Speaking after a consultative meeting of Arab and Islamic foreign ministers in Riyadh, bin Farhan accused Tehran of premeditated hostile actions against its neighbours, both directly and through regional proxies, and urged it to halt further escalation.

“This pressure from Iran will backfire politically and morally and certainly we reserve the right to take military actions if deemed necessary,” he told a news conference.

Saudi Arabia’s defence ministry said it intercepted and destroyed four ballistic missiles targeting Riyadh, with debris falling near a refinery south of the capital. Interceptors were seen launched near the venue hosting the diplomatic gathering as ministers from countries including Turkey, the United Arab Emirates, Jordan, Qatar and Syria convened.

The strikes marked a significant moment in the conflict, with residents in Riyadh reporting blasts and receiving warning alerts for the first time since hostilities began.

Saudi authorities say the kingdom has faced hundreds of missiles and drones since the start of the conflict, the vast majority of which have been intercepted.

The escalation follows Iran’s vow to target oil and gas infrastructure across the Gulf after what it described as an Israeli strike on its facilities in the South Pars gas field.

Attacks on Wednesday affected energy sites in Qatar, the United Arab Emirates and Saudi Arabia, raising concerns over global supply disruptions.The widening conflict, now in its third week, has already driven oil prices higher and unsettled energy markets as critical infrastructure comes under repeated threat.

Saudi Arabia and Iran restored diplomatic relations in 2023 after years of rivalry that saw them support opposing factions across the region.

Bin Farhan said Riyadh still preferred diplomacy but warned that continued Iranian actions could eliminate any remaining basis for trust.

“If Iran doesn’t stop immediately, I think there will be almost nothing that can re-establish trust,” he said.

Israel said the missiles dispersed multiple submunitions mid-air, complicating interception efforts. The overnight attack killed two people in Tel Aviv, bringing the total death toll in Israel since the start of the war to at least 14, according to Israeli authorities.

Iran described the strike as a direct response to the assassination of Larijani, one of the most senior figures killed since the conflict began more than two weeks ago. Tehran confirmed his death on Tuesday, following earlier Israeli statements that he had been targeted in an airstrike.

Iran’s Supreme National Security Council, which Larijani had previously headed as secretary, said his son and deputy, Alireza Bayat, were also killed in a separate Israeli attack on Monday night.

In a separate development, Iran said a projectile struck near the Bushehr Nuclear Power Plant on Tuesday evening but caused no damage or injuries. The country informed the International Atomic Energy Agency of the incident.

IAEA Director General Rafael Grossi renewed calls for maximum restraint, warning of the risk of a nuclear accident if strikes continue near sensitive facilities.

The United States and Israel have said their campaign aims in part to prevent Iran from developing a nuclear weapons programme. The strikes have killed multiple senior Iranian officials, including Supreme Leader Ali Khamenei in the opening phase of the conflict.

Iran’s newly appointed supreme leader Mojtaba Khamenei has rejected proposals to de-escalate, according to a senior Iranian official. Speaking at his first foreign policy meeting since taking office, he said it was not the right time for peace and that Iran would continue its confrontation until its adversaries accepted defeat and paid compensation.

The exchange of strikes underscores the intensifying trajectory of the conflict, with both sides expanding targets and rhetoric while international agencies warn of broader regional and nuclear risks.

The restriction, imposed last week and expected to remain in place until at least the end of March, aims to prevent domestic shortages in China, the world’s largest oil importer, according to market sources.

The move curtails exports that were valued at about $22 billion last year.War disruptions amplify supply strainEven before the export curbs, Asian refiners were seeking alternative crude supplies as the conflict in the Middle East disrupted flows from the Gulf.

Several refineries in the region, a key supplier of fuel to Asia, have shut operations as shipping through the Strait of Hormuz was halted.

The combined impact has intensified competition for available cargoes, leaving import-dependent economies exposed to supply shocks.

