Missile strikes launched by Iran targeted Israel and multiple Gulf nations on Friday, while residents reported hearing explosions throughout Tehran and the central Iranian city of Isfahan. The escalation comes as the United States moves to strengthen its already substantial military deployment in the Middle East region.
The conflict, which started on February 28th, was approaching its sixth week as Israel, Bahrain, and Kuwait issued warnings about incoming missile threats, though immediate damage assessments were not available. While activists confirmed strikes near Tehran and Isfahan, the specific targets remained unclear in initial reports.
Energy markets have been severely disrupted by Iran’s assault on Gulf region oil facilities and its control over the Strait of Hormuz, a critical waterway that handles one-fifth of global oil and natural gas shipments during normal conditions. This disruption has caused petroleum prices to spike dramatically.
Financial markets showed mixed reactions as oil costs climbed while Asian stock exchanges posted modest gains amid careful trading. U.S. benchmark crude oil jumped 11.4% to reach $111.54 per barrel, while Brent crude, used as the global pricing standard, surged 7.8% to $109.03 per barrel.
President Donald Trump stated that American forces would continue striking Iran “very hard” over the coming two to three weeks.
The Navy’s largest operational aircraft carrier departed from Split, Croatia, with the 6th Fleet announcing the vessel “remains poised for full mission tasking in support of national objectives in any area of operation.”
Military officials did not specify the carrier’s destination. The USS Abraham Lincoln continues operating in the Arabian Sea while the USS George H.W. Bush aircraft carrier left Norfolk on Wednesday, bound for the Middle East.
Energy costs kept climbing on concerns about an extended conflict with Iran, though Asian markets that remained open Friday showed moderate gains in careful trading sessions. Many exchanges were closed for Good Friday observances.
While the United States imports only a small percentage of its oil from the Persian Gulf region, petroleum operates as a global commodity with worldwide price setting.
Asian nations face a vastly different situation. Japan depends heavily on Strait of Hormuz access for its oil import requirements and would need to find alternative shipping routes. However, some experts believe Japan and other countries are working toward agreements with Iran to permit continued transport operations.
Japan’s Nikkei 225 index rose 0.9% during Friday morning sessions to 52,938.62. South Korea’s Kospi climbed 2.1% to 5,344.41, while the Shanghai Composite dropped 0.5% to 3,899.57. Markets remained closed in Hong Kong, Singapore, Australia, New Zealand, the Philippines, Indonesia, and India.
Wall Street, which was closed Friday, completed its first positive week since the Iranian conflict began, despite early trading declines caused by rising oil costs.
Bangladesh implemented reduced office hours and mandated early closures of shopping centers and retail stores starting Friday to address energy shortages stemming from the war.
Government officials ordered 30% reductions in fuel and power spending at public offices, halted certain employee training programs, and stopped purchasing new vehicles, ships, and aircraft. Decorative lighting for celebrations was also prohibited.
The South Asian nation of over 170 million residents is pursuing alternative energy sources and seeking $2.5 billion in external funding for imports, which represent 95% of its fuel supply.
Australian Energy Minister Chris Bowen advised motorists planning Easter weekend trips to refuel in urban areas on Friday, noting that most fuel shortages were affecting rural regions.
Of 2,400 service stations in New South Wales, Australia’s largest state by population, 182 had exhausted their diesel supplies by Friday.
Victoria, the country’s second-largest state, reported 76 stations without diesel. Among the remaining states by population size, Queensland recorded 75 stations lacking diesel, Western Australia had 37, South Australia counted 28, and Tasmania reported seven.
“For those Australians planning a road trip this weekend, given our shortages are predominantly in rural and regional Australia, it makes sense to fill up in the city to help the country if you can,” Bowen said in Sydney.
Officials attributed regional shortages to panic purchasing and supply chain issues, focusing efforts on delivering fuel to agricultural producers for crop planting activities.
