Greek PM announces measures to alleviate price hikes due to Iran war
Greek Prime Minister Kyriakos Mitsotakis on Monday announced a raft of additional measures to mitigate the energy costs of the Iran war.
In a televised address, Mitsotakis said the government had earmarked €300 million in relief for households and farmers in April and May.
The subsidies are targeted at reducing the cost of diesel fuel, petrol and fertiliser. Part of the initiative aims to curb price hikes in ferry fares to the islands, Mitsotakis said.
Oil prices rose on Monday after the US and Israel warned at the weekend that the war — which has disrupted oil deliveries through the Strait of Hormuz — would continue for several more weeks.
Greece had already announced a first batch of measures on 11 March, capping profit margins on gasoline and foodstuffs for three months.
Mitsotakis on Monday said the government was keeping additional funds on tap.
“Since no one knows how long this war will last, we are obviously keeping reserves in case the global economic situation deteriorates significantly,” the conservative leader said.
Tehran threatens to mine entire Gulf in case of coastal strikes
Iran on Monday threatened to deploy “naval mines” in the Gulf if the US was to attack any of its coasts or islands.
“Any attempt by the enemy to attack Iranian coasts or islands will naturally, and in accordance with established military practice, lead to all access routes and communication lines in the Persian Gulf and coastal areas being mined with various types of naval mines, including drifting mines deployable from the coasts,” said the Tehran regime’s defence council in a statement carried by state media.
The defence council — which operates under the Supreme National Security Council — was formed after Iran’s 12-day conflict with Israel in June 2025.
Oil up, stocks down on Monday
Stocks tumbled Monday and oil prices jumped after US President Donald Trump and Iranian leaders traded threats over the key Strait of Hormuz, while Israel said the war could last several more weeks.
With the war now in its fourth week and showing no sign of ending, the head of the International Energy Agency warned of the worst global energy crisis in decades and said the world economy was under “major threat” from it.
The escalation hammered stock markets, with Seoul and Tokyo — which had been the standout performers before the war started — taking the brunt of the selling, shedding 6.5% and 3.5%, respectively.
Hong Kong and Shanghai shed more than 3%, while Singapore, Taipei, Mumbai, Bangkok and Manila all lost between 2% and 3%.
London, Paris and Frankfurt opened sharply lower.
Meanwhile, oil prices jumped more than 2% with Brent above $114 and West Texas Intermediate topping $101.
Gulf countries under Iranian attack again
Saudi Arabia and the United Arab Emirates reported coming under fresh attacks on Monday morning, with explosions and sirens sounding over the Gulf.
The Saudi Ministry of Defence said it had detected two incoming ballistic missiles targeting the capital on Monday, “one of which was intercepted and the other fell in an uninhabited area”.
The UAE defence ministry said it was “currently responding to incoming missile and drone threats from Iran”, explaining “the sounds heard are the result of the air defence systems intercepting missiles and drones”.
Hours earlier, Abu Dhabi authorities reported one person had been wounded by falling debris from an intercepted ballistic missile.
Sirens were also sounding in Bahrain, with residents instructed to seek shelter.
“Citizens and residents are urged to remain calm and head to the nearest safe place,” the interior ministry posted on social media.
While Tehran said it was only targeting US assets in the region, its drones and missiles have struck civilian infrastructure, including landmarks, airports, ports and oil facilities around the Gulf.
Israel says ‘weeks of fighting’ ahead
In a statement on Sunday evening, IDF spokesperson Brigadier General Effie Defrin said Israel is facing “weeks of fighting” ahead in the ongoing Iran war, now in its third week.
“With each passing day, we are weakening the terror regime more and more. We will not allow the terror regime and its proxies to pose a threat to the State of Israel.”