Australia, Bangladesh and the Philippines, which rely heavily on Chinese refined fuel exports, are expected to face immediate challenges in meeting demand.

China accounted for roughly one-third of Australia’s jet fuel imports last year and about half of supplies to Bangladesh and the Philippines in 2024.

China ranks as Asia’s fourth-largest exporter of refined, or “clean,” fuels after South Korea, India and Singapore, and plays a pivotal role as a swing supplier when regional demand fluctuates.

Analysts say the sudden halt in exports leaves limited room for other suppliers to compensate. “The remaining Asian exporters simply do not have the spare volumes to replicate China’s role as the region’s swing supplier,” Kpler analyst Zameer Yusof said.

Benchmark refining margins in Singapore, known as “cracks,” are expected to continue rising as markets adjust through higher-priced replacement cargoes or reduced demand.

Fuel prices across Asia have climbed sharply. Diesel derivatives rose to $150 per barrel on March 17, while jet fuel swaps reached $163 per barrel, up from about $92 before the war, according to LSEG data.

Gasoline traded at $139.80 per barrel on Monday, compared with $79.30 on February 27.The tightening market is already affecting downstream sectors. Vietnam has warned airlines to prepare for potential flight cuts from April due to fuel shortages linked to export restrictions.

China’s Foreign Ministry said on Monday that military action in the Middle East should cease and that Beijing is willing to work with other countries to ensure energy security.

Speaking during a meeting with broadcasters from Italy’s TG2 television news programme at the Vatican, Leo called on reporters to portray the realities of war through the experiences of its victims.

He appealed to journalists “to show the face of war and tell it through the eyes of the victims, so as not to turn it into a video game.”

Leo warned that in periods of intense conflict, information can easily drift into propaganda if journalists fail to carefully verify facts and maintain editorial independence.

“In the dramatic circumstances of war, such as those we are experiencing, information must guard against the risk of turning into propaganda,” he saidJournalists must work to verify news and ensure they do not become “a megaphone of power,” he added.

Although the pope did not reference a specific conflict in Monday’s remarks, he has intensified appeals in recent days for an end to the expanding U.S.–Israeli war with Iran.

On Sunday, Leo called for an immediate ceasefire in what he described as the “atrocious violence” of the conflict, marking some of his strongest comments since hostilities escalated.

Leo’s warning about portraying war as entertainment echoed comments earlier this month from Blase Cupich, who criticized the White House for sharing a social media video featuring footage from the Iran conflict intercut with scenes from video games and action films.

Cupich described the video as “sickening,” arguing that such imagery risks trivializing the realities of war and the suffering of civilians.

The conflict, now entering its third week, has shut down shipping through the Strait of Hormuz, a critical maritime corridor through which roughly one-fifth of the world’s oil and liquefied natural gas passes, sending oil prices higher and raising fears of renewed global inflation.

Israeli military spokesperson Lieutenant Colonel Nadav Shoshani said the military had detailed operational plans covering at least the next three weeks, with additional scenarios prepared for a longer campaign.

“We want to make sure that they are as weak as possible, this regime, and that we degrade all their capabilities, all parts and all wings of their security establishment,” Shoshani told reporters.

The Israeli military has framed the campaign as focused on degrading Iran’s ballistic missile infrastructure, nuclear facilities and broader security apparatus. Officials say thousands of potential targets remain inside Iran.

Iran launched drone attacks targeting regional sites, temporarily shutting down Dubai airport and striking a key oil facility in the United Arab Emirates, according to reports cited by regional authorities.

The incidents underscored the widening regional impact of the conflict, which has drawn concern from energy markets and governments reliant on Gulf shipping lanes.

Air traffic at Dubai airport was briefly halted following the drone threat before operations resumed.

The closure of the Strait of Hormuz has become one of the most significant economic consequences of the war.

The narrow waterway between Iran and Oman handles roughly 20% of global oil and liquefied natural gas shipments, making it one of the most strategically important energy chokepoints in the world.

