Tuesday, 3 March 2026
QatarEnergy announced the suspension of liquefied natural gas (LNG) production on March 2, 2026, following drone strikes attributed to Iran that targeted its facilities in Ras Laffan Industrial City. This disruption has led to a nearly 45% surge in the Dutch TTF natural gas contract, pushing prices above €46, and is expected to have a more severe impact on global gas supply than previous disruptions caused by the Ukraine war.
U.S. Secretary of Defense Pete Hegseth announced that the Pentagon is considering military action against Iran, emphasizing that the operation, named "Epic Fury," will not aim for regime change and will not conclude quickly. Hegseth declined to provide a specific timeline for the operation, which began following President Trump's authorization, and noted that U.S. ground troops could be deployed, although he stressed that this conflict would differ from previous engagements in Iraq.
Iran's recent missile and drone strikes targeting civilian infrastructure in Gulf nations, including airports and ports, have significantly disrupted air travel in the region, leading to the cancellation of over 80% of flights from Dubai and more than half from Abu Dhabi. In response, airlines such as Etihad Airways and Emirates have resumed a limited number of flights to evacuate stranded passengers, although regular commercial operations remain largely suspended. The ongoing conflict has left thousands of travelers, including over 58,000 Indonesians in Saudi Arabia, stranded amid heightened safety precautions and airspace closures.
Russian President Vladimir Putin has reaffirmed support for Iran following the killing of Supreme Leader Ali Khamenei in a U.S.–Israeli airstrike on February 28, 2026. Despite this diplomatic backing, experts suggest that Russia's involvement is limited due to its ongoing commitment to the war in Ukraine, with analysts noting that the relationship between the two nations is largely transactional and lacks the depth of a defensive alliance.
Israel's military launched airstrikes on Hezbollah targets in Lebanon following rocket fire from the group, which claimed the attacks were in retaliation for the killing of Iran's Supreme Leader Ayatollah Ali Khamenei. The strikes resulted in 52 fatalities in Lebanon, while no casualties were reported in Israel. Israeli Defense Minister Israel Katz stated that Hezbollah would face a 'heavy price' for its actions, and the conflict has escalated amid broader tensions involving Iran and the U.S.
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