Executive summary

• Middle East Conflict Escalates: US-Israel strikes hit Iranian oil infrastructure, while Iran retaliates across the Gulf. Mojtaba Khamenei appointed new Supreme Leader, signaling hardline continuity. UN warns of “grave peril.”
• Global Markets in Turmoil: Oil prices surged past $110/barrel due to Strait of Hormuz disruptions, impacting Asian and European stocks. G7 considers emergency oil release.
• Ukraine War’s Robotic Shift: Ukraine is deploying armed ground robots (UGVs) on the battlefield, aiming for AI-powered swarms to offset manpower shortages.
• China’s Economic & Tech Moves: China shows resilience to oil price surges with strategic reserves and renewables. Its CPI hit a three-year high, while a new report highlights Chinese EV makers’ cost advantages.
• Spain’s Migrant Amnesty: Spain plans to legalize up to 1.1 million undocumented migrants for humanitarian and economic reasons, drawing EU and domestic criticism.

International Relations & Diplomacy

• Iran Conflict & Diplomacy:
  • Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, has been named Iran’s new Supreme Leader.
  • He is expected to continue hardline policies, with Israel labeling him an “unequivocal target.” (Source: https://www.bbc.com/news/articles/c78xxg05w0zo, https://www.cnbc.com/2026/03/08/iranian-projectiles-continue-to-strike-gulf-countries-infrastructure.html)
  • The Iranian ambassador to the UK warned Britain against further involvement in US-Israeli attacks, citing a “right to self-defence.”
  • UN humanitarian chief Tom Fletcher described the escalating conflict as a “moment of grave peril” with massive civilian impact. (Source: https://www.bbc.com/news/articles/cq6qp458zv1o, https://www.bbc.com/news/videos/c9wnevqljd0o)
  • The US ordered non-emergency government staff to leave Saudi Arabia due to increased conflict risks. (Source: https://www.cnbc.com/2026/03/09/iran-war-updates-oil-brent-wti-crude-110-gulf-gcc-uae-iraq-saudi-arabia-kurds.html)
• US-China Relations:
  • Chinese Foreign Minister Wang Yi indicated preparations for a Trump-Xi meeting (March 31-April 2), despite US military actions affecting China’s energy interests.
  • China opposes the Iran war, calling for a ceasefire and emphasizing multilateralism over a “G2” world leadership. (Source: https://www.cnbc.com/2026/03/08/china-says-thorough-preparations-needed-ahead-of-trump-xi-meeting.html, https://www.cnbc.com/2026/03/06/how-iran-and-venezuela-strikes-transform-the-trump-xi-trade-talks.html)
• US Trade Policy & Domestic Opposition:
  • New York’s Attorney General and 23 states are suing to block President Trump’s latest tariffs under Section 122 of the 1974 Trade Act.
  • This follows a Supreme Court ruling invalidating his previous tariffs, and states argue misuse of power. (Source: https://www.cnbc.com/2026/03/05/trump-tariffs-state-ags-sue-supreme-court-decision.html)
  • US Customs and Border Protection stated it cannot immediately comply with a court order to refund $166 billion in previously collected illegal tariffs. (Source: https://www.cnbc.com/2026/03/06/trump-trade-tariffs-refunds-customs-border-protection.html)
• Spain’s Migrant Regularization:
  • Spain’s government announced a scheme to legalize 0.5-1.1 million undocumented migrants.
  • The move is based on humanitarian grounds and economic needs, given low unemployment rates and foreign workers driving GDP growth.
  • Right-wing parties criticize it as a “pull” factor, and the EU expressed caution regarding potential illegal residency in other member states. (Source: https://www.bbc.com/news/articles/crk8rdz5131o)
• Canada-US Economic Relations:
  • Canadians continue a widespread boycott of US goods and travel, one year after President Trump’s sovereignty threats and tariffs.
  • This “elbows up” resistance has led to a structural shift in Canada’s economy, with domestic brands gaining market share. (Source: https://www.cnbc.com/2026/03/07/canada-boycott-trump-travel-alcohol-economy.html)
• US Embassy Incident in Norway:
  • An overnight explosion at the US embassy in Oslo caused minor damage, with Norwegian police investigating it as a possible act of terrorism. (Source: https://www.bbc.com/news/articles/c5yjegg892lo)
• Swiss Public Broadcasting Vote:
  • Swiss voters rejected a right-wing initiative to cut the annual licence fee for the national public broadcaster.
  • The government and other parties argued the fee is crucial for supporting Switzerland’s four national languages. (Source: https://www.bbc.com/news/articles/c0q32322wq8o)