The disruption has already pushed oil prices upward and intensified concerns among policymakers about inflationary pressure on global economies.

U.S. President Donald Trump called on Sunday for an international coalition to help reopen the shipping route, warning that the NATO alliance could face a “very bad” future if members fail to support Washington’s efforts.

Allies responded cautiously, expressing support for diplomatic initiatives to restore navigation through the Strait while signaling reluctance to commit to military action.Iran’s Foreign Minister Abbas Araqchi said Tehran had not requested a ceasefire and had exchanged no messages with Washington, according to Iran’s semi-official Student News Network.

Meanwhile, Iran’s Mehr news agency reported that overnight Israeli strikes killed five people and wounded seven others in Markazi province in central Iran. The report said attacks struck a residential area on the outskirts of Arak city and a residential building in Mahallat county.

Israel has said its campaign remains focused on military and strategic infrastructure linked to Iran’s security apparatus.

Futures for the GIFT Nifty were trading at 23,257 at 08:11 a.m. IST, indicating that the Nifty 50 would open above Friday’s close of 23,151.10 after posting its steepest weekly drop in years and entering a technical correction.

Supply route developments lift sentimentMarket sentiment improved after the Wall Street Journal reported that the United States was preparing to announce a coalition of countries to escort commercial vessels through the Strait of Hormuz, a maritime corridor that handles about one-fifth of global oil supply.

Additional support came after two India-flagged liquefied petroleum gas carriers Shivalik and Nanda Devi transporting roughly 92,712 metric tons of LPG successfully crossed the strait last week en route to India, easing immediate concerns about fuel supply disruptions.

India’s foreign minister Subrahmanyam Jaishankar said in an interview with the Financial Times published Sunday that he had been in discussions with Iran and that dialogue had produced some results.

However, investors remain cautious as the conflict in the Middle East continues to threaten energy flows and financial markets.

Oil and currency pressures persist as rude oil prices have stayed above $100 per barrel during the conflict, raising concerns about inflation and economic growth in India

.The surge in energy costs has also pushed the Indian Rupee to record lows against the U.S. dollar, highlighting the vulnerability of the country’s energy-dependent economy.

Traffic through the Strait of Hormuz has been heavily curtailed since the United States and Israel launched a bombing campaign on Iran at the end of February, prompting Tehran to largely halt commercial shipping through the critical waterway.

Members of the party’s Middle East crisis economic response task force said the measures aim to stabilise domestic energy supply and prices as shipments of oil and gas to South Korea have been disrupted by the regional conflict affecting the vital maritime corridor.

According to data from the Korea International Trade Association, South Korea depends heavily on energy imports, sourcing about 70% of its crude oil and roughly 20% of its liquefied natural gas (LNG) from the Middle East.

Democratic Party lawmaker Ahn Do-geol said the government would prioritise managing LNG supplies by increasing electricity production from coal and nuclear facilities while scaling back reliance on LNG-fired power generation.

Limits that capped coal power output at 80% of installed capacity will be lifted starting Monday, Ahn said. Maintenance work at six nuclear reactors will also be completed earlier than scheduled to raise the utilisation rate of nuclear plants from the high-60% range to about 80%.

The government on Friday introduced a price ceiling on gasoline of 1,724 won ($1.15) per litre, with adjustments planned every two weeks to reflect changes in global oil markets.

Ahn said gasoline and diesel prices had already declined since the cap was introduced, falling by 58 won and 77 won per litre respectively as of Sunday.

Officials said a supplementary budget would be drafted by the end of the month and submitted to parliament to cushion the economic impact of higher energy costs.

Democratic Party leader Jung Chung-rae said the party would fast-track approval of the budget within 10 days after it is submitted. The proposed spending package is expected to include compensation for refiners linked to the fuel price cap, energy vouchers for households, logistics support for exporters and expanded investment in renewable energy.

