The ongoing conflict involving Iran, Israel and the US has rapidly escalated in West Asia. It has shaken global markets, pushing oil prices sharply higher and prompting several major economies to release supplies from their strategic reserves. Iranian officials have warned that the conflict could turn into a prolonged war of attrition capable of severely damaging the global economy. Tehran says it still maintains control over the Strait of Hormuz and has threatened to target economic infrastructure linked to the United States and Israel.
The conflict has also spread beyond the immediate battlefield. A powerful explosion shook buildings in Dubai, with a large cloud of smoke seen rising over a central area of the Middle East financial hub. The blast was followed by sirens from the direction of Sheikh Zayed Road. At the same time, Saudi Arabia said its air defences intercepted dozens of drones entering its airspace as Iran expanded attacks on oil-rich Gulf countries in response to the US-Israeli strikes.
