🔥 Top Stories
Escalating Middle East tensions sparked concerns over global energy supplies on Thursday. Brent crude touched US$117 per barrel, up 60 per cent since late February attacks. Hong Kong's Hang Seng Index and mainland CSI 300 both fell approximately 2 per cent. Following Israel's bombing of Iran's South Pars gas field and Iran's response, crude oil and gas prices surged, prompting reassessment of international energy security and supply chains.
An outbreak of meningitis in southeast England has resulted in 20 new cases and 2 deaths, according to the UK Health Security Agency. Of 9 confirmed cases, 6 are group B meningitis (MenB). Victims include a 21-year-old student at the University of Kent and a teenage student in Faversham. All affected individuals are young people. Health authorities are rolling out meningitis vaccines to university students to contain the outbreak.
A residential complex fire in Tai Po, Hong Kong that killed at least 168 people has prompted a series of public evidential hearings led by an independent judge-chaired committee, nearly four months after the disaster. Ordered by the city's leader, the hearings aim to clarify relevant facts through oral evidence. Video evidence demonstrates the fire spread from ground level to the building's top in just 90 seconds.
Iranian energy facilities in the South Pars and Asaluyeh regions came under attack on Wednesday, prompting Iranian authorities to threaten targeting energy installations in Saudi Arabia, the United Arab Emirates, and Qatar in the coming hours. The incident triggered a sharp market reaction, with Brent crude futures surging more than 6 percent to approach USD 110 per barrel. The escalation raises concerns about regional energy security and potential supply disruptions.
US President Donald Trump announced a temporary 60-day suspension of the Jones Act, a century-old law requiring cargo between domestic ports be transported on American-built and operated vessels. The measure responds to the Strait of Hormuz blockade amid escalating US-Israeli conflict with Iran, triggering the most severe global oil supply disruption in recent history. The waiver aims to stabilize petroleum costs.
🏛 Politics
As the US-Israel conflict with Iran enters its third week, military operations targeting energy infrastructure pose risks to global oil markets. If crude prices exceed US$120 per barrel, significant economic impacts could follow. The South China Morning Post analyzes recent developments, factors driving oil price fluctuations, and assesses potential consequences for the global economy, including effects on energy infrastructure and prolonged conflict scenarios.
Attacks on energy infrastructure in the Middle East have heightened global investor concerns about economic recession. Iran's retaliatory strike on a liquefied petroleum gas facility in Qatar drove Brent crude futures up 5.5 percent to US$113.53 per barrel on Thursday. Investors fear that disruptions to energy production and distribution will sustain elevated oil prices for an extended period, darkening the global economic outlook.
Escalating Middle East tensions sparked concerns over global energy supplies on Thursday. Brent crude touched US$117 per barrel, up 60 per cent since late February attacks. Hong Kong's Hang Seng Index and mainland CSI 300 both fell approximately 2 per cent. Following Israel's bombing of Iran's South Pars gas field and Iran's response, crude oil and gas prices surged, prompting reassessment of international energy security and supply chains.
An outbreak of meningitis in southeast England has resulted in 20 new cases and 2 deaths, according to the UK Health Security Agency. Of 9 confirmed cases, 6 are group B meningitis (MenB). Victims include a 21-year-old student at the University of Kent and a teenage student in Faversham. All affected individuals are young people. Health authorities are rolling out meningitis vaccines to university students to contain the outbreak.
A residential complex fire in Tai Po, Hong Kong that killed at least 168 people has prompted a series of public evidential hearings led by an independent judge-chaired committee, nearly four months after the disaster. Ordered by the city's leader, the hearings aim to clarify relevant facts through oral evidence. Video evidence demonstrates the fire spread from ground level to the building's top in just 90 seconds.
US lawmakers stated on Wednesday that China's global pharmaceutical expansion follows a strategy similar to those in rare earths, semiconductors, and electric vehicles. Chair John Moolenaar highlighted concerns that China is consolidating control over the US medicine supply, ranging from generic drugs Americans use daily to advanced biotech pipelines that will shape future medical leadership. The increasing dependence on Chinese drug ingredients has raised policy concerns.
