Breaking news from the UAE! Fujairah Port suspends oil loading! Iran's latest statement! Two major indicators emerge

Breaking news just in!

Shipping agents report that the UAE oil and gas hub Fujairah has halted oil loading. There are reports that a Kuwait liquefied petroleum gas tanker was slightly damaged near the waters off Fujairah, UAE. CCTV reports that in the early hours of March 17, the UAE Ministry of Defense announced that from February 28 to March 16, the UAE air defense intercepted 304 ballistic missiles, 15 cruise missiles, and 1,627 drones.

According to Xinhua News Agency, citing Middle Eastern media on the 17th, the Israel Defense Forces (IDF) attacked Iranian Supreme National Security Council Secretary Ali Larijani on the evening of the 16th. Currently, Israel is assessing whether Larijani was killed. Iran has not yet responded.

On March 17, local time, Iran announced that its armed forces launched a new wave of large-scale missile attacks against Israel. Iran’s Parliament Speaker, Kalibaf, stated in an interview today (March 17) that Iran will no longer accept the cycle of “war—ceasefire—negotiation—war,” and that threats against Iran and the region must be thoroughly eliminated.

Global markets are once again turning bearish. US and European stock index futures are sharply down, and Japanese and Korean markets plunged in the afternoon. Meanwhile, international oil prices surged again. Notably, the virtual currency market may serve as a barometer of the conflict’s direction. As the Middle East war begins, recent virtual currency performance has been strong, indicating that decentralized payment methods may see increased demand during wartime.

Oil Prices Surge Again

According to CCTV News, in the early hours of March 17, the UAE Ministry of Defense announced that from February 28 to March 16, the UAE air defense intercepted 304 ballistic missiles, 15 cruise missiles, and 1,627 drones.

The UAE experienced two rounds of attacks on the morning of March 17. Reporters in Dubai heard multiple loud explosions. The UAE Ministry of Defense stated that its air defense systems were activated twice—around 3 a.m. and at 7:35 a.m.—to intercept missiles and drones from Iran. The explosions were from missile interceptions.

On the same day, Abu Dhabi announced that it successfully extinguished a fire caused by a drone attack on the Shah gas field late on the 16th, with no reports of casualties. This was the first gas field attack within the UAE since the outbreak of this round of conflict.

In the afternoon Beijing time, more news came in: shipping agents reported that the UAE oil and gas hub Fujairah has suspended oil loading. There are reports that a Kuwait liquefied petroleum gas tanker was slightly damaged near Fujairah.

Iranian Parliament Speaker Kalibaf, on March 17, reiterated that Iran will no longer accept the cycle of “war—ceasefire—negotiation—war,” emphasizing that “(President) Trump must understand that using force in error cannot create peace. We do not seek war, but we will resist fiercely and respond decisively.” He stressed that the current situation has united the Iranian people more than ever. Kalibaf also said that since the “12-Day War” last June, Iran’s missile launch systems have been improved and are now “not vulnerable to effective strikes.”

Two Major Barometers

Oil prices rebounded again during Asian trading hours, and the US dollar also rose. Energy prices increased, with Brent crude at $103.86 per barrel. Analysts say that two new indicators are emerging for Middle East conflict: first, the US dollar, and second, virtual currencies.

Filip Andersson of Denmark’s Nordea Bank stated in a report that the war has so far caused shocks to trade conditions, widened real interest rate spreads, and tightened financial environments—all of which favor the US dollar. He believes a rapid reversal is unlikely. In the afternoon, the dollar index rose above 100 again, which is also a major driver behind the decline in growth stocks.

Nick Timiraos, a renowned journalist known as the “New Federal Reserve Correspondent,” said that this Middle East war is likely to reinforce expectations that the Federal Reserve will keep interest rates unchanged. The more complicated issue is what signals officials will send about future interest rate movements in the coming months.

Timiraos believes that this week’s Federal Reserve decision will have three key points: first, the policy statement. In January, some officials attempted to remove language hinting at a rate cut at the next meeting, but failed. If this change is made now, it would be the first explicit acknowledgment that the easing cycle may be over. Second, the quarterly projections (including the dot plot), where 19 officials will each outline their expectations for inflation and interest rates over the coming years. Third, the post-meeting press conference, where Fed Chair Powell may amplify or downplay signals from the first two points.

Another variable is virtual currencies. Since the Middle East conflict began, besides oil and the dollar, virtual currencies have seen significant gains. Bitcoin rose from $60,000 to $76,000, and Ethereum from around $1,750 to over $2,300. Analysts believe this indicates increased demand for virtual currencies amid the war, as decentralized payment methods are more popular than logistics-dependent assets like gold. If the conflict subsides, valuations may also revert.

(Source: Securities Times)