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Global oil prices have fallen in early trading in Asia on Tuesday - they had soared to almost $120 a barrel at one point on Monday
The drop comes as Donald Trump says the Iran war will be over "pretty quickly" - but the US has not "won enough" yet
The US president is also threatening Tehran with "death, fire, and fury" if it disrupts shipping in the Strait of Hormuz
Earlier, Trump suggested US operations against Iran could end soon, saying "I think the war is very complete, pretty much"
In Australia, five members of the Iranian women's football team have been granted humanitarian visas after their elimination in the Asian Cup
UK Defence Secretary John Healey says a drone that hit a British base in Cyprus last week came from either Lebanon or Iraq
The Israel Defense Forces (IDF) says it has has targeted the Islamic Revolutionary Guard Corps' drone headquarters in its latest wave of strikes.
The attacks continue "to deepen damage" to Iran's military capacity, with strikes against "dozens of infrastructure sites" also carried out today.
Archie Mitchell
Business reporter
Away from the House of Commons in London, European stocks closed lower on Monday but pulled back sharp losses seen earlier in the day.
London’s FTSE 100 index recovered to end the day down just 0.3%, having initially fallen by as much as 1.86% to its lowest level for nearly two months.
The wider FTSE 250 index, however, closed around 1.6% lower after struggling to regain earlier losses.
Oil giants were among the biggest risers in London, with Shell’s shares climbing by 2.4% on Monday and BP’s gaining 1.9%.
Elsewhere, Germany’s benchmark DAX index fell by 0.7% on Monday, while France’s CAC 40 ended the day 0.9% lower.
Image source, House of CommonsShadow chancellor Mel Stride says releasing the UK's strategic stockpile of oil "will only go so far" to ease prices.
If the conflict continues longer term, he says, it will have implications for interest rates and borrowing costs, which will lead to monetary policy needing to be adjusted and potentially higher mortgage costs.
Stride criticises Reeves for pressing ahead with the removal of a temporary cut in fuel duty later this year, and accuses the government of imposing too much tax on oil and gas and failing to maximise domestic energy resources.
The shadow chancellor says the government should have changed course in the Spring Statement last month, and offers opposition support for news measures "given the gravity of the situation".
Reeves points to the roll out of the government's Fuel Finder service, which registers the prices being charged at different garages so customers can find "the lowest possible price at the pump".
But she adds that "rapid de-escalation" in the Middle East will be the quickest way to ensure prices remain stable.
The chancellor also says she "will not tolerate" energy firms "exploiting the current crisis to make excess profits at consumer's expense".
Reeves confirms the British military will be given access to the UK's oil reserve to fuel operations related to the Middle East, with the cost covered by the Treasury.
Watch: Reeves tells the Commons the four priorities she presented at meeting with G7 finance ministers
The chancellor tells the Commons she spoke with G7 finance ministers today and discussed immediate priorities, such as ensuring oil can safely pass through the Strait of Hormuz.
The UK is a global hub for maritime insurance and Reeves says she is due to meet with the chair of Lloyds of London - an insurance marketplace - later.
She says the UK government "stands ready to support a coordinated release of collective international energy reserves", a move that is being considered across Europe but not yet confirmed.
Reeves also confirms the energy price cap will not rise in April, meaning bills will stay fixed at their current rates until at least June.
Inflation is likely to rise in the coming months, she says, though the UK's financial markets are continuing to function normally despite global disruption.
Reeves confirms the UK's domestic energy price cap won't rise in April despite rising international oil prices.
Image source, House of CommonsRachel Reeves says inflation is likely to rise in the coming months but financial markets are continuing to function normally.
We'll bring you more on the chancellor's emergency statement shortly.
UK Chancellor Rachel Reeves is about to deliver an emergency statement to Parliament regarding the economic impact of the US-Israel war with Iran.
It comes after she remotely joined an emergency meeting held between G7 finance ministers earlier today.
We will bring you the key lines here and you can follow along by pressing watch live at the top of this page.
Image source, PA Media
By Ghoncheh Habibiazad and Joshua Cheetham
Footage capturing the aftermath of a strike near a pro-government rally in Isfahan earlier today has been verified.
The crowds in Naghsh-e Jahan Square in the central Iranian city can be heard chanting Allahu Akbar (God is the Greatest), with smoke rising from an explosion about 500 meters (1,600ft) away.
Rallies around the country have been organised by the Islamic Propagation Coordination Council, which arranges events in support of the government.
State-controlled TV says the building targeted in the strike was the local governor’s office and “despite attacks by the US and Israel, the crowd stayed in the square”.
It is not clear from the video if there were any casualties or who was responsible but the Israel Defense Forces (IDF) said earlier its forces were targeting Isfahan, Tehran and southern Iran.
Image source, ReutersMasoud Pezeshkian, pictured last year
Iran's President Masoud Pezeshkian has praised the appointment of Ali Khamenei's son, Mojtaba, as the country's new supreme leader.
In a post on X, Pezeshkian says that Mojtaba's election is "a manifestation of the people's will in governance".
He adds that Iran's problems can be achieved with the new supreme leader's "wise leadership", as well as by creating an atmosphere "based on trust and public participation".
Pezeshkian was elected as the country's president in July 2024, beating hardline conservative rival Saeed Jalili by securing 53.3% of the vote. Widespread discontent meant that millions boycotted the elections.
