Business from Monday, March 9th, 2026

HSBC on Monday expressed confidence in the Gulf Cooperation Council (GCC) members' economic prospects as the region and the wider Middle East brace for the economic shock from the U.S.-Israeli conflict with Iran.

G7 countries have not made a decision yet on the potential release of emergency oil stocks in the wake of the U.S.-Israeli conflict with Iran, France's Finance Minister Roland Lescure said on Monday.

Oil prices surged over $119 a barrel, hitting levels not seen since mid-2022, on Monday as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.