Iran’s players pose for a team photo at Azadi Stadium in Tehran, Iran (left) and US President Donald Trump receives the FIFA Peace Prize from FIFA president Gianni Infantino in Washington, Friday, Dec. 5, 2025. (AP Photo)

Iran Football Federation president Mehdi Taj said Iran will take part in the upcoming FIFA World Cup but intends to boycott the United States amid ongoing tensions.“We will be preparing for the World Cup. We will boycott the United States but not the World Cup,” Taj said in a video released by the Iranian press agency Fars News Agency on Wednesday, as cited by news agency AFP.Iran are currently scheduled to play their group-stage matches in the United States. However, the federation has started discussions with FIFA about the possibility of shifting those fixtures to another venue. FIFA has so far said that the tournament schedule remains unchanged.Mexican President Claudia Sheinbaum said on Tuesday that Mexico is ready to host Iran’s group matches if required. “Yes,” she said when asked about the possibility. “Mexico maintains diplomatic relations with every country in the world, therefore we will wait to see what FIFA decides.”Iran’s participation in the tournament, which will be held across the United States, Canada and Mexico, has come under focus since the conflict in the Middle East began last month. US President Donald Trump had earlier warned that the safety of Iranian players could be at risk if they travelled to the United States.Gianni Infantino had initially said that assurances were received from Trump that the Iranian team would be allowed to participate. Iran are scheduled to face New Zealand and Belgium in Los Angeles, followed by a match against Egypt in Seattle.However, Trump later said that Iran’s team should not travel to the tournament “for their own life and safety”, drawing strong reactions. Iran responded by stating that “no one can exclude Iran’s national team from the World Cup”.Iran had qualified for the tournament almost a year ago after topping their group, becoming the second Asian side after Japan to secure a place.The team’s base camp for the tournament is currently planned in Tucson, Arizona.Meanwhile, Abolfazl Pasandideh criticised “the US government’s lack of cooperation regarding visa issuance and the provision of logistical support” for the Iranian delegation in a statement released on Monday.If Iran eventually withdraws from the tournament, it is not yet known which team would replace them.

Global oil and natural gas prices surged sharply on Thursday after Iran launched fresh strikes on key energy infrastructure across the Gulf, including Qatar’s main liquefied natural gas (LNG) facility, raising concerns over prolonged supply disruptions.Brent crude, the international benchmark, climbed close to $114 per barrel, up from below $73 on the eve of the conflict. US benchmark crude rose 1.1% to $96.45 per barrel, while US natural gas prices, tracked by the Henry Hub contract, gained 3.3%.

European gas prices spike up to 35%

European natural gas markets saw the sharpest reaction, with the Dutch TTF benchmark, the region’s key gas contract, surging as much as 35% to around 74 euros before trimming gains. It was still trading about 24% higher on the day, according to AP.The spike followed two waves of Iranian strikes that caused “extensive damage” at Ras Laffan in Qatar, the world’s largest LNG hub. The facility, which handles roughly one-fifth of global LNG supply, was forced to shut after a drone attack.The disruption has been compounded by the near closure of the Strait of Hormuz, a critical shipping route for oil and gas. With tanker traffic severely restricted, LNG shipments from Qatar have been halted, tightening global supply.

Supply disruptions raise inflation concerns

The latest escalation comes as Iran intensifies attacks on energy infrastructure in Gulf countries following earlier strikes on its own gas facilities in South Pars. In addition to Qatar, two oil refineries in Kuwait were also targeted, reported AP.The disruption to the Persian Gulf’s energy network, a key supplier to global markets, has heightened fears that the current energy shock could be prolonged, with lasting damage to production capacity.Analysts warn that sustained high oil and gas prices could trigger a fresh wave of global inflation, complicating economic recovery and monetary policy.

Global markets react; equities fall

Financial markets reacted negatively to the surge in energy prices. Asian equities declined sharply, tracking losses on Wall Street.Japan’s Nikkei 225 fell 3.4% after the Bank of Japan held its benchmark interest rate at 0.75%, citing geopolitical tensions. In its policy statement, the central bank said: “in the wake of increased tension in the Middle East, global financial and capital markets have been volatile and crude oil prices have risen significantly; future developments warrant attention.”South Korea’s Kospi dropped 2.7%, Hong Kong’s Hang Seng declined 2%, and China’s Shanghai Composite fell 1.6%. Australia’s S&P/ASX 200 lost 1.7%, while Taiwan’s Taiex slipped 1.9%. In India, the Sensex also fell 2.3%.“The combination of higher oil, rising U.S. yields, and a stronger dollar is acting as a macro wrecking ball across Asian assets and currencies,” Stephen Innes of SPI Asset Management, told AP.

