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Crude oil prices to cross $100? What experts predict after US, Israel attack on Iran
Notably, more than 20% of the world’s oil passes through the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The heavy missile strikes around the area have raised worries about supply constraints, leading to a spike in oil prices.
US WTI surged 3.19% to $67.29 per barrel, while Brent reached $72.87 on Friday. This came ahead of the significant rise in the Middle East’s war during the weekend, with rising worries around further escalations.
Barclays sees oil prices crossing $100:
UK’s second largest bank Barclays on Saturday increased its forecast for Brent Crude oil futures to $100 per barrel. “Oil markets might have to face their worst fears on Monday. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a potential supply disruption amid a spiraling security situation in the Middle East,” the bank said in its report.The hike in forecast came after US and Israel’s initial strikes on Iran and the latter’s retaliation. Notably, the war has escalated significantly since then, with the death of Iran’s supreme leader Ayatollah Ali Khamenei sending shockwaves across the globe.
Iran is located along the Strait of Hormuz, through which approximately a fifth of the world’s oil supply passes, Ali Vaez, who heads the Iran Project at the International Crisis Group, said in a post on X. “Even limited disruption could spike energy prices, fuel inflation, and rattle global markets,” he added.
Oil overeacts first, then adjusts’
Equirus Securities in its latest note highlighted that oil prices have repeatedly surged 25-300% during geopolitical crises, even when physical supply losses were temporary. “Pattern is consistent: Oil overreacts first, embeds a geopolitical risk premium, and then gradually adjusts as trade flows reroute & fundamentals reassert themselves. Real forecasting challenge is not predicting the initial spike but estimating how long disruption and embedded premium will persist,” it said.The pattern is consistent – oil overreacts first, embeds a geopolitical risk premium, and then gradually adjusts as trade flows reroute and fundamentals shine through, the brokerage said, adding that the real challenge is not predicting the initial spike but how long the disruption and the resulting premium will persist.
“At the start of the Russia–Ukraine war, markets assumed a prolonged conflict would keep crude structurally above $100/bbl & push OMCs to distressed valuations. Had one known the war would still be ongoing 4 years later, triple-digit oil would have seemed inevitable. Instead, what happened in reality, after briefly spiking above $120/bbl, prices retraced as flows adjusted, Russian barrels were rerouted, & fundamentals reasserted themselves. Today, crude trades closer to fundamentals & OMCs are roughly triple their crisis-implied lows,” Equirus Securities further said.
If escalation threatens the key Strait of Hormuz, premium becomes structural rather than proportional, the brokerage said. “Even partial disruption risk could embed a $20–$40/bbl geopolitical premium, reopening a pathway toward $95–$110+, well beyond mechanical impact of Iran’s barrels alone,” it added.
For India, which relies heavily on imported crude oil, the immediate consequence has been rising inflationary pressure triggered by higher energy prices, said Manoranjan Sharma, Chief Economist at Infomerics Ratings. “Elevated import costs are likely to widen the current account deficit and further strain the fiscal deficit through increased subsidy obligations,” he added.
Rising Middle East tensions raise risks of shipping disruptions, higher global freight and insurance costs, even without a full blockade, said Madhavi Arora, Chief Economist at Emkay Global Institutional Equities. “As per our preliminary checks, India’s crude and LNG supplies are largely intact, and India has buffers in the form of diversified imports, strategic reserves and operational stocks, helping absorb short-term shocks,” the analyst added.
“In the event of tensions in the Middle East continuing, higher oil prices will directly feed into the input costs and macro indicators. If however the situation normalizes with OPEC+ also indicating a sharp output increase (0.4mb/d), and oil doesn’t spike and fall below $70/bbl, the macro impact could be contained,” Arora further said.
Back on Dalal Street…
The shares of oil marketing companies (OMC) will remain in focus tomorrow, amid the expected rise in crude oil prices. The shares of oil refineries will likely see an uptick, mirroring the rise in oil prices.
Tyre and paint stocks will also be a key monitorable tomorrow, as crude oil is a key raw material source for both paint and tyre companies because many of their inputs are petroleum-based derivatives.
