WORLD PANORAMA : JAN 11, 2020



1. IRAN MISSILE ATTACK

• Iran fired several missiles on Iraqi bases housing American military forces to avenge the death of its military commander Qasim Soleimani resulting in fears of military confrontation.

• It was most direct Assault by Iran on the US since the ceasing of US embassy in Tehran in 1979.

• A total of 16 missiles were launched at least 11 of them struck the air base.

• In a nationally televised address from the White house Trump announced new round of economic sanctions against the Iranian govt. Saying that US doesn’t have to use military against Iran.

• In a symbolic blow to Donald trump the US house of representatives approved a symbolic resolution seeking to limit Donald trump’s ability to initiate war with Iran.


2. OIL PRICES

• Whenever there is an attack in the middle east oil prices surge as investors feared supply disruptions.

• Life of global markets returned to business as usual, it is a cycle that has been repeated several times over the last 12 months. Global prices swinging from one end to other the price of oil spiked to more than 70USD per barrel.

• After the death of Soleimani in US airstrikes, the immediate aftermath of the killing was on the Brent crude oil which is the international benchmark rose to 3.5% to 60.58 USD a barrel. Markets received a further jolt after Tehran fired rockets at facilities in Iraq which hosts US troops, Brent crude oil prices reacted by spiking to 71.75 USD in Asian trading.

• The last time Brent crude surpassed 70 USD a barrel was in the aftermath of a drone attack on oil infrastructure in Saudi Arabia which the US blamed on Iran.

• Even without the spike the oil prices have steadily increased over the last 6 months as Iran and the US attacked each other’s interests and allies in the region.

• Asia is worried the reason being that it is home to some of the worlds biggest importers of oil supply including India for their domestic consumption.


3. UKRAINE PLANE CRASH

• Due to Iran’s retaliatory actions at two military bases in Iraq there was a plane crash in Tehran, Ukraine international airline Boeing 373 plane had 167 passengers and 9 Ukrainian crew on board all of them died.

• After days of rejecting western intelligence reports that pointed to Tehran being responsible, Iran admitted that its military unintentionally shot down the airliner, it was followed by an apology by Iran’s President.

• There is long history of civilian aircrafts being accidently shot down in times of conflict, both Ukraine and Iran have their own tragic histories of such incidents. In July 2014, Malaysian airlines flight 17 was shot down in Ukraine by Russian separatists and in 1998, at least 290 people were killed when a US ship shot down Iran Airline.


4. AUSTRALIA BUSH FIRES

• At least 27 people have been killed as bush fires have burned more than 18 million acres in Australia making it country’s one of the worst bushfire season on record.

• Bush fires are an annual occurrence on the continent but drought conditions created an unprecedented heat that intensified the fires and drawn global attention, thousands have flew their houses in SE region.

• An estimated 1 billion animals have died and scientists fear a long term damage to many sensitive ecosystems.

• Australian PM has been facing huge criticism for his lack of response in the time of crisis.

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