The World in Brief from The Economist

America’s secretary of war, Pete Hegseth, said that a US Navy submarine sank an Iranian warship in the Indian Ocean; Turkey’s defence ministry said that NATO air-defence systems in the Mediterranean shot down an Iranian “ballistic munition” that was headed towards its air space.

Israel said it would “intensify” strikes on Iranian infrastructure and military targets. Also, Donald Trump said America would “immediately” provide insurance for shipping lines travelling through the Strait of Hormuz.

Donald Trump said America would “immediately” provide insurance for shipping lines travelling through the Strait of Hormuz, and that the navy would escort oil tankers if necessary.

Donald Trump said America would “immediately” provide insurance for shipping lines travelling through the Strait of Hormuz, and that the navy would escort oil tankers if necessary; A drone strike caused a “limited” fire near the American consulate in Dubai. 

Israel’s armed forces said troops were “operating in southern Lebanon” as its offensive against Hizbullah intensifies. Also, Donald Trump vowed retribution for an Iranian drone attack on the American embassy in Riyadh

Donald Trump described America’s attack on Iran as “our last best chance to strike”.

Donald Trump described America’s attack on Iran as “our last best chance to strike"; Gas prices in Europe soared by 50% after QatarEnergy LNG halted production following Iranian drone attacks on its facilities.

Conflict spread in the Middle East as Israel carried out strikes on Lebanon after Hizbullah launched missiles at Israel. Also, oil prices surged and stockmarkets fell as the war in Iran entered its third day.

Oil prices surged dramatically when markets opened in Asia as traders reacted to the war in Iran that began over the weekend.