5 Big News Stories Overnight - Monday, March 2, 2026

U.S.: Oil Prices Spike 9%

Business Insider reports:

Markets were reeling ahead of the new week, with oil surging and US stock futures tumbling on Sunday evening after the weekend attacks against Iran by the US and Israel.

Brent oil, the international benchmark, spiked 9% and WTI crude jumped 7%. Energy traders are preparing for the possibility that the Strait of Hormuz, a critical shipping route for global energy commodities, is closed for an extended period.

"The immediate price shocks are being accompanied by a fresh wave of supply chain disruptions. This isn't just a question of whether the Straits of Hormuz are physically closed; the logistical friction is already here," economist Mohamed El-Erian wrote, pointing to insurance costs, maritime cargo, and aviation as having already been significantly impacted.

Middle East: Oil Tankers Targeted

France 24 reports:

At least three tankers were damaged off the Gulf coast after US and Israeli strikes on Iran triggered Iranian retaliation that put merchant ships at risk of collateral damage, shipping sources and officials said on Sunday.

Risks to commercial shipping have surged in the past 24 hours, with more than 200 vessels, including oil and liquefied gas tankers, dropping anchor around the Strait ⁠of Hormuz and surrounding waters, shipping data showed on Sunday.

Iran has said it has closed navigation through the critical waterway.

PHOTO: Alexander Schimmeck, Unsplash

Middle East: Kuwait Says 'Several' US Warplanes Have Crashed With All the Crews Surviving

The Guardian reports

EDITOR'S NOTE: It is now being reported that the Kuwaiti Air Defense shotdown the three U.S. planes.

Several American warplanes crashed in Kuwait this morning, the country’s defence ministry said.

All the pilots bailed out safely and are been checked up on at a hospital, according to the ministry. They are all in a stable condition.

It is not immediately clear what caused the US warplanes to crash but the incident came during an intense period of Iranian fire targeting the country.

The defence ministry said it is continuing investigations into the “causes of the incident”.

PHOTO: Chuttersnap, Unsplash

United Kingdom: Changes Policy and Supports Fight Against Iran

Telegraph reports:

Britain has given the US permission to use its military bases to strike Iran.

Sir Keir Starmer backed the war with Iran after Tehran continued to strike allies across the Middle East with missiles and drones.

In a video posted on X, the Prime Minister said: “The United States has requested permission to use British bases for specific and limited defensive purpose.

“We have taken the decision to accept that request, to prevent Iran firing missiles across the region, killing civilians, putting British lives at risk and hitting countries that have not been involved.”

Israel: IDF Strikes in Beirut

Times of Israel reports:

Rockets and drones launched from Lebanon set sirens blaring across northern Israel in the early hours of Monday, as the Hezbollah terror group entered the fray to assist its backer, Iran, with its relentless attacks against the Jewish state.

The terror group’s attacks — which it said were in retaliation for the killing of Iranian Supreme Leader Ali Khamenei in the opening minutes of the joint Israeli-US assault on Iran on Saturday — were met with an immediate response from Israel, with waves of airstrikes across Lebanon, including multiple strikes in the capital, Beirut, and the Dahiyeh suburb, a Hezbollah stronghold.

The IDF charged that Hezbollah, having initiated conflict when warned by Israel and implored by the Beirut government not to do so, was “destroying the state of Lebanon.”