torsdag 5 mars 2026
Iran War UNLEASHES GLOBAL WAVE OF INFLATION as Rising Energy Prices STRANGLE Economies
World Affairs In Context
TRUMP'S IRAN WAR MISCALCULATION: Stronger Iran Is Emerging As the US Is LOSING Control |Ali Alizadeh
World Affairs In Context
Economy
Tariff Crisis Trump's Tariff Policy
States Expected to Sue Trump for New Tariffs: Bypassing HD
New York Attorney General Letitia James and attorneys general in 23 other states are expected to sue the Trump administration to stop the new global tariffs, writes CNBC.
- After the Supreme Court rejected his first attempt to impose extensive tariffs, the president is causing more economic chaos and expects Americans to pay the bill, James said in a statement to CNBC.
Last month, the Supreme Court invalidated most of Trump's "Liberation Day" tariffs. The president responded by imposing new tariffs via another law from 1974.
Open AI's future
Open AI's revenue reaches $25 billion
Open AI's annual revenue reached $25 billion last month, sources told The Information. That's an increase of 17 percent from the end of last year.
The company's goal is revenue of $600 billion by 2030.
At the same time, rival Anthropic is catching up with its $19 billion in revenue.
r Letitia James and attorney generals in 23 other states are expected to sue the Trump administration to stop the new global tariffs, writes CNBC.
– After the Supreme Court rejected his first attempt to impose sweeping tariffs, the president is causing more economic chaos and expecting Americans to pay the bill, James said in a statement to CNBC.
The Supreme Court last month invalidated most of Trump’s “Liberation Day” tariffs. The president responded by imposing new tariffs via another 1974 law.
European tech addiction
EQT candidate to manage new EU technology fund
EQT has been selected as one of the candidates to manage a new EU fund focusing on quantum computers, AI and other so-called deep tech areas. Bloomberg reports, citing sources.
In April, the EU is expected to appoint an external manager for the planned Scaleup Europe Fund, which will initially amount to 5 billion euros. In addition to EQT, the selected companies include Northzone, France’s Eurazeo, and Britain’s Atomico and Vitruvian Partners.
Middle East crisis Oil market
Oil prices surge – highest levels since summer 2024
Oil prices surged on Thursday evening as the conflict in the Middle East deepens. The news that China is halting its energy exports and that Iran said it attacked a ship are also contributing to the gains, writes Bloomberg.
WTI oil is currently up just over 7 percent to over $80 per barrel – a level not crossed since July 2024. Brent oil is up over 3 percent to over $85 per barrel.
Refined fuel prices are also rising sharply. In Europe, the futures price of diesel has reached the equivalent of over $150 per barrel, a level not seen since the end of 2022.
Iran: We have “no intention” to close the Strait of Hormuz
Iran has “no intention” to close the Strait of Hormuz, but while the war is going on, the country will consider every scenario. This is what Iranian Foreign Minister Abbas Araghchi told NBC News.
At the same time, he points out that the country “is not asking for a ceasefire” with the United States.
– We see no reason why we should negotiate with the United States. We have negotiated with them twice and each time they have attacked us in the middle of the negotiations, Araghchi told NBC News.
Oil continues to rise – storage capacity a problem
Oil continues to rise to just under $84 after the conflict in the Middle East expanded when the United States attacked an Iranian warship off Sri Lanka.
The Strait of Hormuz is still blocked, and according to an estimate by JPMorgan, 329 ships are stuck in the Persian Gulf, and there are problems with storing oil in several places.
"Storage capacity in the Gulf Cooperation Council and current energy prices are limiting factors for how long the American campaign can last," writes JPMorgan.
Iraq, OPEC's second-largest oil producer, has cut production, and China has reportedly urged refiners not to sign new contracts for oil imports and to pause exports of diesel and oil.
Sources: India buys Russian oil – unclear what US says
Indian refineries are buying millions of barrels of Russian crude oil, according to sources to Reuters.
The country is said to be trying to deal with the energy shortage triggered by the conflict in the Middle East. Reuters raises the issue that New Delhi recently received reduced tariffs from the US in exchange for the country buying less oil from Russia, among other things.
One of the sources says that India has contacted the Trump administration to get the purchases approved. However, it is still unclear whether the White House has given the green light.
TOP NEWS
China-Taiwan relations
No Chinese fighter jets around Taiwan for a week
The Chinese air force's presence around Taiwan has been significantly reduced in recent weeks, Reuters reports.
