Storage tanks are seen at Marathon Petroleum’s Los Angeles refinery, which processes domestic and imported crude oil, in Carson, California, March 11, 2022.
Binguan | Reuters
What you need to know today
Oil prices soared above $80 a barrel on Thursday as the Iran war entered its seventh day and continued to disrupt global fuel supplies. Iranian Foreign Minister Abbas Araghchi said Thursday that his country is “not asking for a ceasefire” with the United States and Israel, while President Donald Trump said his administration would shift its focus to Cuba after the U.S. military operation in Iran ends.
In addition to the energy disruption, turmoil in the Middle East has shattered Dubai’s status as the world’s wealth capital, as the wealthy scramble to move on from largely tax-free havens. Over the past week, projectiles have struck tourist and civilian spaces in the UAE, including the five-star Fairmont The Palm hotel and Dubai Airport.
In the US, the conflict between Anthropic and OpenAI continues. OpenAI CEO Sam Altman on Thursday slammed rival Anthropic Inc., saying he thinks it’s “bad for society” when companies start abandoning their commitment to democratic processes because “some people don’t like the people in charge right now.” This comes after the Pentagon has clashed with Anthropic in recent weeks over how it uses AI models.
Adding further uncertainty to the market, President Trump’s tariffs face a new legal battle after New York Attorney General Letitia James and top prosecutors in 23 other states filed suit again seeking to block his global tariff plan, just days after a landmark Supreme Court ruling invalidating the president’s previous efforts.
And finally…
Iran’s Shahid drone: How the ‘poor man’s cruise missile’ is shaping Iran’s retaliation
Shahed-136 “kamikaze” drones are central to Iran’s retaliatory strategy against the United States and its regional allies, with thousands launched to date.
First designed in Iran, the weapon is already a staple of modern warfare, with Tehran’s strategic partner Russia leveraging the technology in its years-long fight against Ukraine.
Although the drones seem unremarkable compared to the most advanced weapons technology, and most are shot down by America’s allies, many Shaheds still manage to hit their targets.
“Shahed-136, among other unmanned aircraft systems, has provided a means to cheaply impose disproportionate costs on states like Russia and Iran,” the analyst said.
— Dylan Butts
