On March 9, 2026, Israel carried out a massive airstrike in the Dahiya area of South Beirut. This attack has been mainly targeted at Hezbollah’s Radwan Force and their financial institution Al-Qard al-Hassan. As part of this major military operation that began on March 2, 2026, the Israel Defense Forces (IDF) have struck ballistic missile targets in Lebanon as well as in Tehran, Isfahan and southern parts of Iran. This increasing conflict is having a direct impact on the economy of the Gulf countries and the world.
How much was the loss of life and property in the attack?
According to official figures from the Lebanese Health Ministry, 394 people have lost their lives so far in this conflict, including 83 children and 42 women. Apart from this, more than 1,130 people have been injured. Along with the loss of life and property, the migration crisis has also deepened.
Till now more than 5 lakh people have been rendered homeless and displaced. According to UNICEF, an average of 10 children are dying every day in Lebanon. Nine rescue workers have also lost their lives in the attacks, which have been strongly condemned by Lebanon’s Health Minister. Israel’s army has also confirmed the killing of two of its soldiers in southern Lebanon.
Economic impact and impact on crude oil prices
This tension spread in the Middle East has caused great turmoil in the Gulf countries and the global economy. It is also expected to have a direct economic impact on expatriates working in India and the Gulf.
The price of crude oil in the global market has jumped to beyond $ 100 per barrel. A huge decline of about 3 percent has been recorded in the Indian stock market. Bahrain’s government energy company BAPCO has declared force majeure at its refinery after the drone attacks.
International response and warning
Israel’s military has issued evacuation orders for Beirut’s southern suburbs and more than 100 villages. Amnesty International has described this order as a possible violation of international humanitarian law. UN Special Coordinator Jeanine Hennis-Plasschaert has visited Israel to improve the situation. Iran’s Foreign Ministry has made it clear that there is no point in any kind of talks until the attacks stop.