Wizz Air issues profits warning due to Middle East crisis; China ‘tells refiners to halt diesel and gasoline exports’ – business live

2026-03-05 - 07:53

Rolling coverage of the latest economic and financial news Middle East crisis live: Israel launches fresh strikes on Tehran; Iran claims to have targeted Kurdish groups in Iraq The oil price is rising again this morning. Brent crude is up 2.75% at $83.68 a barrel, approaching the 19-month high hit on Monday. That comes as the IRGC said they would intensify and expand strikes in the coming days, while the US confirmed it had sunk an Iranian warship in the Indian Ocean near Sri Lanka. There was also little clarity over the war’s potential length, with US Defense Secretary Pete Hegseth saying “it could be six, it could be eight, it could be three” weeks. There’s also uncertainty on when shipping will resume through the Strait of Hormuz, and we’ve seen signs of oil importers beginning to adjust behaviour. Officials from the National Development and Reform Commission, the country’s top economic planner, met refinery executives and verbally called for a temporary suspension of refined product shipments that would begin immediately, according to people familiar with the matter. The refiners were asked to stop signing new contracts and to negotiate the cancellation of already-agreed shipments. Continue reading...