The Budget Ministry said no specific date had yet been set for the supplementary budget but that preparations were underway.

Authorities are also considering designating the Yeosu Petrochemical Complex as a special industrial crisis response zone as part of efforts to support industries affected by the energy disruption.

In an interview published Sunday by the Financial Times, Trump said the timing of the meeting could shift depending on progress in restoring navigation through the key oil transit route.

“We’d like to know before (the summit),” Trump said, adding that “we may delay,” without specifying how long a postponement might last.

The Strait of Hormuz, which connects Gulf energy producers to global markets, has come under heightened strain during the conflict with Iran, raising concerns about disruptions to international oil shipments.

Washington has sought diplomatic and security cooperation from major powers to ensure the passage remains open as tensions across the Middle East escalate.

Trump’s remarks suggest the United States is looking to China to play a role in stabilizing the situation. Beijing maintains significant economic ties with Iran and is a major importer of Gulf energy supplies that pass through the strait.

The proposed summit in Beijing had been expected to focus on trade and geopolitical issues between the two powers, but Trump indicated that progress on the maritime corridor could influence whether the meeting proceeds on schedule.

The Dubai Media Office said emergency services were dealing with the blaze after what it described as a “drone-related incident” near the airport. In a post on X, the office said authorities were taking necessary steps to secure the area and ensure public safety.

Videos circulating on social media showed a large column of smoke rising from the area near the airport, though officials did not immediately report casualties or provide details on the extent of the damage.

The attack occurred hours after Iran issued warnings calling for the evacuation of three major ports in the United Arab Emirates, signaling an expansion of threats to infrastructure in neighboring Gulf states.

Iranian officials accused the United States of using facilities in the UAE, including ports and docking areas, to launch strikes against Kharg Island, which hosts Iran’s primary oil export terminal.

Tehran did not provide evidence to support the allegation.

The drone strike comes amid an intensifying regional confrontation following the outbreak of the U.S.-Israeli war on Iran on Feb. 28.Officials say Gulf Arab states have faced more than 2,000 missile and drone attacks since the conflict began, targeting U.S. diplomatic facilities, military bases and key civilian infrastructure including oil installations, ports, airports and commercial areas.

The UAE, which normalized relations with Israel in 2020 under the Abraham Accords, has experienced a significant share of the attacks, though governments across the Gulf have reported incidents and have condemned Iran over the strikes.

Saudi Defense Ministry spokesperson Turki Al-Maliki said the attacks began shortly after midnight, with 48 drones launched in roughly two hours.

In a series of posts on X starting at 2:22 a.m. local time, he said Saudi air defenses intercepted and destroyed all the drones before they reached their intended targets.The strikes form part of a broader pattern of nightly drone operations attributed to Iran, which Saudi officials say have intensified in recent weeks.

The drone barrage came hours after Iran’s ambassador to Saudi Arabia, Alireza Enayati, shared a notice attributed to Iran’s military command asserting that the aircraft being used in attacks were not Iranian systems.

According to the statement cited by Enayati, “the enemy” was deploying drones disguised as Iranian-made Shahed drone under the name “Lucas drone,” an allegation that appeared aimed at deflecting responsibility for the strikes.

Saudi authorities did not comment on the claim.

Saudi defense officials said the latest attacks raised the number of drones intercepted in the kingdom to more than 230 since the campaign began.

Defense Ministry statements also show that more than 30 missiles have been shot down during the same period.Other Gulf states have reported similar increases in aerial threats.

Authorities in Bahrain said their air defenses had intercepted 125 missiles and 203 drones, with two people killed there and 24 others across the region.

The United Arab Emirates said its military had engaged 294 ballistic missiles, 15 cruise missiles and approximately 1,600 drones during the conflict, reporting six fatalities.

Officials across the Gulf say the attacks have followed a recurring pattern of overnight drone launches followed by relative calm during daylight hours.