with Iranian President Masoud Pezeshkian (not pictured), October 11, 2024, in Ashgabat, Turkmenistan.

Contributor | Getty Images News | Getty Images

Officials from Russia and China’s Foreign Ministries have condemned the U.S.-led strikes but have stopped short of pledging military or civilian support to Tehran. That exposes the hard limits of Iran’s “strategic partnerships” with Moscow and Beijing, experts say.

Read more on the story here: Why Iran should not count on allies Russia and China to come to its aid

— Holly Ellyatt

How a Strait of Hormuz crisis could ripple through global shipping markets

Unlikely shipping through the Strait Of Hormuz will completely halt: Annex Wealth Management

Container shipping giants have been forced to issue fresh guidance for vessels transiting maritime corridors in the Middle East, including the strategically vital Strait of Hormuz.

The waterway, which is located between Oman and Iran and connects the Persian Gulf with the Arabian Sea, is considered one of the most important arteries for global trade.

Danish shipping company Maersk and German container shipping firm Hapag-Lloyd both said over the weekend that they would suspend all vessel crossings in the Strait of Hormuz until further notice, amid the deteriorating security situation.

Peter Sand, chief analyst at Xeneta, told CNBC on Monday that higher container shipping rates should be factored in for the Middle East region at least for as long as the conflict persists, adding there is “no real alternative” to ocean freight.

— Sam Meredith

U.S. confirms 3 fighter jets downed over Kuwait in ‘apparent friendly fire incident’

Getty Images

Three U.S. F-15 fighter jets crashed over Kuwait in what looks to be a friendly fire incident, U.S. Central Command said Monday. None of the aircrew were hurt.

“During active combat — that included attacks from Iranian aircraft, ballistic missiles, and drones — the U.S. Air Force fighter jets were mistakenly shot down by Kuwaiti air defenses,” Centcom said in a statement.

“All six aircrew ejected safely, have been safely recovered, and are in stable condition. Kuwait has acknowledged this incident, and we are grateful for the efforts of the Kuwaiti defense forces and their support in this ongoing operation.”

The cause of the incident is under investigation and additional information will be released as it becomes available, Centcom said.

— Azhar Sukri

A ‘watershed’ moment for the Middle East: Carl Bildt’s take on the crisis

U.S. strikes on Iran are a 'war of choice' — former Sweden PM Carl Bildt

“When and how will this end?” is the question everyone is asking as the Middle East crisis gathers pace with no clear end in sight, Carl Bildt, former prime minister of Sweden and the co-chair of the European Council on Foreign Relations, told CNBC on Monday.

“The end of this particular conflict, if there is such a thing, will, of course, shape both Iran and the region for years to come. Key question is, will the regime survive or will it collapse?” Bildt told CNBC’s “Squawk Box Europe.”

“If [the Iranian regime] survives, in what particular form and what particular shape, and if it collapses, is that a collapse into chaos, or is that collapse into a transition to something that is somewhat more stable?” he said.

The collapse of a regime overseeing a country of 90 million people would have “profound implications for the stability of the entire region” Bildt said. “So it is a watershed event in the history of the region, with a highly uncertain outcome.”

Bildt called the U.S.’ decision to strike Iran a “war of choice” rather than necessity, and one which was borne out of pressure from Israel and sensing a weakened Iranian regime amid ongoing protests. He said Iran’s decision to strike back at targets across the Middle East, and beyond U.S. bases, was “surprising, but also highly disturbing.”

— Holly Ellyatt

Emirates, Etihad suspend all flights as Middle East travel disruptions worsen

An Airbus A350-941 commercial jet, operated by Emirates Airline, at the Paris Air Show in Paris, France, on Monday, June 16, 2025.

Matthieu Rondel | Bloomberg | Getty Images

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

Oil likely to hold near $80 unless infrastructure is hit, analyst says

A cargo ship is pictured off coast city of Fujairah, in the Strait of Hormuz in the northern Emirate on February 25, 2026.