Last week, not a single fighter jet was sighted, which is unusual. This year alone, about 460 flights of drones and fighter jets have been recorded in Taiwan's identification zone.
This could be a sign that China is recalibrating its pressure on Taiwan.
Two Taiwanese sources told Reuters that they suspect the reduction could be a tactic by Xi Jinping to create a "false image" ahead of his meeting with Donald Trump at the end of March.
- Beijing may be trying to create the impression: I am peaceful, I am moving towards peace, so you should stop selling arms to Taiwan, said one of the sources.
China considers Taiwan to be part of its territory. As recently as his New Year's speech, Xi Jinping said that "reunification with the motherland is unstoppable".
Security in Europe
Finland wants to relax nuclear weapons restrictions
The Finnish government wants to remove the total ban on nuclear weapons that currently exists in the country. This was announced by Defense Minister Antti Häkkänen at a press conference according to SVT Nyheter.
– Such a total ban is quite unusual among NATO member states, he says.
Today's ban applies to the manufacture, import, storage and transport of nuclear weapons. To lift it, amendments to the Nuclear Energy Act and the Criminal Code are required.
Exactly what legal changes are planned is unclear. The government will submit a proposal to the Riksdag next week.
The future of the EU
Iceland to hold referendum on the EU
Iceland will hold a referendum on whether the country should continue negotiating EU membership, reports the Icelandic Rúv.
According to Rúv, the Foreign Minister will present a parliamentary decision to resume negotiations tomorrow. The government's governing agreement stipulates that a referendum must be held by 2027 at the latest. It is likely to take place in the autumn.
Iceland applied for EU membership in 2009, and negotiations began the following year. However, when the Progress Party and Independence Party government came to power, the negotiations were suspended, and in 2015 they were officially concluded.
Elections in Denmark
Danish party campaigns against Greta Thunberg
The Danish right-wing party Denmark Democrats is coming out hard against activist Greta Thunberg in its election campaign, reports TT.
Party leader Inger Støjberg wants to introduce an entry ban on foreign activists who participate in illegal demonstrations. She accuses Thunberg of living in an “activist fantasy world”.
“These are exactly the types of people that she and our campaign are targeting. Ill-mannered young people who only have the purpose of causing trouble”, writes Støjberg to TT.
Greta Thunberg responds by calling the party racists and urging them to focus more on the “climate crisis, genocide and neocolonialism”, writes Berlingske.
The Danish parliamentary elections are held on March 24.
Middle East Crisis
Iran War
Israel: War Enters New Phase – More Surprises
Israel announces that it is now entering the next phase of its war against Iran, reports Haaretz.
“We will intensify the damage to the foundations of the Iranian regime and its military capabilities, we have more surprises up our sleeves,” says Defense Chief Eyal Zamir.
He does not go into details about what the new phase entails.
According to Zamir, the Israeli Air Force has dropped over 6,000 bombs, destroyed 80 percent of Iran’s air defense systems and achieved almost total air supremacy.
In addition, over 60 percent of Iran’s ballistic missile launch sites have been destroyed, he claims.
Voices on
Expert: Unlike the US, Israel is completely indifferent to Iran's future
Israel is preparing for "several long weeks" of attacks on Iran together with the US military, Israeli sources tell the Financial Times.
According to the sources, the offensive is now in its third phase. The first, on Saturday, consisted of the initial attacks on the leadership in Tehran that killed Ayatollah Khamenei. The second lasted for four days and aimed to knock out ballistic missiles, drones and air defenses.
The goal of the third phase, according to a senior military source, is to crush the regime's entire military infrastructure.
Israel does not care one bit about Iran's future and stability - if there is a coup d'état or civil war, it is rather welcome, says Danny Citrinowicz, an Iran expert at the Institute for National Security Studies in Tel Aviv.
- That is the difference between us and the US. I think the US is more concerned with nation-building and threats to its allies in the region.
Israel-Hezbollah
Israel to Hundreds of Thousands of Beirutis: “Save Your Lives – Evacuate Now”
Israel has issued an evacuation order for all of Beirut’s southern suburbs. Between 300,000 and 700,000 people live in the areas, according to The Guardian.
“Save your lives and evacuate immediately,” writes IDF spokesman Avichay Adraee on social media, adding:
“Going south is prohibited. Any movement south could endanger your lives.”
According to The Guardian, this is the first time Israel has issued an evacuation order for large parts of the Lebanese capital.
Previously, people in specific buildings and their surrounding areas have been urged to flee in anticipation of upcoming airstrikes.
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