Latest: Oil prices soar after Iran names new supreme leader, launches more attacks
Dubai (AP): Iran launched more attacks on Israel and Gulf countries Monday, hours after Iranian state TV said Mojtaba Khamenei, son of the country's late supreme leader and long considered a contender, had been named his successor.
Iran's powerful paramilitary Revolutionary Guard answers to the supreme leader, and the younger Khamenei will have a central say in the war strategy.
Oil prices skyrocketed on Monday, leading to more worries that higher energy costs will fuel inflation and lead to less spending by US consumers, the main engine of the economy. Tokyo's benchmark Nikkei 225 index plunged as much as 7 per cent in early Monday trading, while other Asian markets also tumbled.
Saudi Arabia sharpened its warnings to Iran, telling Tehran on Monday it would be the “biggest loser” if it continues to attack Arab states. The Saudi statement came after a new drone attack apparently targeted its massive Shaybah oil field.
Here is the latest:
Israel says missiles were launched toward northern and southern Israel
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Israel said in a new warning Monday that it has identified missiles launched from Iran toward northern and southern Israel.
Sirens sounded in Israel, warning of a missile attack from Iran for the sixth time on Monday.
Bangladesh shuts universities early to save energy
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Bangladesh on Monday closed all universities, bringing forward the break for Eid al-Fitr as part of emergency measures to conserve electricity during the conflict in the Middle East.
The South Asian country, which depends on imports for 95 per cent of its energy requirements, has already experienced instances of panic buying. Car owners and drivers have struggled to collect fuel as shortages are reported.
The government has shut most fertiliser factories, redirecting available gas to power plants to avoid widespread outages.
Islam's biggest festival is expected to be held either March 20 or 21, depending on the moon sighting, at the end of a month-long fasting ritual.
Energy Minister Iqbal Hasan Mahmud urged people to remain calm, saying Bangladesh has sufficient fuel stocks.
Abu Dhabi was attacked by Iran
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The capital of the United Arab Emirates came under Iranian attack Monday, with two people hurt by shrapnel from interceptions in Abu Dhabi, authorities said.
South Korea to cap oil prices to stabilise soaring fuel costs
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South Korea says it will cap oil prices for the first time since 1997 to stabilise soaring fuel costs driven by the war.
Kim Yong-beom, the presidential policy chief of staff, said in a briefing on Monday that Seoul plans to introduce the caps sometime this week.
The government did not immediately provide details on how the caps would be structured and operated.
The move will help make fuel prices more predictable and prevent refineries and gas stations from raising prices “abnormally,” Kim said.
The Korea National Oil Corporation says it is holding several months' worth of strategic oil reserves at nine storage facilities across South Korea, a stockpile that exceeds the International Energy Agency's recommendation of 90 days.
South Korea last released its strategic reserves, which are used to address serious supply disruptions, in 2022 when Russia's invasion of Ukraine shocked global energy markets.
Turkiye deploys jets, air defence systems in northern Cyprus
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Turkiye has deployed six F-16 jets and air defence systems to the Turkish-Cypriot part of the divided island of Cyprus to bolster its security, the defence ministry said.
A ministry statement said Monday that additional measures would be taken if deemed necessary.
A British air base on Cyprus' southern coastline was hit by a drone last week.
Ankara maintains some 30,000 troops in northern Cyprus, which broke away from the Greek south in 1974. Turkiye is the only country to recognise the northern administration.
Iran's judiciary threatens asset seizures
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Iran's judiciary reiterated that it can order the assets of “enemies” abroad seized in the country.
It made the announcement on Monday on the judiciary's Mizan news agency.
Reporters for Farsi-language media abroad have seen their assets seized over the years.
The report also said “any intelligence or espionage activity conducted abroad for the Israeli or US governments “could lead to the confiscation of all assets and even the death penalty.”
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Deputy CM Shivakumar slams BJP MPs for their silence on LPG shortage in India
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Tuesday said the shortage of LPG refills has become a serious concern in the state, amid warnings from hotel owners that they may be forced to shut down operations if supplies do not improve soon.
Speaking to reporters in Bengaluru, Shivakumar said the issue must be discussed in Parliament and urged Members of Parliament to raise the matter, as the shortage was affecting businesses and the public.
"The government must discuss this in Parliament. They should allow a discussion today... From today itself, we are facing problems. There is no stock," he said.
The Deputy Chief Minister criticised BJP MPs for not speaking about the LPG shortage despite its impact on businesses such as hotels and catering establishments.
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He noted that hoteliers have already begun limiting their operations due to dwindling supplies.
"Now, because of the gas price hike and the gas shortage, people are going on strike, but the BJP MPs are not talking about it. They raise their voice on many other issues - strangely enough - but they are silent on this," he said.
Shivakumar also pointed to the rising fuel costs, saying diesel prices had recently increased sharply, adding further pressure on businesses.
According to him, the combined impact of fuel price increases and LPG supply disruptions was affecting the hospitality sector.
He said even former Prime Minister H D Deve Gowda spoke about some of the issues pertaining to Karnataka and called for discussion.
"Deve Gowda is talking about Mekedatu and Yettinahole projects. Let him direct his party MPs to talk about this (fuel shortage) in the Parliament.
It is not right for me to launch a verbal attack on him, considering his age. Let him suggest solutions for Mekedatu and Yettinahole. Let his party MLAs talk about what their party did, and I will counter it with what we have done," Shivakumar said.
Hotel associations in the state have warned that continued supply shortages could force establishments to temporarily shut down, particularly those dependent on commercial LPG cylinders for daily cooking. The Deputy Chief Minister indicated that the issue required urgent attention at the national level, as LPG supply and pricing fall under the Centre's purview.