Also read: https://economictimes.indiatimes.com/markets/stocks/news/will-sensex-nifty-react-amid-escalating-middle-east-war-after-khameneis-killing/articleshow/128909536.cms
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Iranian Missile Strikes Damage Dubai’s Iconic Hotels
Iranian ballistic missiles and drones struck several high-profile sites in Dubai on February 28, 2026, damaging the landmark Burj Al Arab hotel, the Fairmont The Palm hotel on Palm Jumeirah, Dubai International Airport and other locations, as Tehran unleashed widespread retaliation following joint U.S.-Israeli airstrikes on Iran.
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The attacks marked an unprecedented escalation, spreading the conflict beyond military targets to civilian and economic hubs in the United Arab Emirates, one of the Gulf’s most stable and tourism-dependent economies. UAE authorities confirmed minor structural damage at Dubai International Airport (DXB), the world’s busiest for international passengers, with four people injured in a concourse incident quickly contained. A drone interception caused debris to spark a minor fire on the Burj Al Arab’s outer facade, the sail-shaped ultra-luxury hotel often called the world’s only “seven-star” property.
Social media videos verified by CNN, Reuters and other outlets showed thick black smoke rising from the Fairmont The Palm on the man-made Palm Jumeirah island after a missile or drone struck nearby, with explosions rattling the luxury resort area. Residents reported panic as flares lit the night sky and fires broke out near hotel entrances. Dubai’s media office confirmed a fire in the Palm Jumeirah zone injured four people, while Jebel Ali seaport also sustained damage.
The UAE Ministry of Defense stated Iran fired 137 missiles and 209 drones at the country, most intercepted by air defenses with high efficiency. Falling debris from interceptions caused the reported incidents, including the Burj Al Arab fire and airport damage. No fatalities were confirmed at the Dubai sites, though one person died earlier in Abu Dhabi from debris.
The strikes extended to other Gulf states hosting U.S. assets: Bahrain reported hits near the U.S. Fifth Fleet headquarters in Manama, Qatar intercepted projectiles over Doha, and explosions were heard in Kuwait and near Riyadh in Saudi Arabia. Jordan also faced incoming threats.
Iran’s Islamic Revolutionary Guard Corps claimed the attacks targeted U.S. military installations across the region in response to “Operation Epic Fury,” the U.S.-Israeli campaign that began early February 28 with massive airstrikes on Iranian leadership compounds, IRGC bases and nuclear sites. President Donald Trump announced the operation, claiming Supreme Leader Ayatollah Ali Khamenei was killed — a claim Iranian state media denied, insisting he remained “commanding the field.”
Tehran condemned the initial U.S.-Israeli aggression as a “barbaric violation” of sovereignty and vowed continued retaliation. The IRGC described the Gulf strikes as proportionate responses to attacks on Iranian soil.
Dubai authorities suspended all flights at Dubai International and Al Maktoum airports until further notice, urging travelers to avoid the emirate. Major carriers including Emirates, flydubai, British Airways and IndiGo canceled or diverted Middle East routes. Jebel Ali seaport, one of the world’s busiest, reported operational disruptions.
Oil prices surged more than 15% on fears of prolonged conflict disrupting flows through the Strait of Hormuz, through which roughly 20% of global seaborne crude passes. Global equities opened lower, while safe-haven assets like gold rallied.
The UAE’s foreign ministry condemned the attacks as “cowardly” and a “dangerous escalation,” reserving the right to respond. Saudi Arabia echoed the condemnation, denouncing violations against multiple Gulf nations and calling for international action.
The UAE-Saudi leadership held urgent talks, with Crown Prince Mohammed bin Salman expressing solidarity and offering support. Both urged restraint and diplomatic solutions to avert wider war.
Humanitarian concerns rose as strikes hit civilian-adjacent areas. Amnesty International called for protections, while the International Committee of the Red Cross prepared for potential casualties. Thousands of tourists and expatriates in Dubai sheltered in place amid air raid alerts and explosions.
The attacks underscore the conflict’s rapid regional spread, drawing in Gulf monarchies despite their efforts to remain neutral in U.S.-Iran tensions. Dubai’s role as a global financial and tourism hub makes it a high-value target, with damage to icons like Burj Al Arab and the airport threatening economic fallout.
