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Latest oil shock might be good for the world

 On March 9, oil prices crossed US$ 100 a barrel for the first time in almost four years as the war in West Asia between the US and Israel on one side and Iran on the other continued to escalate with no immediate end in sight. Oil price shocks triggered by conflict in West Asia have historically reshaped global energy systems. But the latest tensions around the Strait of Hormuz are unlikely to produce a long-term return to high oil prices. The first oil crisis in 1973 shaped the lives of baby-boomers. The price of oil quadrupled overnight as Arab oil exporters targeted Canada, Japan, the Netherlands, the UK and the USA. The second oil crisis, in 1979, followed the Iranian Revolution and panic buying set in as the oil price shot up. Then the 1980-88 Iran-Iraq war reduced global oil supply even further, so the price rose dramatically right through the 1980s. The latest outbreak of war in West Asia has led to oil tankers being trapped in the Straits of Hormuz, and key producers such a...
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US plans to announce multi-nation coalition to escort ships through Hormuz: WSJ

 The US plans to announce that multiple countries have agreed to form a coalition that will escort ships through the war-hit Strait of Hormuz as early as the upcoming week, the Wall Street Journal (WSJ) reported on Sunday, citing unnamed American officials. They reportedly said discussions were still underway as to when those operations would begin, before or after the end of the hostilities in the Middle East, which erupted on February 28 following US-Israeli strikes on Iran and Tehran's subsequent retaliatory attacks on US bases in the region. The White House declined to comment, WSJ said, adding that the battlefield conditions could influence the exact timing of the potential announcement. COUNTRIES EVASIVE ON TRUMP'S CALL Several countries, including some very close allies of the US, have appeared evasive about US President Donald Trump's open call to nations to send warships to enable container vessels to pass through the Strait of Hormuz unharmed. The strategic waterw...
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Iran US News LIVE Updates: Loud sounds heard in Dubai as UAE ‘currently dealing with missile attacks, drones from Iran’

 Iran US News LIVE Updates: The United Arab Emirates said on Sunday morning that a new missile attack, coming a day after Iran called for the evacuation of three major UAE ports, marking the first time Tehran threatened a neighboring country’s non‑U.S. assets, AP Iran claimed that the United States had used “ports, docks, and hideouts” in the UAE to launch strikes on Kharg Island, the main terminal for Iran’s oil exports, though no evidence was provided. The conflict shows no signs of ending. Iran’s Islamic Revolutionary Guard Corps said on Sunday that it would target Benjamin Netanyahu as the conflict involving Israel, the United States, and Iran continues to escalate, as reported by AFP. "If this child-killing criminal is alive, we will continue to pursue and kill him with full force," said the Guards on their website Sepah News, AFP reported. U.S. President Donald Trump called on allied countries to deploy warships to protect shipping in the Strait of Hormuz, and there wer...
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US Iran war LIVE updates: Tehran's chilling threat to Netanyahu; Iran strikes US airbase in Saudi Arabia | World News

 US Iran war LIVE updates: The war in the Middle East has entered its third week with no end to the fighting in sight. According to US-based Human Rights Activists Iran (HRANA), at least 1,858 people had been killed in Iran between February 28 to March 12. Of these, 200 are said to be children. Key Events     1 Mins agoWhat IRGC said in its threat t Netanyahu     27 Mins agoIran arrests 20 for sharing military location details with Israel: Report     40 Mins agoIran Guards vow to 'pursue and kill' Netanyahu     57 Mins agoTehran accuses US, Israel of using rebranded Shahed drones     1 Hr 9 Mins agoChinese yuan report on Strait of Hormuz     1 Hr 42 Mins agoCBSE cancels all Class 12 board exams in the Middle East     1 Hr 53 Mins agoVideo shows US's B-52 bomber taking off for night mission in Iran war     9:49 AM IST, Mar 15South Korea evacuates over 200 citizens from Middle East     9:42 AM I...
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