Crypto News: Iran war enters third day

Good morning. Donald Trump presses for new Iranian leadership as the conflict enters its third day. US warplanes crash in Kuwait after a friendly-fire incident. And thousands of travelers are stranded in the region. Listen to the day's top stories.

— Hellmuth Tromm

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Donald Trump said the bombing campaign against Iran may last for weeks and again called on the nation's leaders to capitulate, but the Islamic Republic's security chief ruled out negotiations. Iran has switched to survival mode, with blasts being heard across Bahrain, the United Arab Emirates and Qatar as Gulf states intercepted missiles launched in retaliation.

Three US fighter jets crashed in the Persian Gulf after being mistakenly shot down by Kuwaiti air defenses, in what stands to be among the worst incidents of its kind yet involving US forces. All crew members survived, according to the Kuwaiti government. Stay up to date with the conflict with our live blog.

Stocks tumbled and oil prices jumped, while gold and the dollar climbed as investors rush to safe havens. Airlines and hotel shares bore the brunt of the selloff, while energy and defense stocks bounced.

Trump Sees Combat in Iran Until All Objectives Achieved

Watch the Video

Travel chaos swept the Middle East and beyond. Carriers including Emirates, Qatar Airways and Etihad suspended flights as major air hubs shut down traffic, including Dubai and Doha. With airspace closed, thousands of visitors are trapped in Dubai, a city that's built its reputation on being a reliable, omni-directional 24/7 global gateway.

As missiles and drones fly over the UAE, banks including JPMorgan, Goldman Sachs and Citigroup are being forced into contingency mode, instructing employees to work from home or urging staff to shelter in place. Many firms are also rushing to size up their regional exposure. On a global scale, China may be one of the hardest hit economies from the war, while the US faces less of a drag due to its shale oil exports.

Deep Dive: What's at Stake for Oil

Satellite view of the Strait of Hormuz. Photographer: Gallo Images

Trump's decision to strike Iran creates new risks for a significant chunk of the world's oil supply. The Islamic Republic itself pumps more than 3% of global output, making it the fourth-largest producer in OPEC, but wields far greater influence because of its strategic location.

Iran sits on one side of the Strait of Hormuz, the chokepoint that handles a fifth of the world's oil and large volumes of gas. Now, with tanker traffic through the strait largely halted, oil surged the most in four years.
Dozens of laden oil tankers are hunkering down inside the Persian Gulf, and major oil producers in the Middle East may be forced to suspend output.
And while OPEC+ agreed to resume oil output increases at a slightly accelerated pace, many producers have limited capacity to pump more oil—and Saudi Arabia's biggest oil refinery is already down.
It's not just oil at risk. Several of the world's biggest maritime insurers are scrapping war-risk cover for ships entering the Persian Gulf, a step that has already started complicating trade flows.

The Big Take

President Donald Trump with Secretary of State Marco Rubio and White House Chief of Staff Susie Wiles at Mar-a-Lago on Feb. 28. Source: The White House

With the killing of Iran's Ayatollah Ali Khamenei, Trump has embraced a form of intervention that involves openly targeting adversaries' leaders for death or arrest. The move is a risky gamble, with only one in four Americans approving of the US strikes. Critics say his approach shatters legal restraints and sets a terrible precedent for international relations.

Big Take Podcast

The Risk of Iran's "No Red Lines" Threat

Opinion

Plumes of smoke rise following reported explosions in Tehran on March 1, 2026. Source: Atta Kenare/AFP/Getty Images

Can air power alone win a war? That's the question now being tested in real time, James Stavridis writes. Drawing on his experience in Kosovo and Libya, he argues that success hinges on air superiority, precise targeting and the vulnerability of the regime under attack.

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Before You Go

Satellite images after the strikes show damage to the compound of Ayatollah Ali Khamenei in Tehran. Photographer: Pléiades Neo/Airbus

Prediction markets are facing backlash after traders placed bets on strikes against Iran, sparking a broader debate over the ethics of wagering on geopolitical events. While supporters argue such bets generate real-time information beyond traditional news or intelligence analysis, critics see it as vulnerable to abuse.

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