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Energy choke points sealed, stocks slide and inflation threat returns worldwide

Financial Express Mumbai

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March 04, 2026

EXPLOSIONS ROCKED TEHRAN, Beirut and Tel Aviv on Tuesday as the US-Israel military campaign against Iran entered its fourth day, sending global energy and financial markets into turmoil.

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Iranian drones hit the United States Embassy and earlier struck the mission in United States Embassy, prompting Washington to shut both embassies and evacuate nonessential staff from several West Asian countries.

US President Donald Trump declared that it was “too late” for talks with Tehran, saying Iran’s “air defence, Air Force, Navy, and leadership is gone.” Inside Iran, Israel targeted the headquarters of state broadcaster IRIB in Tehran as missiles and bombs forced thousands to flee the capital. “Every night my wife and I hide in the basement. The whole city is empty,’ said a Tehran resident, describing the devastation.

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