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Fear U.S.-Israeli war with Iran will drag on sends stocks plunging and oil price soaring
Posted by Temmy
Mon, March 09, 2026 1:26pm


Fear U.S.-Israeli war with Iran will drag on sends stocks plunging and oil price soaring

What to know on the 10th day of the U.S.-Israeli war with Iran
o Stock markets plunged Monday after benchmark oil prices surpassed $100 a barrel for the first time since 2022 on fears that the U.S.-Israeli war with Iran will drag on, after Iran's military said it had enough weapons to continue attacking Western interests at the current pace for six months.

o As the U.S. military announced a seventh fatality from the war, the death toll from Israel's blistering assault in Lebanon neared 400, according to the country's health ministry, with Israel's assault on Iranian-backed Hezbollah forcing tens of thousands of civilians to flee their homes.

o Iranian clerics chose former Supreme Leader Ayatollah Ali Khamenei's son Mojtaba Khamenei as his successor over the weekend, handing him what one analyst described to CBS News as the "highest risk job."

U.S. orders non-emergency staff and families to leave consulate in Adana, Turkey
The U.S. State Department on Monday ordered non?emergency staff and family members to leave the U.S. Consulate in Adana, in southern Turkey, citing unspecified "safety risks."

All consular services at the facility were suspended, with Americans urged to contact the U.S. Embassy in Ankara or the U.S. Consulate General in Istanbul for help.

All Americans in southeast Turkey, which shares borders with Iran, Syria and Iraq, were "strongly encouraged to depart now," the U.S. Embassy said.

The decision to order non-emergency staff to leave the Adana consulate marked the 10th such order for a U.S. diplomatic mission since the start of the war with Iran, and the first such move involving a NATO ally.

Calls for Australia to offer Iranian women's soccer team refuge after their exit from Asian Cup
Australian authorities are being urged to help the Iranian national women's soccer team after their exit from the Asian Cup, over fear of what might happen to them if they fly home as scheduled.

Before their first game of the tournament in Australia, against South Korea, the players declined to sing or salute their country's national anthem, prompting calls for harsh punishment from conservatives back inside Iran. The Islamic Republic's state television network branded them "traitors" and accused them of "the pinnacle of dishonor."

"We all have very reasonable and serious concerns for their safety," Craig Foster, a former captain of the Australian men's soccer team and a human rights advocate, told CBS News partner network BBC News.

In their two subsequent matches, the team sang and saluted their anthem, drawing concern they may have been coerced into doing so.

"Some may have concerns, others may not - but what we know is most of them have families back home, some of them have children back home, and even if offered the right to remain in Australia, if they feel unsafe, many of them may not accept that opportunity," Foster, who helped the Afghan women's team flee the Taliban in 2021, told the BBC. "What's most important is that that offer is made."

Israeli insider says Iran's new supreme leader has the "highest risk job right now"
Thousands of people marched through the streets of Tehran overnight, celebrating the appointment of Mojtaba Khamenei as Iran's new supreme leader. The son of former Ayatollah Ali Khamenei, who was killed on the first day of U.S.-Israeli strikes, is known as a hardliner with close ties to Iran' security services.

American-born Israeli businessman Michael Eisenberg, an adviser to Prime Minister Benjamin Netanyahu, told CBS News that the younger Khamenei's new job title came with an enormous amount of personal risk.

"The highest risk job right now is to be the new ayatollah," Eisenberg told CBS News. "That's a high-risk job."

He said Israeli officials had made it clear that all senior roles in Iran were subject to targeting, and they had urged people: "Don't take those jobs."

Israel's Mossad intelligence agency warned in a social media post last week that no matter who Iran chose, "his fate has been decreed," with a graphic depicting senior Iranian clerics being toppled as dominoes.

Saudis war Iran of "grave impact" on relations as strikes continue hitting Persian Gulf nations' oil infrastructure
Saudi Arabia lashed out at Iran following what the kingdom said was a thwarted drone attack on its massive Shaybah oil field, saying Tehran would be the "biggest loser" if it continues to attack Arab states.

The Saudi Foreign Ministry said "further escalation ... will have grave impact on the relations, currently and in the future."

In addition, a fire broke out Monday at an oil facility that was attacked in Fujairah, United Arab Emirates, and Bahrain's only oil refinery was apparently also hit.