US President Trump requested allied nations to join a global effort against Iran and deploy naval forces to the Strait of Hormuz. Several close American allies, including Germany, rebuffed the request. German Chancellor Friedrich Merz stated on Wednesday that while Iran must not threaten its neighbors, he expressed doubts about the rationale behind the US-Israeli approach, reflecting European reluctance to participate directly.
US Director of National Intelligence Tulsi Gabbard told the Senate Intelligence Committee on Wednesday that Iran's government has been degraded since the war began on February 28, but remains largely intact. Tehran and its proxies retain the capability to attack US and allied interests in the Middle East. Gabbard stated that while Operation Epic Fury, the US-Israel military campaign, has significantly weakened the Iranian regime, its core structure and threat capacity persist.
Iranian energy facilities in the South Pars and Asaluyeh regions came under attack on Wednesday, prompting Iranian authorities to threaten targeting energy installations in Saudi Arabia, the United Arab Emirates, and Qatar in the coming hours. The incident triggered a sharp market reaction, with Brent crude futures surging more than 6 percent to approach USD 110 per barrel. The escalation raises concerns about regional energy security and potential supply disruptions.
US President Donald Trump announced a temporary 60-day suspension of the Jones Act, a century-old law requiring cargo between domestic ports be transported on American-built and operated vessels. The measure responds to the Strait of Hormuz blockade amid escalating US-Israeli conflict with Iran, triggering the most severe global oil supply disruption in recent history. The waiver aims to stabilize petroleum costs.
💰 Finance
Hong Kong conglomerate CK Hutchison announced it will pursue all available legal remedies through national and international proceedings to resolve a dispute over two Panama Canal ports seized by authorities in February. The ports-to-telecoms group acknowledged that escalating Middle East tensions could impact its multibillion-dollar global ports sale, but emphasized that its diversified port network helps mitigate potential risks from a Strait of Hormuz blockade.
China's People's Bank of China designated the stability of stock, bond, and foreign exchange markets as major tasks for 2026, according to a statement from a high-level meeting led by Governor Pan Gongsheng on Wednesday. This priority takes on heightened importance as global markets face headwinds from geopolitical tensions. The central bank aims to maintain market stability amid international economic uncertainties.
Europe faced an energy shock on Thursday as military conflicts in the Middle East sent oil and gas prices surging across the continent. The Dutch TTF natural gas benchmark climbed above €70 (US$80) per megawatt hour Thursday morning, reaching its highest level since December 2022, though still significantly below the €300+ peak recorded in summer 2022. Brent crude also rose sharply. This marks the most significant energy market volatility in Europe since Russia's 2022 invasion of Ukraine, highlighting the continent's vulnerability to import energy dependency.
Thousands of Philippine jeepney drivers protested on Thursday as diesel prices more than doubled following global oil price increases linked to Middle East tensions. Driver Toni Prado stated that daily earnings are being consumed by fuel costs, leaving minimal income. The fuel price spike, triggered by geopolitical developments, significantly impacts transportation workers whose livelihoods depend on fuel-intensive operations.
CK Hutchison Holdings, the flagship conglomerate of Hong Kong billionaire Li Ka-shing's family, reported underlying profit of HK$22.3 billion (US$2.85 billion) for 2025, up 7% from HK$20.8 billion in 2024. The ports-to-telecoms company warned that its businesses may face new and unforeseen challenges in 2026, though specific details were not disclosed in the announcement.
Chinese authorities including the Ministry of Industry and Information Technology and the National Development and Reform Commission held a high-level meeting on March 17 to direct electric vehicle manufacturers away from aggressive discounting toward technological innovation. The directive addresses cooling domestic demand and the phase-out of long-standing government subsidies. Regulators aim to strengthen market oversight and encourage companies to shift focus from price competition to product innovation and quality improvement.