Major regional Events

• Middle East Conflict:
  • US-Israeli forces continued airstrikes across Iran, notably hitting oil depots in Tehran and Karaj. (Source: https://www.bbc.com/news/articles/clygpxq41l3o, https://www.bbc.com/news/videos/c7vj9redqz2o)
  • Iran retaliated with missile and drone attacks targeting Gulf countries including UAE, Bahrain (hitting a desalination plant), and Kuwait (airport and government building). (Source: https://www.cnbc.com/2026/03/08/iranian-projectiles-continue-to-strike-gulf-countries-infrastructure.html)
  • A drone strike, suspected to be from Hezbollah, hit RAF Akrotiri in Cyprus, reigniting debate over UK military presence on the island. (Source: https://www.bbc.com/news/articles/cx2r1xldl1ko)
  • Iran has been under a near-complete national internet blackout for a second week, isolating its public. (Source: https://www.cnbc.com/2026/03/07/irans-internet-blackout-extends-into-second-week-netblocks.html)
  • Over 1,850 people have died in the conflict, including over 1,330 Iranian civilians (200 children) and 8 US service members. (Source: https://www.cnbc.com/2026/03/08/oil-surges-above-110-a-barrel-trump-says-small-price-to-pay-for-defeating-iran.html, https://www.bbc.com/news/articles/c5y5lqygrn7o)
• Ukraine War:
  • A Russian airstrike on an apartment block in Kharkiv killed at least ten people, including children.
  • Russia claimed strikes targeted Ukrainian military compounds, airfields, and energy facilities. (Source: https://www.bbc.com/news/articles/cn8zd049l08o)
  • Ukraine’s President Zelenskyy reported Russia used 29 missiles and 480 drones in overnight attacks targeting energy infrastructure. (Source: https://www.bbc.com/news/articles/cn8zd049l08o)
• Nepal Political Shift:
  • Rapper-politician Balendra Shah defeated former Prime Minister Sharma KP Oli in his constituency and is leading the general election.
  • His party, Rastriya Swatantra Party (RSP), represents a new generation of politicians challenging the traditional establishment. (Source: https://www.bbc.com/news/articles/c93w6y0lnd9o)
• Kenya Flooding Crisis:
  • Heavy rains and severe flooding in Nairobi, Kenya, killed at least 23 people.
  • The floods caused widespread damage, road closures, and disruptions to Nairobi Airport. (Source: https://www.bbc.com/news/articles/cn87pl8e2l5o)

Global Economic & Market Movers

• Oil Market Volatility:
  • Global oil prices surged past $110 a barrel before pulling back to around $105, marking the biggest weekly gain in futures trading history (35%).
  • The surge is attributed to fears of prolonged disruption of shipments through the Strait of Hormuz, with traffic halted and Gulf producers (Kuwait, Iraq, UAE) cutting output due to full storage. (Source: https://www.bbc.com/news/articles/c79542n0grwo, https://www.cnbc.com/2026/03/09/iran-war-updates-oil-brent-wti-crude-110-gulf-gcc-uae-iraq-saudi-arabia-kurds.html, https://www.cnbc.com/2026/03/08/oil-surges-above-110-a-barrel-trump-says-small-price-to-pay-for-defeating-iran.html, https://www.cnbc.com/2026/03/06/iran-us-war-oil-prices-brent-wti-barrel-futures.html)
  • The G7 countries are considering a joint release of oil from strategic reserves, and Saudi Arabia reportedly offered crude to ease prices. (Source: https://www.cnbc.com/2026/03/09/iran-war-updates-oil-brent-wti-crude-110-gulf-gcc-uae-iraq-saudi-arabia-kurds.html, https://www.cnbc.com/2026/03/09/asia-markets-moderate-losses-after-reported-saudi-oil-release-slightly-ease-prices.html)
  • The US administration announced a $20 billion reinsurance program for oil tankers in the Persian Gulf to encourage safe passage. (Source: https://www.cnbc.com/2026/03/06/trump-reinsurance-oil-iran-war.html)
• Global Stock Market Performance:
  • Asian markets initially tumbled, with South Korea’s Kospi triggering a circuit breaker after an 8% drop, while Japan’s Nikkei fell 5.2%.
  • European markets are expected to open significantly lower. (Source: https://www.bbc.com/news/articles/c79542n0grwo, https://www.cnbc.com/2026/03/09/asia-markets-moderate-losses-after-reported-saudi-oil-release-slightly-ease-prices.html, https://www.cnbc.com/2026/03/09/european-markets-stoxx-600-ftse-cac-dax-iran-latest.html)
  • South Korea’s Kospi is experiencing historic volatility due to Middle East conflict risks and heavy concentration in tech stocks, amplified by retail investor leverage. (Source: https://www.cnbc.com/2026/03/06/kospi-south-koreas-stock-market-volatility.html)
• China’s Economic Outlook:
  • China’s consumer inflation hit a three-year high of 1.3% in February, while producer price deflation eased to 0.9%.
  • The Lunar New Year holiday boosted service spending. China set a 2026 GDP growth target of 4.5-5% and an inflation target of around 2%. (Source: https://www.cnbc.com/2026/03/09/china-february-inflation-cpi-producer-prices-stimulus-economy-ppi-factory-consumer.html)
  • China is structurally more resilient to oil price surges than other countries due to large strategic crude stockpiles (3-4 months), diversified energy sources (including renewables), overland oil pipelines, and a growing EV market. (Source: https://www.cnbc.com/2026/03/09/china-oil-shock-iran-war-hormuz-energy-transition.html)
• Cocoa Market Crisis:
  • West African cocoa farmers in Ghana and Ivory Coast face severe financial difficulties.
  • Despite global chocolate price increases, a crash in cocoa prices (due to good harvests and lower demand) has left farmers unpaid as state regulators set prices too high.
  • Ghana’s Cocobod is $3 billion in debt, and many farmers cannot afford basic necessities. (Source: https://www.bbc.com/news/articles/c93jdk1yy3zo)
• Defense Technology Sector:
  • Palantir’s stock rallied 15% this week, making it an outlier in a turbulent market, as the Iran war boosts prospects for defense contractors.
  • Investors largely overlooked concerns about the US government’s blacklisting of AI company Anthropic, a Palantir partner. (Source: https://www.cnbc.com/2026/03/06/palantir-stock-jumps-15percent-in-week-on-iran-war-boosts-anthropic-muted.html)

