Middle East war day 4 as it happened: Trump says US Navy prepared to escort oil tankers in Gulf, Iraq’s crude production on the cusp of collapse

Tue Mar 03 2026 02:08:06 GMT+0000 (Coordinated Universal Time)

Main developments

The FT's Verity Ratcliffe explains the impact of the conflict on oil and LNG prices

Donald Trump said the US military could begin escorting oil and gas tankers transiting the Gulf “if necessary” and “as soon as possible”.
Iraq’s crude production is on the cusp of collapse as its biggest fields including Rumaila and West Qurna 2 are shut down because of a lack of transport vessels and storage capacity.
Trump said he “might have forced Israel’s hand” in launching offensive against Iran.
US stock markets ended the day slightly lower, with the S&P 500 and Nasdaq both down roughly 1 per cent.
The US consulate in Dubai was targeted in a drone attack. The US had earlier closed embassies in Saudi Arabia, Kuwait and Beirut, with the state department telling Americans to leave the Middle East.
Israel’s military issued a 24-hour deadline for all Iranian government personnel to leave Lebanon, after which they would be targeted.

Tue Mar 03 2026 23:45:23 GMT+0000 (Coordinated Universal Time)