China's recent regulatory changes to its global payment system could facilitate the development of the Cross-border Interbank Payment System (CIPS) as an alternative to Western payment networks. According to a study led by Ju Jiandong, chair professor at Tsinghua University's PBC School of Finance, Beijing is advancing CIPS toward becoming a global platform supporting multicurrency settlements and interoperability with other foreign payment channels.
According to Alpha Lau Hai-suen, director general of InvestHK, Middle East banks and wealthy investors are expanding their Hong Kong investments to diversify risk amid geopolitical tensions. Several Middle East banks are establishing offices in Hong Kong with InvestHK's assistance, strengthening the city's ties with the region and capitalizing on growing Asian market opportunities.
The Hong Kong Monetary Authority kept its base rate unchanged at 4 percent on Thursday, mirroring the US Federal Reserve's decision to maintain its target rate between 3.5 and 3.75 percent. The HKMA cautioned the public about interest rate risks and cited Middle East tensions as a factor contributing to uncertainty regarding the pace of rate cuts this year. The authority indicated that the interest rate outlook remains uncertain.
The US Federal Reserve voted 11-1 on Wednesday to maintain interest rates in the 3.50-3.75 percent range unchanged. Officials signaled one expected rate cut by year-end. The Fed noted that implications of Middle East developments for the US economy remain uncertain. The decision comes as the world's largest economy faces persistent inflation and weak labor demand.
🎬 Entertainment
Grammy-nominated rapper Afroman prevailed in a defamation lawsuit filed by seven Ohio sheriff's deputies who sued over music videos featuring home security footage of their raid on his residence. The 51-year-old artist, born Joseph Foreman, celebrated the Wednesday evening verdict outside the courthouse and shared the moment on social media. The case examined the boundaries of parody protection and the creative freedoms available to artists in their work.
Tokyo's meteorological authorities announced the official start of cherry blossom season on Thursday. The season begins when the sample tree at Yasukuni Shrine produces at least five flowers. The Japan Meteorological Agency's Tokyo Regional Headquarters confirmed the blooming of Somei Yoshino cherry blossoms. Residents are preparing outdoor picnics to celebrate the arrival of spring, gathering beneath the flowering trees for seasonal festivities.
Val Kilmer, the late actor known for Top Gun and Batman Forever, will posthumously appear in the film As Deep as the Grave through generative artificial intelligence. Originally cast as Father Fintan, a Catholic priest and Native American spiritualist, Kilmer was unable to work on set due to throat cancer complications. First Line Films announced this marks a first-ever performance enabled by AI technology for a deceased actor.
Chinese toymaker Pop Mart and Sony Pictures Entertainment announced a feature film starring Labubu, the company's most popular character. The film, currently in early development, will combine live-action and computer-generated imagery. Industry analysts view this as a strategic initiative to expand Labubu's intellectual property value and support medium-term growth, following the successful trajectories of global icons such as Barbie and Hello Kitty.
🌏 International
The U.S. Office of the Director of National Intelligence released a report on the 18th stating that China currently has no plans to invade Taiwan by 2027. However, the Chinese military continues to develop military plans and capabilities in preparation for potential military unification objectives. The assessment reflects the latest U.S. judgment on China's military intentions.
Oil facilities in Iran and Qatar came under attack, causing international crude prices to surge to nearly $110 per barrel, marking a one-year high. The incident triggered a decline in U.S. stock markets, with the Dow Jones Industrial Average falling 1.63%. The Federal Reserve maintained its benchmark interest rate unchanged, while economic data revealed persistent inflation concerns, contributing to the market downturn.
Israel confirmed on the 18th that it killed Iran's Intelligence Minister Esmail Khatib in an airstrike operation. The Israeli military has been authorized to conduct future operations against designated Iranian officials without requiring additional approval. Iran's president subsequently confirmed Khatib's death on social media. This incident represents the latest in a series of Israeli military operations targeting Iranian high-ranking officials.
The Office of the Director of National Intelligence released the 2026 Annual Threat Assessment on the 18th. The report indicates that the US intelligence community assesses China currently has no plans to invade Taiwan in 2027 and has not established a definitive timeline for unification. The assessment reflects current intelligence analysis and represents the US government's official evaluation of China's policy intentions toward Taiwan.
