Leadership targeted as US-Israel strikes shake Iran

The United States and Israel launched strikes on Iran on Saturday, targeting its leadership and plunging the Middle East into a new conflict that President Donald Trump said would end a security threat and give Iranians a chance to topple their rulers.

Airlines suspended flights across the Middle East on Saturday, including to and from the world’s busiest travel hub, Dubai, after the United States and Israel launched strikes on Iran, plunging the region into a renewed military confrontation. pic.twitter.com/HlN9XPCuG9
— SABC News (@SABCNews) February 28, 2026
The strikes put nearby oil-producing Gulf Arab countries on edge as fears of escalation grew, and Tehran responded by launching missiles towards Israel.
Some oil majors and top trading houses suspended crude oil and fuel shipments via the Strait of Hormuz because of the attacks, four trading sources said on Saturday.
Vishnu Varathan, head of Macro Research in Asia ex-Japann Mizuho and Singapore, says a broader state of spots of regional attacks may be par for the course in line with Iran’s warning.
“Oil prices are likely to remain elevated as production and passage remain prone to attacks and disruptions. OPEC may be under pressure to raise production to try to offset. But a 10-25% premium on oil is not outlandish, even without a blockade of the Straits of Hormuz, which is easily a 50% premium risk event.”
Christopher Wong, a strategist in Singapore, says the strike raises geopolitical risk premia as markets head into Monday’s open.
“The immediate reaction function is fairly predictable: safe-haven assets such as gold are likely to see an upside gap, while oil prices may also firm on supply-disruption concerns. Risk assets and high-beta currencies could face an initial bout of volatility, particularly if headlines suggest potential retaliation or regional spillovers.”
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