Another attack appeared to have started a fire at Bahrain's only oil refinery, sending thick plumes of smoke into the air, with online video purportedly showing the blaze. Bahrain's government did not immediately identify the refinery itself as being hit, though it has been a target of repeated Iranian attacks since the war began.

Authorities in Abu Dhabi, in the UAE, said one person suffered minor injuries and another moderate injuries after debris fell in two locations in the emirate on Monday, as air defenses raced to shoot down incoming Iranian weapons.

2 possibly killed as missiles hit central Israel
Israel's national Magen David Adom emergency medical service said Monday that at least one person was killed and another seriously wounded after another Iranian missile attack targeting central Israel.

Israeli media reports suggested the strike could have included missiles carrying cluster munitions. It came after another warning from the Israeli military of an incoming Iranian missile salvo.

Among the locations impacted was a construction site in the city of Holon, where the MDA said at least one man was fatally struck by shrapnel.

"It was a difficult scene," the MDA cited paramedic Liz Goral, who was among those responding to the explosion on the construction site, as saying . "The two casualties were lying unconscious and suffering from severe shrapnel injuries to their bodies. After performing resuscitation efforts, we had to pronounce the death of a man, approximately 40 years old, and we evacuated the second casualty in serious condition by Mobile Intensive Care Unit to the hospital."

There were unconfirmed reports that the second victim died later of his injuries.

As of Monday, Israel's independent Institute for National Security Studies said at least 15 people in the country had been killed since the war started, including two troops. That figure does not include the casualties from the strike on the construction site in Holon.

Hezbollah continues to multiply the threat posed by Iran to Israel, and to the U.S.
The skies over northern Israel lit up with a barrage of incoming Hezbollah rockets and missiles over the weekend, and Israel launched waves of airstrikes in retaliation.

Hezbollah is still believed to have thousands of missiles and, along with its backers in Iran, poses the threat of overwhelming Israeli defenses, according to a local Israel Defense Forces colonel who spoke with CBS News on the condition of anonymity for security reasons.

"Most of the attacks from Iran and Hezbollah are coordinated or simultaneous. Once they have missiles firing up from Iran, missiles firing up from Lebanon, Iran's are more to the mainland in Israel, and the Hezbollah missiles are here for the north," the colonel said.

Hezbollah's diminished, but still significant capacity has implications for the U.S.

Iran knows neither the U.S. nor Israel have an unlimited supply of missile interceptors or air defenses. Hezbollah can, if it chooses to, unleash a wave of rocket fire on northern Israel to free up Iran's firepower to focus on U.S. targets and allies in the region.

Strike hits Beirut's southern suburbs after Israeli warning, as Lebanon puts death toll near 400
Fresh airstrikes slammed into the southern suburbs of Lebanon's capital Beirut on Monday after Israel warned residents of some neighborhoods to flee for their safety as it continued its attacks against Hezbollah.

Lebanese Minister of Public Health Dr. Rakan Nasr al-Din said Sunday that the death toll since the beginning of the latest Israeli operations in the country, which began along with the joining U.S.-Israeli strikes on Iran, had reached at least 394, including 83 children and 42 women. He said more than 1,130 people had been injured including 254 children and 274 women.

Tens of thousands of people across southern Lebanon have been ordered by Israeli authorities to evacuate their towns and villages, fueling a humanitarian crisis in the country.

Qatar arrests 313 people for sharing attacks video and spreading "rumors"
Qatari authorities have arrested more than 300 people for sharing images and "misleading information" during days of attacks by Iran, the interior ministry said on Monday.

The people arrested "filmed and circulated video clips and published misleading information and rumours that could stir public opinion", a statement said.

Stock markets plunge as oil and gas prices soar
Stock markets plunged Monday as oil and gas prices soared on fears about supplies from the Middle East with the U.S.-Israeli war against Iran continuing into a second week with no sign of letting up. Investors ran for the hills as crude rocketed to its highest level since the Russian invasion of Ukraine in 2022.

President Trump has said only the "unconditional surrender" of Iran will end the war, and over the weekend he added that the spike in energy prices was a "small price to pay" to eliminate Iran's nuclear threat, reiterating the White House's insistence that the rise is temporary.