Giuseppe Cacace | Afp | Getty Images

Amrita Sen, founder of Energy Aspects, told CNBC’s “Europe Early Edition” this morning that oil markets are likely to hold at around $80 a barrel for now after an initial spike, noting, “we’ve kind of stabilized a little bit,” and adding, “I do think we will hold around that 80 level for some time right now,” as there has been no direct hit to core Gulf energy infrastructure.

The bigger concern is the Strait of Hormuz. Sen said Energy Aspects calculates that “about 15 million barrels” per day of oil and “about 80 million tonnes of LNG” passed through the strait last year. While she does not expect Iran to formally shut the waterway, she warned that “what the U.S. will not be able to do is control these one-off attacks on tankers.”

Those incidents are “enough to kind of make the market extremely cautious about sending vessels in,” creating delays and disruption.

Sen said prices would likely stay near current levels unless there is “actual damage to energy infrastructure.” Without that, she said, the market holds steady — but “further damage and yes, we go up.”

Spriha Srivastava

How Iran chooses its supreme leader, and who could be next?

FILE PHOTO: Iran’s Supreme Leader Ayatollah Ali Khamenei speaks in Tehran January 8, 2007.

Stringer Iran | Reuters

Ayatollah Ali Khamenei’s death following joint U.S.-Israeli airstrikes has thrust Iran’s leadership into the urgent process of selecting a new supreme leader.

Under Iran’s constitution, the supreme leader is appointed by the Assembly of Experts. When the position becomes vacant, the assembly convenes to deliberate and select a successor. The decision requires a simple majority vote.

In the interim, a provisional three-member leadership council assumes the supreme leader’s duties until a replacement is formally appointed.

On Sunday, local media reported that the temporary council comprises President Masoud Pezeshkian, Judiciary Chief Gholam-Hossein Mohseni-Ejei and Ayatollah Alireza Arafi, who serves as the Guardian Council’s representative.

On Polymarket, traders are pricing Mohseni-Ejei as the narrow front-runner at roughly 18%. Other top contenders include Arafi and Iranian cleric Hassan Khomeini.

Read the full story here.

— Lee Ying Shan

Saudi Aramco’s Ras Tanura refinery hit by drone: Industry source

Oil pipelines sit on the quayside beside the Arabian Sea at the North Pier terminal in Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. Photographer: Simon Dawson/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Saudi Aramco’s Ras Tanura refinery has been hit by a drone, an industry source has told CNBC.

The facility had been closed as a precaution amid the ongoing conflict in the region.

The source says a small fire has been contained and is under control.

Saudi Aramco did not immediately respond to an emailed request for comment.

Emma Graham

European stocks set to slump

European stocks are expected to start the new trading week firmly in negative territory as global markets drop after the U.S. and Israel launched widespread attacks on Iran at the weekend.

The U.K.’s FTSE index is seen opening 0.6% lower, Germany’s DAX down 1.5%, France’s CAC 40 down 1.4% and Italy’s FTSE MIB 1.2% lower, according to data from IG. Read more.

— Holly Ellyatt

AWS hit with outage after ‘objects’ hit UAE data center

Amazon Web Services said Sunday it was working to fix a disruption it suffered in the United Arab Emirates after unidentified “objects” struck one of its data centers, sparking a fire and leading to a power cut.

It comes as the UAE is being targeted by Iran’s retaliatory missile and drone strikes following U.S. and Israeli attacks on the country over the weekend.

AWS said on its health dashboard that the issue had led to some ongoing connectivity disruptions, but customers were able to reroute to unaffected zones.

In its latest update, AWS said it still did not have an estimated time for power restoration. “We are investigating additional connectivity issues and error rates in the ME-CENTRAL-1 Region [UAE],” the company said.

