A general view of Tehran with smoke visible in the distance after explosions were reported in the city, on March 2, 2026 in Tehran, Iran.
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What you need to know today
The first flights out of Dubai were cleared to depart since the U.S. and Israel attacked Iran, but service is ‘limited.’ It comes after more than 11,000 flights were canceled in the Middle East.
Oil prices jumped after Iran reportedly said it had closed the Strait of Hormuz. Crude oil prices were up more than 8% on Monday, as market participants feared that war between the U.S. and Iran would spiral out of control and lead to major supply disruptions.
Apple launched a lower-cost iPhone 17e and a new iPad Air powered by its M4 chip. The products opened up a week of product launches on Monday, as Apple begins what looks to be a broader multi-day hardware push.
The S&P 500 ended Monday just above the flatline, rebounding from sharp declines earlier in the day, as investors bought the dip following U.S. and Israel strikes on Iran. The Nasdaq Composite was higher by 0.36%, while the Dow Jones Industrial Average fell 0.15%.
India is feeling the heat as tensions in the Middle East show no signs of cooling, with high oil prices likely to increase the country’s already substantial energy import bill, while disruptions to flight routes hamper airline operations.
Uncertainty is growing over U.S. President Donald Trump’s high-stakes trip to China after Washington’s strikes on Iran killed Supreme Leader Ayatollah Ali Khamenei. Analysts say those actions could complicate Trump’s high-stakes trip to Beijing.
Qatar halted liquefied natural gas production due to attacks by Iran on two key operating facilities, as the Islamic Republic widened retaliatory strikes to target the regional energy infrastructure of its Persian Gulf neighbors.
And finally…
The Strait of Hormuz crisis explained: What it means for global shipping
The escalating war in the Middle East has ratcheted up fears of prolonged disruption to global trade via key maritime corridors like the Strait of Hormuz and the Bab el-Mandeb Strait.
Container shipping giants have suspended operations through the strategically vital Strait of Hormuz and rerouted vessels around the southern tip of Africa, following U.S. and Israel strikes on Iran over the weekend.
Danish shipping company Maersk said in a statement that it would suspend all vessel crossings in the Strait of Hormuz until further notice, warning that services calling ports in the Persian Gulf may experience delays.