Fears of a global energy crisis rise as Iran keeps stranglehold on shipping and hits Dubai airport


BEIRUT, Lebanon (AP) — Fears of a global energy crisis rose Monday as the war in the Middle East raged on, with more U.S.-Israeli strikes on the Iranian capital and Israel’s bombardment of Lebanon. An Iranian drone strike temporarily shut Dubai’s airport, a crucial global travel hub, underscoring the threats to the world economy.

Since the United States and Israel attacked Iran more than two weeks ago, Tehran has regularly fired on Israel, American bases in the region, and Gulf Arab countries’ energy infrastructure with drones and missiles.

It has also effectively stopped shipping traffic in the Strait of Hormuz, through which a fifth of the world’s oil is transported, dramatically increasing the price of oil and putting pressure on Washington to do something to ease the pain consumers are feeling.

Brent crude, the international standard, remained stubbornly over $100 a barrel on Monday. It was at $104 in early trading, up nearly 45% since the U.S. and Israel attacked Iran on Feb. 28. It has spiked as high as about $120 during the conflict.

U.S. President Donald Trump said he has demanded that about seven countries to send warships to keep the Strait of Hormuz open, but his appeals have brought no commitments.

Iranian Foreign Minister Abbas Araghchi called claims that his country may be seeking a negotiated end to the war “delusional,” saying in a social media post early Monday that Iran was seeking neither “truce nor talks.”

Iran hits Dubai airport, forcing temporary closure

As morning broke Monday, a drone hit a fuel tank near Dubai International Airport, the world’s busiest for international passenger traffic, causing a large fire.

Firefighters contained the blaze and there were no injuries reported, but the airport suspended all flights before resuming them a few hours later.

Later, a person was killed in the capital of the United Arab Emirates when an Iranian missile hit a vehicle, the Abu Dhabi media office said. Fire also broke out at an oil facility in Fujairah, one of the UAE’s seven emirates, following a drone attack.

Saudi Arabia, meanwhile, said it intercepted a wave of 35 Iranian drones sent to its eastern region, home to major oil installations.

Iran has fired hundreds of missiles and drones toward countries in the region hosting U.S. military assets since the war began. Emirati authorities say most have been intercepted by air defenses, though debris and some drones have fallen inside the country.

Israel’s military said early Monday that Iran launched missiles toward Israel as well.

The conflict is battering the world economy, driving up energy and fertilizer prices; threatening food shortages in poor countries; destabilizing fragile states; and complicating efforts by central banks to drive down prices for consumers. Much of the difficulty stems from the virtual shutdown of the Strait of Hormuz.



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