Oil and precious metals rise after strikes on Iran

On Monday, 2 March 2026, commodity markets recorded price gains after weekend military strikes by the United States and Israel on Iranian territory.
At 08:25 UTC, Brent crude was trading at $80.17 per barrel, WTI at $73.22 per barrel, spot gold at $5,405 per ounce, and spot silver at $95.60 per ounce.

Trading took place amid shipping disruptions in the Persian Gulf region. The Strait of Hormuz remains a key route for oil exports from the region. The price moves emerged in the first hours of European trading following the weekend events.

US and Israel strike Iran, retaliation hits region

On 28 February, the armed forces of the United States and Israel carried out coordinated strikes on targets in several Iranian cities, including Tehran, Isfahan, Qom and Kermanshah. Iranian state media also reported explosions in Karaj and in Hormozgan province, including the city of Minab. According to local authorities, some of the attacks caused civilian casualties and damage to infrastructure.

In response, Iran launched missile and drone strikes beyond its territory. Explosions were reported in Dubai and Abu Dhabi in the United Arab Emirates, as well as in Doha in Qatar. Explosions were also reported in Manama in Bahrain and in Kuwait.

In Israel, air raid sirens were activated, schools were closed and restrictions on public gatherings were introduced. Several countries in the region temporarily closed their airspace, leading to flight cancellations and diversions.

Israel and US Conduct Strikes on Iran

On 28 February, the armed forces of Israel and the United States carried out coordinated strikes on targets in Iran, including in Tehran. Iranian state media reported explosions in several cities. The Israeli side described the action as a pre-emptive strike against targets linked to Iran’s missile and nuclear programme.

US authorities confirmed the launch of a military operation against selected facilities in Iran. US President Donald Trump stated that the operation aims to protect the security of the United States. Israeli Prime Minister Benjamin Netanyahu said the actions are directed at specific facilities on Iranian territory.

Iranian authorities announced that retaliatory measures would be taken against Israel and US forces in the region, without providing details. A state of emergency was declared in Israel and part of the air traffic was suspended. Iran closed its airspace and introduced security restrictions in selected regions of the country.

Ali Khamenei, Supreme Leader of Iran. Photo: khamenei.ir / CC BY 4.0

USS Gerald R. Ford Leaves Port in Crete

On 26 February 2026, the aircraft carrier USS Gerald R. Ford departed from a port in Crete. On the same day, diplomatic talks between the United States and Iran began in Geneva. The vessel resumed its voyage towards the Middle East region.

The ship belongs to the Gerald R. Ford class and is operated by the United States Navy. It is powered by a nuclear reactor and equipped with an electromagnetic aircraft launch system. The aircraft carrier is designed to carry more than 70 aircraft. The crew of the vessel numbers approximately 4,500 personnel.

USS Gerald R. Ford. Photo: U.S. Navy

More Than 125 Free Concerts in Golden Gate Park

On 1 March 2026, a series of more than 125 free concerts will begin in Golden Gate Park in San Francisco. The events are organised as part of the Illuminate Live project. The concerts will take place outdoors within the park. Admission to all performances will be open and free to the public. The series includes more than 125 musical events scheduled under this initiative. Illuminate Live is implemented as a programme of cultural events in the urban space of San Francisco.

Poland Surpasses Spain in GDP per Capita

On 26 February 2026, Prime Minister Donald Tusk announced that Poland had surpassed Spain in gross domestic product per capita calculated at purchasing power parity. He delivered the statement during a speech on the country’s economic situation. According to the data presented, Poland’s GDP per capita at PPP reached a higher level than the corresponding indicator for Spain.

Purchasing power parity accounts for differences in price levels between countries. The Prime Minister stated that the figures were based on international statistical compilations. No detailed numerical values were provided during the speech. The comparison referred to the indicator in real terms rather than nominal terms.

Russia Responds to Armed Incident off Cuba’s Coast

On Wednesday, 26 February 2026, Russian Foreign Ministry spokesperson Maria Zakharova commented on an exchange of fire off the coast of Cuba. The same day, the Cuban border guard killed four people and injured six during a confrontation with a motorboat that entered Cuba’s territorial waters from the direction of Florida.

Cuban media reported that those on board were Cubans residing in the United States. According to those reports, the individuals were allegedly planning actions of a terrorist nature. Maria Zakharova described the incident as a provocation by the United States.

US Secretary of State Marco Rubio stated that American authorities are clarifying the circumstances of the incident. He said it was not an operation of the United States government and that no representatives of the US administration were involved.

Trump delivers record-long State of the Union Address

President Donald Trump delivered the annual State of the Union Address on 24 February 2026 before a joint session of the United States Congress in Washington. The speech began at 9:12 p.m. local time and lasted 1 hour and 48 minutes. It was the first State of the Union of his second term, which began on 20 January 2025. The duration made it the longest annual State of the Union Address in U.S. history.

In his remarks, the president addressed the economic situation, tax policy and measures related to border security. He announced legislative initiatives concerning immigration and changes to the electoral system. In the section devoted to foreign policy, he referred to defence spending and the international relations of the United States. Following the address, the official Democratic response was delivered by the Minority Leader in the House of Representatives. The response referred to the legislative proposals outlined in the speech.

Four years since the start of Russia’s full-scale invasion of Ukraine

24 February 2026 marks four years since the start of the full-scale invasion of Ukraine by Russia. The attack began on 24 February 2022 with missile strikes across the country and ground assaults from the north, east and south. Fighting is currently concentrated mainly in eastern Ukraine, including the Donetsk and Luhansk regions. Parts of the Zaporizhzhia and Kherson regions remain under Russian control.

According to the United Nations Office of the High Commissioner for Human Rights, more than 10,000 civilian deaths have been confirmed since February 2022. The United Nations High Commissioner for Refugees reports that millions of people have fled the country and millions more remain internally displaced. Ukraine continues to operate under martial law and maintains nationwide mobilisation. Western states continue to provide military and financial assistance to Kyiv, and sanctions against Russia remain in place. Hostilities and aerial attacks are still being reported along the front line and in other areas of Ukraine.

Milan Fashion Week: 56 runway shows scheduled for FW 2026/27

Milan Fashion Week has opened with presentations of women’s collections for the Fall/Winter 2026/2027 season. The event runs from 24 February to 2 March 2026. The official calendar includes 56 runway shows along with dozens of presentations and related events. It is organised by the Camera Nazionale della Moda Italiana. The schedule features shows by fashion houses including Gucci, Prada, Dolce & Gabbana, Versace and Giorgio Armani.

Presentations are being held at multiple venues across Milan, including historic buildings and modern exhibition spaces. In addition to runway shows, closed presentations for buyers and industry meetings are planned. Milan is one of the four main cities in the global fashion calendar, alongside New York, London and Paris.

Roberto Cavalli – fashion show. Photo: Christopher Macsurak / Wikimedia Commons (CC BY 2.0)