As sirens persisted and defenses remained active, the UAE emphasized stability and coordination with allies. The coming days will test whether diplomacy can contain the crisis or if further retaliation deepens the chaos.
Business
10 Milestones He Says Will Happen by 2030
Elon Musk, the billionaire CEO of Tesla, SpaceX, xAI and Neuralink, has made a series of ambitious forecasts about technology, society and humanity’s future, many targeting the end of this decade. In recent interviews, Davos panels and X posts through early 2026, Musk has outlined visions of artificial superintelligence, widespread robotics, extended human lifespans and economic abundance driven by AI and automation. While critics often note his timelines frequently slip, his predictions continue to shape discussions on the pace of innovation. Here are 10 key things Musk has predicted will be achieved or surpassed by 2030.

1. AI Surpasses Combined Human Intelligence
Musk has repeatedly stated he is “confident” that by 2030 — or as early as 2029-2031 — artificial intelligence will exceed the collective intelligence of all humans on Earth. Speaking at Davos in January 2026, he said AI could become smarter than any single human by the end of 2026 or 2027, with superintelligence following shortly after. He views this as inevitable given exponential progress in models like those from xAI and others.
2. Billions of Humanoid Robots Transform Labor
Musk predicts billions of humanoid robots — primarily Tesla’s Optimus — will exist by 2030 or shortly after, saturating human needs and making work largely optional. He has said robots could outnumber people in beneficial scenarios, handling physical tasks from manufacturing to household chores. In 2026 remarks, he tied this to economic abundance where money becomes less relevant.
3. Robot Surgeons Outnumber Human Doctors
By 2030, Musk forecasts more Optimus robots performing high-quality surgery than all human surgeons combined. He argues robots will eliminate human error, provide consistent precision and make world-class care universally accessible, solving doctor shortages and time constraints.
4. Human Lifespans Extend Dramatically — Possibly Toward Immortality
Musk has aligned with views that AI-driven medicine will double lifespans or more by the early 2030s, potentially leading to effective immortality through biological fixes. He has echoed predictions that aging’s “biological clock” becomes solvable, enabling humans to live far longer than today.
5. Work Becomes Optional, Money Less Relevant
In 10-20 years (placing significant change by 2030-2040), Musk predicts work will be like a hobby — optional, akin to playing sports or video games. With AI and robotics producing goods and services faster than money supply grows, he says retirement savings will matter less as abundance eliminates scarcity.
6. Unsupervised Full Self-Driving and Robotaxi Networks Widespread
Musk has claimed Tesla will achieve unsupervised Full Self-Driving (true autonomy without human intervention) and deploy widespread robotaxi fleets across the U.S. by the end of 2026, with massive scale-up through 2030. He envisions millions of autonomous Cybercabs and owner vehicles earning income as robotaxis.
7. Neuralink Implants in Over 1 Million People
Musk predicts Neuralink will augment more than 1 million humans by 2030, with combined input/output bit rates exceeding 1 megabit per second. He has said brain implants could replace smartphones, allowing thought-based messaging, device control and streaming by the end of the decade.
8. Starship Cargo Missions to Mars Begin
SpaceX plans uncrewed Starship cargo flights to Mars starting in 2030 for research, development and exploration, at costs around $100 million per metric ton. Musk has outlined scaling to support eventual human missions, though crewed landings are targeted later (possibly 2029-2031, with 2030s as a key buildup phase).
9. Global Economy Experiences Unprecedented Abundance
Musk envisions an “explosion in the global economy beyond all precedent” by 2030 through ubiquitous cheap AI and robotics. He argues this will create a post-scarcity environment where goods, services and energy (via solar) become nearly free, rendering traditional economic worries obsolete.
10. Humanity Takes Major Steps Toward Multiplanetary Life
While full Mars colonization is longer-term, Musk sees 2030 as pivotal for infrastructure: frequent Starship launches, lunar base progress (prioritized before Mars), and cargo missions laying groundwork for self-sustaining cities. He has shifted some focus to the Moon but maintains Mars as the ultimate goal for species survival.
