The UAE has ordered both its major stock exchanges the Abu Dhabi Securities Exchange and Dubai Financial Market shut for two consecutive days, Monday March 2 and Tuesday March 3, following Iran's retaliatory missile and drone strikes on the country. The UAE Capital Markets Authority cited its supervisory and regulatory responsibilities in announcing the closure, signalling the severe economic disruption sweeping across the Gulf region. The authority stated it would continue monitoring regional developments and assess the situation on an ongoing basis, reserving the right to take further measures as necessary. The closure marks one of the most significant financial disruptions in the UAE's recent history. (PC: X)

Global oil prices rose after at least three ships were attacked near the Strait of Hormuz. The area carries about 20% of the world’s oil and gas. The UK Maritime Trade Operations Centre said two vessels were hit by unknown projectiles. A third reported an explosion “in very close proximity.” Crews were safe. Iran has warned ships not to pass through the strait. Many tankers have dropped anchor outside the area. Brent crude rose over 4% to $76.16 a barrel. “The market isn’t panicking,” said Saul Kavonic of MST Marquee. He said prices may ease if traffic returns. (PC: BBC)

At least 31 people were killed and over 140 injured in Israeli airstrikes targeting southern Lebanon and Beirut, according to Lebanon's Ministry of Public Health. Around 20 deaths were reported in Beirut's southern suburbs, with 11 more fatalities in southern Lebanon. The Israel Defense Forces confirmed strikes on senior Hezbollah commanders in Beirut and southern Lebanon, hitting Dahiyeh, Hezbollah's stronghold. The escalation followed Hezbollah's vow to retaliate after Supreme Leader Khamenei's killing, with the group subsequently launching missiles and drones at an Israeli army base south of Haifa in revenge. Lebanese state media reported mass evacuations across densely populated southern Beirut districts.

Indian stock markets suffered a brutal selloff Monday morning as escalating West Asia tensions rattled investor confidence. The Sensex crashed over 2,700 points at open, while Nifty 50 plunged 500-plus points, wiping out over ₹8 lakh crore in investor wealth within minutes. Five key factors drove the crash: US-Iran war fears following Khamenei's killing, crude oil surging over 8% to multi-month highs, the rupee breaching Rs 91 per dollar, aggressive FII selling marking their eighth consecutive month of net equity offloading, and broader geopolitical uncertainty. Analysts warn prolonged conflict could widen India's current account deficit, accelerate inflation, and trigger further foreign capital flight. (PC: Mint)

Afghanistan's defence ministry announced its air force executed "precise and coordinated" strikes on multiple Pakistani military installations, including the strategically significant Nur Khan Airbase in Rawalpindi, the same base previously targeted during India's Operation Sindoor. Kabul stated the strikes were a direct retaliation for recent Pakistani air incursions into Afghan territory, specifically over Kabul and Bagram. The development marks a dramatic escalation in Afghanistan-Pakistan tensions, opening a fresh front of regional conflict. Pakistan has yet to issue any official response or confirmation regarding the strikes, leaving key details about damage and casualties unverified as the situation continues to rapidly evolve.

The Indian rupee slipped past Rs 91 per US dollar marking  its lowest level in approximately a month as escalating US-Israel-Iran tensions triggered sharp risk-off sentiment across markets. Rising global crude oil prices, surging safe-haven dollar demand, and broader market risk aversion are collectively weighing heavily on the currency. Analysts warn the rupee could slide further toward Rs 91.50, potentially testing fresh lows when markets open Monday. Traders are bracing for continued volatility should Middle East tensions persist, with higher crude import costs expected to compound pressure on India's current account and currency outlook in the near term. (PC: X)

France, Germany, and the United Kingdom issued a joint statement on Sunday declaring readiness to take "defensive action" against Iran to protect their interests and those of regional allies. The three European powers warned they would pursue steps potentially including destroying Iran's missile and drone launch capabilities at their source if deemed necessary and proportionate. The statement marks a significant escalation in Europe's position as the US-Israeli military campaign against Iran widens, signalling that Western nations beyond Washington and Tel Aviv are prepared to intervene militarily should the regional conflict continue to intensify. (PC: X)

US President Donald Trump has indicated the Iran conflict could last approximately four weeks, describing it as a planned, complex operation against a large adversary. Speaking to the Daily Mail, Trump said diplomatic channels remain open but stressed Tehran "should have talked last week." Over 200 people have died since coordinated US-Israeli strikes killed Supreme Leader Ayatollah Khamenei and nearly 48 senior Iranian figures. Iran has retaliated with missile and drone strikes across the Middle East. Trump confirmed three American service members were killed, one the first US combat casualties of his second term while calling the offensive "one of the most complex military operations the world has ever seen."

Pakistan spin legend Saqlain Mushtaq sparked controversy by jokingly referring to the ICC as the "Indian Cricket Council," suggesting the world body might prepare pitches favoring India ahead of their T20 World Cup Super 8 clash against West Indies. The comment drew sharp backlash on social media. On the field, Sanju Samson silenced critics with a match-winning unbeaten 97, steering India to a five-wicket victory over West Indies at a packed Eden Gardens. West Indies posted 195/4 on the back of Powell and Holder's late blitz. India chased it down in 19.2 overs, reaching 199/5. India now face England in the semifinal at Wankhede Stadium on March 5.

Prime Minister Narendra Modi chaired an emergency Cabinet Committee on Security (CCS) meeting to assess the escalating West Asia crisis following US-Israeli airstrikes on Iran. With an estimated 9.6 million Indian nationals across the region including 10,000 in Iran, the CCS expressed serious concern over their safety. The panel reviewed stranded travelers, students facing disrupted exams, and broader economic implications. All departments were directed to assist affected Indians. New Delhi is not immediately considering evacuations due to airspace closures. The MEA has issued advisories and activated embassy helplines across Tehran, Tel Aviv, Abu Dhabi, and Damascus, while EAM Jaishankar urged both Iran and Israel to exercise restraint. (PC: PMO)