Iran's Threats Target Gulf's Banking & Tech Hubs

0:00This is Sydney News today, every story, every city, every day. Iran's threats and strikes against Gulf neighbors are now targeting banking and technology hubs beyond just energy facilities. This follows Iran's bow to head back after an attack on one of its banks. Areas like Dubai's financial district in Internet City, home to companies such as Microsoft and Oracle are on high alert. Earlier this week, two Iranian drones fell near Dubai International Airport, injuring four people. That incident has led major airlines to cancel flights to Dubai and other Gulf spots. British Airways suspended service until later this year, while Cathay Pacific plans to resume at the end of March and others like Finair and KLM, through late March. Businesses are pulling back fast in response. Firms including City, Deloitte and PWC shut their Middle East offices. HSBC closed all branches in Qatar indefinitely, and similar moves have been in Saudi Arabia and Kuwait for the rest of the week.

1:01On the oil front, the International Energy Agency released the largest ever stockpile from global emergency reserves amid the crisis. Three ships were struck in the Strait of Hormuz, with reports of Iran laying mines there. Iran's military warns prices could reach $200 a barrel. Meanwhile, Iran shows no signs of backing down, even after heavy U.S. strikes on its vessels. Tehran is exporting more oil through the Strait than before the conflict, while Saudi Arabia, Iraq and others cut production and seek bypass routes. Ensures and shippers are avoiding the area based on threats alone. The Daily News Now is powered by our sponsor. Podcast hit different when the sound comes from your pillow. Once you try it, it just makes sense.