Following an attack on Iran's South Pars natural gas field, Iranian military announced retaliatory actions against energy facilities in the Persian Gulf region. Market concerns over potential supply disruptions triggered significant oil price increases. Brent crude approached 110 dollars per barrel intraday, while US West Texas crude rose in tandem. The incident has caused notable volatility in global energy markets.
Global oil prices surged on the 18th following Iran's Revolutionary Guards' threats to attack Persian Gulf energy facilities. Brent crude futures closed at 107.38 dollars per barrel, up 3.8%, marking the second consecutive day above 100 dollars. US West Texas Intermediate crude settled at 96.32 dollars. The tensions stem from an attack on Iran's South Pars gas field, escalating regional energy market concerns.
Iran's Supreme Leader Mujtaba issued a written statement on Wednesday regarding the death of Larijani, secretary of Iran's Supreme National Security Council. The statement emphasized the significance of the deceased and indicated accountability measures would be pursued. This marks the second public statement by Mujtaba in his role as Supreme Leader following his succession, reflecting the Iranian leadership's response during this period of transition.
Iranian state media reported on the 18th that energy facilities in the Persian Gulf were attacked, prompting Iran to warn of strikes against energy infrastructure in Saudi Arabia, the UAE, and Qatar within hours. The attack targeted petrochemical facilities in Iran's South Pars and Asaluyeh energy hubs. The announcement triggered a surge in international oil prices, with Brent crude futures rising over 6% in a single day and approaching USD 110 per barrel. Analysts suggest this incident could escalate into a broader regional energy conflict.
Micron Technology reported Q2 revenue of 23.86 billion dollars, nearly tripling from 8.05 billion dollars in the prior year period, significantly exceeding analyst expectations of 20.07 billion dollars. Adjusted earnings per share reached 12.20 dollars, surpassing the expected 9.31 dollars. The company achieved a gross margin of 74%, driven by robust demand for high-end memory products in artificial intelligence applications.
Taiwan's Defense Ministry reported on the 19th that it detected 12 sorties of Chinese military aircraft within 24 hours, with 5 sorties crossing the median line into northern, central, and southwestern airspace. Additionally, 9 Chinese naval vessels and 2 government ships were active around the Taiwan Strait. The ROC military maintains close surveillance and appropriate responses to these activities.
The United States national debt has exceeded 39 trillion dollars, marking a historic record. This milestone occurred weeks after military operations involving the US and Israel against Iran. The rising national debt reflects the gap between government spending and revenue. Experts attribute the increase to multiple factors including defense expenditures, social welfare spending, and tax collection. This figure raises concerns about the long-term fiscal sustainability of the United States.
The UK Maritime Trade Operations office reported that a vessel near the Strait of Hormuz off the coast of the United Arab Emirates was struck by an unidentified projectile, causing a fire. The incident occurred in a critical global shipping corridor and has drawn international attention. Maritime authorities are monitoring the situation and tracking developments in the region.
An important Iranian natural gas field came under attack, prompting Iran to threaten retaliatory strikes on Persian Gulf facilities. The incident has heightened market concerns regarding energy supply stability in the Middle East region. In response to rising supply risks, Brent crude oil prices surged over 5% today. Analysts suggest that escalating geopolitical tensions could further drive up global oil prices.
Military operations between the United States, Israel, and Iran have intensified since February 28. The US military has conducted strikes on over 7,800 targets, while Israeli airstrikes have reached 7,600 sorties. The US Defense Secretary stated that Iran's modern military capabilities have been significantly damaged. However, battlefield developments indicate the conflict remains ongoing, with analysts examining potential paths forward.
Israel conducted an airstrike on Iran's South Pars Gas Field on the 18th, exacerbating Iran's energy crisis. US President Trump stated that the United States and Qatar had no advance knowledge of the strike. Trump accused Iran of retaliatory attacks against Qatar's liquefied natural gas facilities and warned of severe consequences if further actions target Qatar.