Science, Tech, & Health (Major Developments)

• AI & Military Technology:
  • Ukraine is actively deploying armed uncrewed ground vehicles (UGVs), or robots, in combat roles.
  • These UGVs are used for direct engagement, repelling attacks, taking prisoners, and kamikaze missions, complementing human soldiers.
  • The strategy aims to offset manpower shortages, with a future vision of large, AI-powered drone swarms. Russia is also developing similar combat UGVs. (Source: https://www.bbc.com/news/articles/c62662gzlp8o)
• AI & Consumer Tech:
  • Samsung announced it will launch AI-powered smart glasses this year, featuring a built-in camera and smartphone connectivity.
  • These glasses are designed to offer “agentic” AI experiences, competing with existing market leaders like Meta. (Source: https://www.cnbc.com/2026/03/06/samsung-ai-smart-glasses-first-details-specs-release-date.html)
  • Semiconductor company Marvell’s stock surged 18% on strong earnings guidance, driven by continuing high demand for AI-related technology. (Source: https://www.cnbc.com/2026/03/06/marvell-stock-surges-18percent-as-ceo-points-to-continuing-ai-demand.html)
• AI Policy & Partnerships:
  • Amazon and Google confirmed that Anthropic’s AI technology remains available to their non-defense cloud customers.
  • This clarification follows the Department of Defense’s decision to blacklist Anthropic as a “supply chain risk” after the company declined full access for autonomous weapons and domestic surveillance. (Source: https://www.cnbc.com/2026/03/06/amazon-aws-anthropic-claude-pentagon-blacklist.html, https://www.cnbc.com/2026/03/06/google-says-anthropic-remains-available-outside-of-defense-projects.html)
• Online Safety Regulation:
  • Australia implemented new laws requiring strict age verification for adult content, including porn sites, R-rated video games, and sexually explicit AI chatbots.
  • The changes aim to protect children but raise concerns about data privacy and the effectiveness against circumvention methods. (Source: https://www.bbc.com/news/articles/cwy92qpv424o)
• Marine Biodiversity Discovery:
  • An expedition off British Caribbean territories discovered a new underwater mountain range, a massive “blue hole,” and coral reefs apparently untouched by climate change.
  • The discoveries include previously unseen sea creatures and ancient black corals, providing crucial data for marine protected areas. (Source: https://www.bbc.com/news/articles/cgmllk32g72o)
• Pharmaceutical Developments:
  • Zealand Pharma’s stock plummeted after its experimental weight-loss drug, petrelintide, showed less weight reduction than expected in trials.
  • The CEO emphasized the drug’s potential for long-term weight maintenance and tolerability over maximizing rapid weight loss, an emerging differentiator in the lucrative market. (Source: https://www.cnbc.com/2026/03/06/zealand-stock-zela-roche-trial-weight-loss-ceo-novo-glp1.html)