London's FTSE 100 share index dropped 1.4% in the first couple of minutes of trade on Monday as investors reacted to the surge in oil prices. Earlier, stock markets in Asia fell sharply, with Japan's Nikkei 225 index closing down by more than 5%.

In South Korea, the Kospi index sank by more than 8% at one point, triggering a 20-minute halt to trading before eventually closing down 6%.

West Texas Intermediate and Brent crude contracts both jumped around 30% to hit peaks just short of $120 a barrel. European gas prices also soared 30% Monday.

Since the beginning of the war, WTI has risen more than 75% and Brent more than 60%, though both eased on news that finance ministers from the Group of Seven industrialized nations will discuss tapping emergency reserves to ease the supply strain.

Global oil prices soar over $100 a barrel
Global oil prices spiked near $120 per barrel before falling back Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets. The price for a barrel of Brent crude, the international standard, surged to $119.50 per barrel early in the day but later was trading at $107.80 per barrel.

West Texas Intermediate, the light, sweet crude oil produced in the United States, spiked to $119.48 per barrel but fell back to $103 per barrel.

The last time Brent and U.S. crude futures traded near the current level was in 2022, after Russia invaded Ukraine.

Prices moderated on Monday after the Financial Times reported that some members of the Group of Seven industrial nations were considering releases of strategic oil reserves to alleviate pressure on the markets. The report was later confirmed by sources to other news outlets.

Roughly 15 million barrels of crude oil — about 20% of the world's oil — typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy. The threat of Iranian missile and drone attacks has all but stopped tankers from traveling through the strait, which is bordered in the north by Iran, and carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.

Iran's military claims it's "capable of continuing at least a 6-month intense war"
Iran's powerful Islamic Revolutionary Guard Corps said Sunday that the country was prepared and equipped to continue waging an intense war against the U.S. and Israel for at least six months.

"The Armed Forces of the Islamic Republic of Iran are capable of continuing at least a 6-month intense war at the current pace of operations," the country's official Fars news agency cited IRGC spokesman Ali Mohammad Naini as saying.

U.S. Energy secretary says gas price hike will be temporary, as "this is not a long-term war"
Energy Secretary Chris Wright said Sunday that the "period of elevated energy prices" will be temporary, "but it will not be long," as the Iran war continued into a second week.

Oil and gas prices "shouldn't go much higher than they are here because the world is very well supplied with oil," Wright said on "Face the Nation with Margaret Brennan." He insisted there is "no energy shortage at all," saying the U.S. is a large exporter of natural gas and although refineries in Europe and Asia are seeing "interruptions in their crude flows," there are "massive energy stores around the world."

"What you want is emotional reactions and fear that this is a long-term war," Wright said. "This is not a long-term war; it's a temporary movement."

Wright said the U.S. still has 400 million gallons of oil in its strategic oil reserve, and "we're more than happy to use that if it's needed." But he added that it's a "logistics issue" because refineries in Europe and Asia need oil.

"We're just doing pragmatic things to get through a short period that will that will bring in an era of even lower energy prices because a major energy-producing region of the world, the Middle East, will no longer have a strong, powerful Iran that can threaten their neighbors, that can threaten the United States of America and that was not far away from a nuclear bomb," said Wright.

President Trump echoed the sentiment in a post on his Truth social media platform on Sunday, saying: "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for USA and World, Safety and Peace," adding: "ONLY FOOLS WOULD THINK DIFFERENTLY!"

7th U.S. service member dies from Iran's initial attacks, Central Command says
A U.S. service member has died from injuries received during Iran's initial retaliatory attacks, the U.S. Central Command said Sunday.

The service member was seriously wounded during an attack in Saudi Arabia on Mar. 1, CENTCOM said. The identity of the service member will be released following the notification of the next of kin.

This is the seventh American service member to be killed in the Middle East since the war in Iran started on Feb. 28.

Mojtaba Khamenei named as Iran's new supreme leader
Mojtaba Hosseini Khamenei, the second son of former Supreme Leader Ayatollah Ali Khamenei, has been named Iran's new supreme leader, Iranian state media confirmed Sunday.

Mojtaba Khamenei has never held elected office. But for years he has operated quietly behind the scenes from within his father's office, cultivating influence across the security establishment, particularly within the Islamic Revolutionary Guard Corps.

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