On Saturday morning, he apologised to Iran's neighbours for recent strikes against them.
Turkey, the UAE and Qatar all said on Monday that they have intercepted Iranian missiles, two days after Pezeshkian's apology, with strikes also reported over the weekend.
The death toll in Lebanon since 2 March has risen to 486, state-run news outlet NNA reports.
It adds that 1,313 people have been wounded, citing Lebanon's Ministry of Public Health.
The Israel Defense Forces (IDF) says a search and rescue operation is under way in central Israel after projectiles were launched from Lebanon.
Israeli emergency services say two people in their 30s are being treated for "minor conditions" following an impact.
Officials have not confirmed precisely where was struck, or how many more people may have been injured.
Separately, the IDF said a short while ago that it had detected a new wave of missiles from Iran and ordered people to take shelter.
The UK government has issued an update about British nationals in the Middle East. It says:
Emily Wither
Reporting from the Iran-Turkey Kapikoy border crossing
Image source, ReutersThe Kapikoy border crossing, pictured on 1 March
With airspace closed in Iran, the Kapikoy border crossing into eastern Turkey is still one of the few routes connecting Iranians to the rest of the world.
They have been crossing over throughout the day to wait out the war - though even on Turkish soil they remain fearful of the regime.
"I’m not allowed to speak to journalists," says one woman in a black baseball cap pushing a wheely suitcase with her family in tow.
Another man explained he didn’t want to talk to us, especially at the border.
"We have eyes on us - even here, we are being watched. It’s not safe," he says, sitting on the curb as he waits for a ride to the nearest city, Van.
A mother and son tell me they had driven overnight from the capital Tehran after oil facilities were hit.
"Everywhere was so dark during the day, there was smoke everywhere. The air was toxic and I was coughing," he says (see our earlier post on pollution in Tehran here).
The man says people in the capital are still trying to go about their daily business, but in general they are nervous and angry all the time. "People can’t tolerate anything anymore," he says. "The smallest things are setting people off."
Donald Trump tells, external the New York Post he is "nowhere near" making a decision on whether to order US troops into Iran.
Asked whether he would consider sending soldiers into the country to secure its stockpile of uranium, Trump says: "We haven't made any decision on that. We're nowhere near it."
He also repeats that he is "not happy" with Mojtaba Khamenei being elected as supreme leader.
Image source, ReutersThe US launched strikes against the Isfahan nuclear site last year
Wyre Davies
Reporting from Beirut
Israel is intensifying not just the scale but also the scope of its airstrikes in Lebanon. Today, it targeted several branches of the Al-Qard Al-Hassan financial institution across Beirut.
By midday local time three branches of Al-Qard Al-Hassan had been hit after Israel warned it was proactively targeting the institution, which it accuses of directly funding Hezbollah’s military activities.
Hezbollah says the bank, as it describes it, provides vital financial services to businesses and personal clients across Lebanon. The business has branches across the city.
We were passing by the edge of Dahieh, the Hezbollah-controlled district of southern Beirut, just after one strike destroyed a building. It was still ablaze and several nearby buildings were badly damaged.
It’s a part of the city that has been repeatedly targeted by Israeli airstrikes - but some of those targets being hit in the city in recent days are well beyond the limits of Dahieh, from which Israel has ordered all civilians to leave.
Those sites include some of these financial institutions and a seafront hotel on Sunday in which at least four men, allegedly with Iranian links, were killed in a targeted drone attack.
Our panel of correspondents and independent analysts are ready to answer your questions on the ongoing effects of the war, including the economic impact.
You can follow along by clicking watch live at the top of this page.
Mitch Labiak
Live business reporter
We’ve just had a statement from the International Energy Agency (IEA) about the meeting between the finance ministers of the G7, the group of the world’s seven richest nations.
Reports suggest the group is considering releasing 300 million barrels of emergency stockpiles, coordinated by the IEA to combat the oil shortage created by the ongoing conflict.
If true, it would represent a quarter of the emergency stock and would be more than double the previous record intervention made in April 2022 following Russia’s full-scale invasion of Ukraine.
The IEA has confirmed the idea was talked about this afternoon, but did not confirm the exact amount that could be released, or if they will release anything.
“We discussed all the available options, including making IEA emergency oil stocks available to the market,” says IEA executive director Fatih Birol.
Birol says global oil markets “have deteriorated in recent days” and that the war is “creating significant and growing risks for the market”.
“I am also in close contact about the situation with energy ministers from countries around the world, including recent calls with Saudi Arabia, Brazil, India, Azerbaijan and Singapore,” he adds.
Following the meeting, Roland Lescure, France’s finance minister, told the media "we are not there yet" on the release of emergency oil.
"What we've agreed upon is to use any necessary tools if needs be to stabilise the market, including the potential release of necessary stockpiles," he added.
A US solider who died of injuries sustained in an attack on Saudi Arabia last week, taking American military losses in combat to seven, has been named.
The US defence department said Sgt. Benjamin N. Pennington, 26, from Kentucky was wounded at Prince Sultan Air Base on 1 March and died on Sunday.
An eighth member of the US military died in Kuwait in a "non-combat related incident".
The Israel Defense Forces (IDF) says it has detected more missiles launched by Iran.
Air raid sirens have been triggered and people have been ordered to take shelter as the military attempts to shoot them down.