West Asia War Updates: Oil prices surge to USD 91.84 per barrel amid rising Middle East tensions

West Asia War Updates: Oil surges to highest price since 2023, stocks drop after weak update on US job market

Oil shot to its highest price since 2023 after surging again Friday because of the Iran war, and a weak update on the US job market knocked stocks lower to cap Wall Street`s worst week since October. The S&P 500 dropped 1.3 per cent after a report showed US employers cut more jobs last month than they created and after oil prices spiked above USD 90 per barrel. The combination of a weak economy and high inflation is a worst-case scenario for investors because the Federal Reserve has no good tool to fix both problems at the same time. The Dow Jones Industrial Average plunged as many as 945 points before finishing with a loss of 453, or 0.9 per cent, and the Nasdaq composite sank 1.6 per cent. "You can`t sugarcoat this report," according to Brian Jacobsen, chief economic strategist at Annex Wealth Management. "A negative payrolls number combined with a big jump in oil prices will have traders worrying about stagflation risks."

West Asia War Updates: US attack on Iranian warship did not violate international law, experts say

A US submarine`s deadly attack on an Iranian warship does not appear to have violated international or American military law, though it`s not yet clear whether the sub took sufficient measures to rescue nearly three dozen survivors, legal experts said. Legal questions are swirling about the underpinnings for the entire US-Israeli military operation against Iran, and the aftermath of the torpedo attack on the IRIS Dena in the Indian Ocean, the experts said. Eighty-seven people died and 32 Iranian sailors were rescued after the sub torpedoed the Dena in international waters near Sri Lanka. While the attacks on Iran overall are "a clear violation of the UN charter," the Dena was "a clear military target," said Marko Milanovic, professor of international law at the University of Reading in Britain.

West Asia War Updates: Russia has provided Iran with information that can help Tehran strike US military, AP sources say

Russia has provided Iran with information that could help Tehran strike American warships, aircraft and other assets in the region, according to two officials familiar with US intelligence on the matter. The people, who were not authorized to comment publicly on the sensitive matter and spoke on the condition of anonymity, cautioned that the US intelligence has not uncovered that Russia is directing Iran on what to do with the information. Still, it`s the first indication that Moscow has sought to get involved in the war that the US and Israel launched on Iran a week ago. Russia is in the rare club of countries that maintains friendly relations with Tehran, which has faced years of isolation over its nuclear program and its support of proxy groups that have wreaked havoc in the Middle East, including Hezbollah, Hamas and the Houthis.

West Asia War Updates: Decision on military strikes on Iran taken after PM Modi left Israel: Foreign Minister Sa`ar

Israeli Foreign Minister Gideon Sa`ar on Friday said Prime Minister Narendra Modi could not be briefed on Israel`s strikes against Iran during his recent visit to the country as the decision on the military action was made after he had concluded the trip. PM Modi undertook a two-day visit to Israel, which concluded on February 26. Two days later, Israel and the US launched a joint military offensive against Iran that killed Iranian Supreme Leader Ali Khamenei. Sa`ar, participating virtually in the Raisina Dialogue, said Israel has "great relations" with Modi and India that have deepened over the years.