— Dylan Butts

Blasts heard in Dubai, Abu Dhabi for a third day

Burj Al Arab stands, after an Iranian attack, following United States and Israel strikes on Iran, in Dubai, United Arab Emirates, March 1, 2026.

Amr Alfiky | Reuters

Loud blasts were heard for a third day in Dubai and Abu Dhabi. CNBC’s team in the United Arab Emirates said the explosions occurred shortly after 9 a.m local time.

The UAE’s Ministry of Defence said in a post on X that the country’s air force and air defence units had intercepted “165 ballistic missiles, two cruise missiles and 541 Iranian drones since the start of the Iranian attack.”

Among the locations targeted were Dubai’s iconic Burj Al Arab hotel, the Fairmont Hotel on the Palm, Jebel Ali Port, Abu Dhabi’s Etihad Towers and the international airports in the two emirates.

— Emma Graham

Iran security chief Ali Larijani rejects U.S. talks, blames Trump for chaos

Iran’s security chief Ali Larijani attends a ceremony by the Lebanese Shiite movement Hezbollah marking the first anniversary of Israel’s assassination of their longtime leader Hassan Nasrallah, in Beirut’s southern suburbs on September 27, 2025.

Anwar Amro | Afp | Getty Images

Iran’s security chief Ali Larijani said that Tehran has no plans to engage in negotiations with the United States.

“We will not negotiate with the United States,” the former adviser to the late supreme leader said in a post on X, dismissing reports that it is seeking to restart negotiations with Washington.

“Trump has plunged the region into chaos with his ‘false hopes’ and is now worried about further casualties of American troops,” he wrote in an earlier post.

— Lee Ying Shan

Kuwait reports drone interceptions as Iran continues retalitory strikes

An Iran-made unmanned aerial vehicle (UAV), the Shahed-136, is displayed in a rally commemorating the 47th anniversary of the Islamic Revolution’s victory in Azadi (Freedom) Square in western Tehran, Iran, on February 11, 2026.

Nurphoto | Nurphoto | Getty Images

Kuwait’s Director General of Civil Defense said Monday that the country’s Air Defense forces had successfully intercepted a majority of hostile Iranian drones approaching its borders through maritime routes.

The Kuwaiti official also confirmed that no injuries were reported from the interception operations, according to a report by state-backed media.

According to the Gulf Cooperation Council, Iran unleashed waves of drones and missiles on several Arab nations, including Kuwait, the United Arab Emirates, Bahrain, Saudi Arabia, Oman, and Qatar, over the weekend.

Since then, countries like Bahrain and the UAE have reported successful interceptions of hundreds of Iranian drones.

According to Bahrian officials, the attacks have included Iran’s Shahed-136 type drones, a cheap, locally made drone that can act like a guided missiles that travel to a predetermined target.

— Dylan Butts

UAE recalls ambassador, closes Tehran embassy after missile strikes

The United Arab Emirates recalled its ambassador from Iran Monday and shuttered its embassy in Tehran in response to missile strikes over the weekend that it said targeted civilian infrastructure, including Jebel Ali Port and airports in Dubai and Abu Dhabi.

The UAE Ministry of Foreign Affairs also summoned the Iranian Ambassador and delivered a note of protest over what it described as “terrorist attacks.”

Abu Dhabi downgraded ties with Tehran in 2016 after attacks on Saudi diplomatic missions in Iran. Relations deteriorated further after the UAE joined the Abraham Accords in 2020.

In recent years, however, ties had begun to improve. The UAE’s national security advisor, Sheikh Tahnoon bin Zayed al Nahyan, visited Tehran in 2021, in a rare move aimed at warming ties.

About half a million Iranians are estimated to live in the Emirates, many of them in Dubai. The Emirate is home to an Iranian hospital, at least one Shiite mosque in Jumeirah and numerous businesses selling Iranian goods. Despite periodic diplomatic strains, the two countries have maintained significant trading ties. Iran and the UAE are also at odds over three contested islands in the Persian Gulf.

