Key Takeaways
- Iran's IRGC launched a "sixteenth wave" of missile and drone attacks against Israel, significantly escalating the regional conflict following the death of Supreme Leader Ayatollah Ali Khamenei.
- Iraq has begun shutting down major oil fields, including Rumaila and West Qurna 2, as the closure of the Strait of Hormuz halts exports; global oil prices have surged over 8% to above $83 per barrel.
- The FDA issued warning letters to 30 telehealth companies, including Hims & Hers (HIMS), over the illegal marketing of compounded GLP-1 weight-loss medications.
- France deployed Rafale fighter jets and air defense systems to the United Arab Emirates to protect military bases and interests from Iranian retaliatory strikes.
- Teamsters at DHL Express (DPW) voted 96% to authorize a strike if a new contract is not finalized by March 31, threatening a major disruption to global logistics.
Escalation of the Iran-Israel Conflict
The Islamic Revolutionary Guard Corps (IRGC) initiated a massive new wave of missile and drone strikes against Israel on Tuesday, according to Iranian state media. This latest assault, dubbed the "sixteenth wave" of Operation True Promise-4, comes as the region reels from the death of Supreme Leader Ayatollah Ali Khamenei in earlier US-Israeli strikes.
In response to the escalation, French President Emmanuel Macron announced the deployment of Rafale fighter jets, air defense systems, and radars to the region. Macron warned that any Israeli land operation would constitute a "dangerous escalation and a strategic error," even as French assets in the UAE were reportedly targeted by drone fire.
Iranian Leadership in Flux
Iran’s Assembly of Experts is currently holding a final vote to select a new Supreme Leader, with voting conducted remotely due to security concerns. The transition follows the death of Khamenei and several top security officials; reports indicate that the Assembly's physical headquarters in Qom was struck by US-Israeli forces during the electoral process.
A Provisional Leadership Council, including President Masoud Pezeshkian and Chief Justice Gholamhossein Mohseni-Ejei, is managing state affairs until a permanent successor is named. While some regional diplomats suggest the new leadership could open a "window to end the war," the ongoing military exchanges suggest a hardening of positions in the short term.
Energy Markets and the Hormuz Crisis
Global energy markets are facing severe disruption as the Strait of Hormuz remains effectively closed to shipping. Iraq, OPEC’s second-largest producer, has begun shutting down its massive Rumaila and West Qurna 2 fields, taking approximately 1.2 million barrels per day (bpd) offline. Officials warn that up to 3 million bpd could be shuttered if the waterway remains impassable.
Despite the export halt, Iraq’s Oil Ministry stated that domestic refinery operations remain unaffected for now. Meanwhile, shipping data shows that Venezuela’s total oil exports fell to 737,000 bpd in February, a 6.5% decline. Notably, direct Venezuelan exports to Asia plummeted by 67%, while shipments to the United States via Chevron (CVX) saw a modest increase.
Regulatory and Labor Developments
In the United States, the FDA has intensified its crackdown on the telehealth sector, issuing warning letters to 30 companies for deceptive marketing of compounded GLP-1 products. The agency alleges these firms, including Hims & Hers (HIMS), misled consumers by implying their compounded versions were identical to approved drugs like Ozempic and Wegovy from Novo Nordisk (NVO) and Eli Lilly (LLY).
On the labor front, Teamsters representing thousands of workers at DHL Express (DPW) have authorized a strike with a 96% majority. The union is demanding a fair contract by the March 31 deadline, refusing any further extensions. A strike would significantly impact international shipping and e-commerce fulfillment during an already volatile period for global trade.
Legislative Response
U.S. Senate Majority Leader Chuck Schumer announced that the Senate will vote tomorrow on an Iran War Powers Resolution. The resolution aims to require explicit congressional authorization for any sustained U.S. military participation in the conflict. This move reflects growing bipartisan concern over the lack of a clear exit strategy as the U.S. continues to support Israeli operations against the Iranian regime.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.