Musk’s timelines often face skepticism due to past delays (e.g., full self-driving, Optimus production). Yet his 2026 statements — from Davos to podcasts — consistently paint 2030 as a transformative horizon where AI, robotics and space travel converge to redefine human existence. Whether these predictions hold remains one of technology’s biggest open questions.
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Gulf businesses reel as Iran strikes trigger regional shutdowns

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Minnesota Lawmakers Propose Statewide Ban on Crypto ATMs Amid Surge in Elder Fraud Scams
Minnesota lawmakers have introduced legislation that would impose a complete ban on cryptocurrency kiosks — commonly known as crypto ATMs or Bitcoin ATMs — across the state, marking one of the most aggressive regulatory moves against the machines in the United States as fraud complaints targeting elderly residents continue to rise.
House File 3642, sponsored by DFL Rep. Erin Koegel, co-chair of the House Commerce Finance and Policy Committee, was introduced February 23, 2026, and discussed in committee February 26. The bill prohibits anyone from “placing or operating a virtual currency kiosk” anywhere in Minnesota and would repeal the existing regulatory framework established in 2024, which included a $2,000 daily transaction limit for new customers, mandatory risk disclosures, a 72-hour cooling-off period and refund mechanisms for certain victims.
If passed, Minnesota would become one of the first — if not the first — U.S. states to enact a full statewide ban on physical crypto kiosks. The proposal follows testimony from local law enforcement and the Minnesota Department of Commerce highlighting a wave of scams, many involving “pig butchering” schemes where victims are tricked into transferring cash to kiosks for supposed cryptocurrency investments or emergencies.
Sergeant Jake Lanz of the St. Paul Police Department told the committee that crypto kiosks have become a primary tool for fraudsters, with cases often involving overseas actors draining savings from vulnerable older Minnesotans. One example cited during hearings involved an elderly victim losing $80,000 through repeated deposits at kiosks after being manipulated by scammers posing as trusted contacts. State officials reported millions in losses, with the elderly disproportionately affected.
The Minnesota Department of Commerce has strongly endorsed the bill, planning to introduce broader consumer protection measures in coming days. The agency has argued that existing safeguards have proven insufficient against sophisticated fraud, and a ban is the most effective way to eliminate the vector.
Crypto kiosks allow users to insert cash and purchase digital assets like Bitcoin, with operators charging high fees — often 12-25% or more. Proponents of the ban say the machines enable irreversible, hard-to-trace transfers that scammers exploit, particularly in “grandparent scams” or romance frauds. Critics of the industry note that many victims are instructed to use kiosks to send funds quickly, believing they are helping a loved one or investing legitimately.
The proposal has drawn support from law enforcement and consumer advocates, including AARP Minnesota, which has highlighted the disproportionate impact on seniors. No major opposition testimony was reported during the initial hearing, though industry groups could mobilize as the bill advances.
Minnesota’s move fits into a broader national trend of tightening controls on crypto kiosks. In 2025, cities like Spokane, Washington, banned the machines locally, and states including California, Maine and Iowa imposed strict daily transaction limits (often $1,000) and fee caps. Vermont extended a moratorium on new kiosks through mid-2026. West Virginia advanced licensing and transaction-limit bills in February 2026, while Indiana considered a ban before weakening it to regulations.
Nationwide, the Federal Trade Commission and FBI have warned of escalating crypto-related fraud, with losses in the billions annually. Crypto kiosks, numbering around 34,000 in the U.S., are concentrated in convenience stores, gas stations and malls, making them accessible but vulnerable to abuse.
Industry representatives argue bans go too far, potentially stifling legitimate use for remittances, unbanked populations or quick conversions. They contend education, better operator compliance and federal oversight — rather than outright prohibition — would address scams more effectively. Some point out that kiosks are regulated as money transmitters in many states, and fraud often stems from external scammers rather than the machines themselves.
The bill’s fate remains uncertain. It must advance through the House Commerce Finance and Policy Committee, then the full House and Senate before reaching Gov. Tim Walz. Minnesota’s legislative session runs through May 2026, giving time for amendments or compromises.
Supporters hope the measure will protect vulnerable residents and set a precedent for other states grappling with similar fraud spikes. Critics worry it could push activity underground or limit access to digital assets in a state with growing crypto interest.
