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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SP has ended contract with I-PAC due to fund constraints: Akhilesh Yadav
Lucknow (PTI): Samajwadi Party president Akhilesh Yadav on Wednesday said his party has severed its association with the Indian Political Action Committee (I-PAC) due to a lack of funds.
He dismissed speculations that the termination of contract was because of recent election results.
Addressing a press conference here, Yadav said the party had engaged I-PAC for a brief period ahead of the 2027 Uttar Pradesh Assembly elections but could not continue the arrangement.
"Yes, we had an association. They worked with us for a few months, but we are not able to continue because we do not have that kind of funding," he said.
The I-PAC is a political consultancy firm known for managing major election campaigns across the country.
Election strategist-turned-politician Prashant Kishor has also been associated with the organisation in the past and has worked with multiple parties, including the BJP and the Congress.
In a lighter vein, Yadav took a swipe at the ecosystem of political consultancies. "We thought that if we have to work with a 'winning agency', then there are several big companies."
He said that some people suggested conducting surveys, hiring another firm, keeping a social media company, and even engaging agencies for negative campaigning against other parties.
"There are one or two more companies whose names are not yet known. I can get those for you as well," Yadav said.
Yadav rejected the suggestion that the decision to end the deal was influenced by recent election outcomes in states such as West Bengal.
"There is no such thing. Do not ask questions based on baseless reports. That is not true," he said.
"This is not the reason for ending the agreement. We simply do not have enough funds. If you (the media) give us funds, we can hire another company," the former Uttar Pradesh chief minister said.
