About this Episode
The US-Israeli air campaign against Iran has widened, with Israel striking Lebanon after Hezbollah launched missiles and drones in support of Tehran. President Donald Trump warned a “big wave” of further attacks was imminent, as fighting disrupted Gulf shipping and air travel. In a major escalation, Kuwait mistakenly shot down three US F-15E jets during an Iranian assault, though all crew survived. Israel has targeted Hezbollah positions in Beirut, while Iran continues missile and drone strikes on Gulf states. Oil shipments through the Strait of Hormuz have also been severely disrupted.
European gas prices surged by up to 45% after Qatar halted LNG production at its North Field facility amid escalating tensions in the Middle East. The benchmark Dutch TTF price jumped to around €46 per megawatt-hour, while UK prices also spiked. QatarEnergy said it stopped output following an attack on its facilities, as fears grow over disruptions in the Strait of Hormuz, a key energy shipping route. Although Europe is not heavily dependent on Qatari gas, reduced global supply and competition with Asia could drive prices higher, especially with EU storage levels below 30% capacity.
French President Emmanuel Macron has ordered an increase in France’s nuclear warhead stockpile and unveiled a new “forward deterrence” strategy aimed at strengthening Europe’s security. Speaking from a submarine base in Brittany, he said France would no longer disclose the size of its arsenal and would “never hesitate” to defend its vital interests. The plan includes possible deployments of French strategic air forces in allied European countries and joint exercises, complementing NATO. Paris and Berlin also announced a new high-level nuclear steering group as part of closer defence cooperation.