As hearings continue and public testimony mounts, Minnesota’s proposed ban highlights the tension between innovation in digital finance and consumer protection in an era of rising scams.
Business
(VIDEO) UFC Star Arman Tsarukyan Attacks Opponent After RAF 6 Wrestling Match
UFC lightweight contender Arman Tsarukyan was involved in a violent post-fight incident Saturday night, March 1, 2026, when he attacked his opponent after their exhibition wrestling match at RAF 6 in Moscow, sparking a chaotic brawl that required security intervention and left the Russian Fighting Alliance event in disarray.

Tsarukyan, ranked No. 1 in the UFC lightweight division and coming off a narrow decision loss to Islam Makhachev at UFC 311 in January 2026, faced fellow Armenian-Russian wrestler Eduard Muravitskiy in the main event of RAF 6, a grappling-focused promotion. The match ended in a draw after three rounds of intense ground work, but as both fighters stood to receive the official result, Tsarukyan suddenly lunged at Muravitskiy, landing several punches to the head and body before the two tumbled to the canvas.
Security personnel, event staff and cornermen rushed in to separate the fighters as punches continued to fly. Video footage widely shared on social media shows Tsarukyan throwing wild strikes while Muravitskiy attempted to defend himself and retaliate. The brawl spilled toward the edge of the cage before order was restored several seconds later.
RAF officials quickly escorted both athletes from the mat. No immediate medical attention was reported for either fighter, though Muravitskiy appeared dazed and had visible swelling around his left eye in post-incident photos. Tsarukyan left the venue without speaking to media, while Muravitskiy later posted a brief statement on Instagram claiming he was “caught off guard” and vowing to address the incident legally.
The Russian Fighting Alliance released a short statement early March 2, 2026, condemning the unsportsmanlike conduct: “RAF 6 was intended to showcase high-level wrestling and respect among competitors. The actions after the final bell do not reflect the values of our promotion or the sport. We are reviewing the incident and will take appropriate disciplinary measures.”
Tsarukyan, 28, has a history of post-fight controversy. In April 2024 he was fined $50,000 and suspended six months by the Nevada Athletic Commission after shoving referee Mark Smith at the weigh-ins for his UFC 300 bout against Charles Oliveira. He also faced criticism for appearing to mock Oliveira’s mental health struggles during that event buildup.
UFC president Dana White has not commented publicly on the RAF 6 incident as of March 2. Tsarukyan remains an active UFC fighter with a 22-3 record, most recently losing a close five-round decision to Makhachev in the main event of UFC 311. He had been widely viewed as the next contender for the lightweight title if Makhachev moved up or vacated the belt.
Russian media outlets including Sport-Express and Championat reported that the Moscow crowd initially cheered Tsarukyan’s aggression before turning against him as the brawl continued. Some fans threw objects toward the cage, and police were called to the venue to manage the dispersing audience.
Muravitskiy, a decorated freestyle wrestler with international medals, entered the exhibition as an underdog on paper but held his own throughout the match. He has competed in regional promotions but never fought in the UFC. His team has indicated they are considering legal action against Tsarukyan and RAF for failing to ensure fighter safety after the bell.
The incident has reignited debate about fighter conduct in combat sports, especially in non-UFC events where oversight can be less stringent. Critics argue that high-profile athletes like Tsarukyan carry a responsibility to uphold professionalism regardless of the promotion, while supporters claim the heat of competition and adrenaline can lead to momentary lapses.
Tsarukyan’s management has not issued a statement, and he has not posted about the event on his social media accounts. His next scheduled UFC bout remains unconfirmed, though many analysts expect him to face the winner of an upcoming title-eliminator or a top contender later in 2026.
RAF 6, held at Moscow’s Luzhniki Arena, featured several other high-level grappling matches but was overshadowed by the main-event chaos. The promotion, relatively new on the Russian combat sports scene, had marketed the card as a showcase of elite wrestling talent, including former Olympic and world champions.
As the MMA community digests the footage and statements, attention turns to whether the UFC will discipline Tsarukyan for conduct outside its events and how the incident might affect his standing as a potential title challenger. For now, the Moscow brawl stands as one of the most shocking post-fight altercations in recent combat sports history.
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