THE WORLD TODAY #271, 05 MARCH 2026
Adwitiyo Das, Glynnis Winona Beschi, Siddhi Halyur, Tonica Sharon

US-Iran War, Day 06: Bombing of Tehran intensifies; Iranian drones fall in Azerbaijan; European countries plan to deploy military assets in the Gulf region
On 05 March, the US and Israel’s airstrikes on Iran intensified while Iran vowed to retaliate for a US attack on IRIS Dena, which killed more than 80 sailors. Iranian strikes also intensified in Israel and Iraq, attacking pro-American Kurdish forces. The planned three-day mourning for Supreme Leader Ali Khamenei was interrupted, and officials were considering anointing his hardliner son Mojtaba as his successor. The economic fallout of the campaign intensified after Iran’s Revolutionary Guards said that the Strait of Hormuz would be under the control of the Islamic Republic in time of war. Iran’s Revolutionary Guards confirmed that they had hit a US tanker in the northern part of the Gulf. Two Iranian drones fell into Azerbaijan, wounding four people in the Nakhchivan exclave. Iran denied targeting the region and blamed the action on Israel. It also denied Turkey’s claim that it fired a missile towards Turkish airspace a day earlier. Meanwhile, European countries planned to deploy their military assets and air defence in the region to protect their interests and citizens against Iranian strikes.

The Iran War and the US: Senate rejects effort to limit the President’s war powers
On 05 March, the US Senate rejected a resolution that sought to curb President Trump’s authority to continue military action against Iran without congressional approval. The resolution failed in the Senate by a 53-47 vote. The resolution was introduced by Democratic Senator Tim Kaine, who argued the Constitution gives Congress the authority to decide when a country goes to war. Ahead of the vote, Kaine stated that lawmakers should “debate and vote on matters of war and peace.” Most Democrats supported the proposal, arguing that Congress must have a direct role in decisions involving military conflict. However, the majority of the Republicans voted to block the measure, allowing the president to continue directing military operations against Iran. Opponents of the resolution defended the president’s authority as commander-in-chief and argued that limiting the president during an ongoing conflict could weaken US military operations. Although the resolution failed, the debate has intensified scrutiny of presidential war powers.

The Iran War and Energy: Oil, Gas and Shipping get disrupted; Asia suffers more
On 05 March, according to various media reports, the ongoing US-Iran war has disrupted energy markets by blocking oil and natural gas shipments, leading to global price escalation. Since the war started, the price of Brent crude oil has jumped 15 per cent to about USD 84 a barrel, the highest price since July 2024. Even though the US offers insurance to help shipping companies, the disruptions are cascading as wealthier nations outbid poorer ones for scarce cargoes, leaving vulnerable economies to face fuel shortages. Countries such as Japan, South Korea, and Taiwan rely on imports for almost their entire energy supply and consider the current instability to be a severe threat, even with existing strategic stockpiles in place. Japan imported 2.34 million barrels of crude per day in January, about 95 per cent of its total imports; South Korea gets around 70 per cent of its crude oil and 20 per cent of its LNG from the Middle East. The stakes are similarly high for China and India as their industrial and transportation sectors face significant disruption as well. While China may utilize Russian exports, other regional players lack such alternatives. Countries like Thailand and the Philippines have implemented fuel rationing and restricted non-essential travel to preserve domestic reserves, which are projected to last only 61 days. If the conflict persists, the combination of high energy costs and rising interest rates could push global economic growth toward a standstill.

China: Beijing sets economic growth target below 5 per cent
On 05 March, according to media reports, China has set its 2026 GDP growth target in a band of 4.5 to 5 per cent. This was the first time in more than three decades that this has fallen below 5 per cent. Premier Li Qiang announced the goal in his work report at the opening of the National People’s Congress in Beijing’s Great Hall of the People, alongside a central fiscal deficit target of about 4 per cent of GDP for a second consecutive year and a planned 7 per cent rise in defence spending, as he warned of rising “difficulties and challenges” at home and “geopolitical risks” abroad. According to reports, Li cited a deep property downturn, “acute” imbalances between strong supply and weak demand resulting in tougher conditions for people to secure employment and earn more. At the same time, officials have highlighted resilience through export diversification and higher R&D spending. The growth band, analysts say, gives policymakers more flexibility and signals fewer aggressive short-term stimulus measures as Beijing prioritises its longer-term goal of reaching a “mid-level” developed-economy income by 2035 and, additionally, achieving “high-quality growth” in advanced sectors such as chips and artificial intelligence.

Nepal: 60 per cent plus polling in the elections
On 05 March, in the elections held for the Parliament to elect 275 members, according to early reports, the polling was peaceful and witnessed more than 60 per cent turnout. According to the Elections Commission, the polling was peaceful despite minor disputes being reported in Dolakha, Sarlahi and Rautahat. Vote counting is set to begin soon in Kathmandu district.