The United Nations Security Council is due to meet on Thursday for a briefing on the situation in Iran, as tensions remain high following weeks of nationwide protests and a violent crackdown by authorities.
The meeting comes a day after Iran briefly closed its entire airspace for about five hours overnight, forcing several international airlines to reroute or cancel flights. Iran’s Civil Aviation Authority reopened the airspace early on Wednesday, with domestic and international services gradually resuming.
The United States has begun withdrawing some personnel from its military bases in West Asia as a precaution, after senior Iranian officials warned that American facilities in neighbouring countries could be targeted if Washington launches military action. A Western military official said the moves reflected heightened uncertainty, adding that unpredictability had become part of the US strategy. Iran’s leadership has accused external powers of fuelling unrest while insisting it is open to dialogue but “prepared for war.”
Markets reacted sharply to the developments. Oil prices, which had climbed earlier in the week on fears of instability in a major OPEC producer, fell by nearly three per cent after President Donald Trump said he would wait before taking any military steps. Brent crude slipped to around 64 dollars a barrel, while US crude fell close to 60 dollars.
Iran produces more than three million barrels of oil per day and exports over two million, mainly to China. Although no direct disruption to production has been reported, traders remain sensitive to any escalation that could threaten shipping through the Strait of Hormuz, a critical route for global energy supplies.