Saudi Arabia, which recently restored diplomatic relations with Iran in 2023 under a deal brokered by China, also condemned the attacks on the Gulf States and summoned its ambassador from Tehran.

— Emma Graham

U.S. and Gulf nations issue joint warning to Iran, vowing ‘self- defense’

A group of Middle Eastern countries and the U.S. issued a joint statement Sunday night stateside, condemning Iran’s missile and drone attacks and affirming their right to self-defense.

“The Islamic Republic’s actions represent a dangerous escalation that violates the sovereignty of multiple states and threatens regional stability. The targeting of civilians and of countries not engaged in hostilities is reckless and destabilizing behavior,” according to the statement.

“We stand united in defense of our citizens, sovereignty, and territory, and reaffirm our right to self-defense in the face of these attacks. We remain committed to regional security and commend the effective air and missile defense cooperation that has prevented far greater loss of life and destruction.”

— Anniek Bao

Marco Rubio to brief congressional leaders as Iran conflict escalates

U.S. Secretary of State Marco Rubio testifies before a Senate Foreign Relations Committee hearing titled “U.S. Policy Towards Venezuela”, on Capitol Hill in Washington, D.C., U.S., Jan. 28, 2026.

Jonathan Ernst | Reuters

U.S. Secretary of State Marco Rubio is scheduled to update top leaders of the Senate and House at 4 p.m. ET on Monday.

This comes on the back of coordinated strikes by the United States and Israel on Iran, and Tehran’s retaliation that has seen it target U.S. bases in the region, including those in the UAE and Saudi Arabia.

— Lee Ying Shan

Israeli forces retaliate against Lebanon-based militant group Hezbollah

Smoke rise over Southern Lebanon after an Israeli bombardment, as seen from a position on the Israeli side of the border on March 2, 2026 near the border with Lebanon in northern Israel.

Amir Levy | Getty Images

Israel Defense Forces said they were retaliating against Lebanon-based militant group Hezbollah for targeting Israeli civilians.

“In response to projectile fire toward northern Israel, the IDF is striking Hezbollah targets across Lebanon,” the IDF said in statement posted on X.

“Hezbollah is operating on behalf of the Iranian regime, opening fire against the Israeli civilians, and bringing ruin to Lebanon. IDF troops have prepared for such a scenario as part of Operation ‘Roaring Lion’, and are prepared for an all-fronts scenario,” the statement read.

The IDF in 2024 killed Hezbollah’s leader Hassan Nasrallah, who had led the Iran-backed militant group for more than three decades.

— Vinay Dwivedi

U.K. lets U.S. use bases to target Iranian missiles after ‘scorched earth’ strategy

British Prime Minister Sir Keir Starmer speaks following the incident at Heaton Park Hebrew Congregation synagogue in Crumpsall, Manchester, at 10 Downing Street, London, Britain, Oct. 2, 2025.

James Manning | Via Reuters

The U.K. has granted permission for the U.S. to use its military bases in the Middle East in an effort to destroy Iranian missiles and missile launchers, Prime Minister Keir Starmer said in an address on Sunday posted to X.

Starmer framed his decision as one of self-defense.

The move follows Iranian strikes across the region that have put British interests, citizens and allies in harm’s way, despite the U.K. not having been involved in the initial U.S. and Israeli attacks on Iran, the prime minister said.

“We all remember the mistakes of Iraq, and we have learned those lessons,” Starmer said. “We were not involved in the initial strikes on Iran, and we will not join offensive action now.”

“But Iran is pursuing a scorched earth strategy,” he added. “So we are supporting the collective self defense of our allies and our people in the region. Because that is our duty to the British people. It is the best way to eliminate the urgent threat and prevent the situation spiraling further.”

Against this backdrop, the U.K.’s decision to allow the U.S. to use its bases is consistent with international law, he said.

— Greg Iacurci

Source – Middle east monitor