Wall Street declines amid inflation, rate concerns

US markets had already closed lower on Wednesday, with the S&P 500 falling 1.4%, the Dow Jones Industrial Average down 1.6%, and the Nasdaq Composite slipping 1.5%.Investor sentiment has been weighed down by rising inflation risks and reduced expectations of interest rate cuts. A report showed US wholesale inflation accelerated to 3.4% last month, indicating price pressures were building even before the conflict escalated.Federal Reserve Chair Jerome Powell acknowledged the uncertainty around the outlook. “We just don’t know,” he said, referring to oil prices and the broader economic impact of tariffs.

Dollar strengthens as uncertainty rises

Currency markets reflected the shift in risk sentiment, with US Treasury yields rising and supporting the dollar. The US currency has strengthened against major peers since the conflict began, though it edged slightly lower to 159.71 yen in early trade. The euro was marginally higher at $1.1467.Rupee during the intra day trade also breached the 93 mark hitting the lowest against Dollar at 93.36.

Volatility likely to persist

With key energy infrastructure under attack and critical supply routes disrupted, markets are likely to remain volatile. The scale of damage to facilities such as Ras Laffan and the duration of shipping disruptions through the Strait of Hormuz will be crucial in determining the trajectory of oil and gas prices.If disruptions persist, analysts say the global economy could face sustained energy-driven inflation and tighter financial conditions in the months ahead.(With inputs from agencies)

AI image generated for representational purposes.

Heavy social media use is driving a sharp decline in well-being among young people, with teenage girls in English-speaking countries and Western Europe particularly affected, according to the World Happiness Report 2026 released on Thursday.The annual study, published by the Wellbeing Research Centre at the University of Oxford, also found that Finland remains the world’s happiest country for the ninth consecutive year. Other Nordic nations — Iceland, Denmark, Sweden and Norway — continue to dominate the top rankings.At the other end of the spectrum, countries affected by conflict continue to rank lowest, with Afghanistan again listed as the unhappiest, followed by Sierra Leone and Malawi.

Happiest countries:

Least happy countries:

147. Afghanistan146. Sierra Leone145. Malawi144. Zimbabwe143. Botswana142. Yemen141. Lebanon140. DR Congo139. Egypt138. TanzaniaThe report highlights a significant drop in life satisfaction among people under 25 in countries such as the United States, Canada, Australia and New Zealand over the past decade, with prolonged social media use identified as a key contributing factor.Notably, for the second year running, no English-speaking country features in the top 10. The United States ranks 23rd, Canada 25th and Britain 29th.Among the biggest movers, Costa Rica climbed to fourth place this year, up from 23rd in 2023. Researchers attributed its rise to strong family bonds and social connections.“We think it’s because of the quality of their social lives and the stability that they currently enjoy,” said Jan-Emmanuel De Neve, director of the Wellbeing Research Centre and co-editor of the report, noting that Latin American societies tend to have stronger social ties and higher levels of social capital.The continued dominance of Nordic countries, the report said, is linked to a combination of wealth, relatively equal distribution, robust welfare systems and high life expectancy.

Where does India rank?

Among the 147 countries featured in the report, India ranks 116th, a slight improvement from its 118th position in 2025.India improved its ranking by two spots:111. Ukraine 112. Morocco 113. Guinea 114. Mali 115. Ghana 116. India 117. Somalia 118. Uganda 119. Jordan 120. MauritaniaThe rankings are based on responses from around 100,000 people across 140 countries and territories, collected in partnership with Gallup and the UN Sustainable Development Solutions Network. Participants were asked to rate their lives on a scale of 0 to 10.Among under-25s in English-speaking and Western European countries, average life satisfaction scores have fallen by nearly one point over the past decade. The report found the negative impact of heavy social media use to be especially pronounced among teenage girls. For instance, 15-year-old girls who spend five or more hours a day on social media report significantly lower life satisfaction compared to those who use it less.Young people who spend less than an hour a day on social media report the highest levels of well-being — even higher than those who do not use it at all. However, adolescents now spend an average of about 2.5 hours daily on these platforms.“It is clear that we should look as much as possible to put the ‘social’ back into social media,” De Neve said.The report also notes regional differences. In parts of the Middle East and South America, social media use appears to correlate more positively with well-being, and youth satisfaction levels have remained stable despite heavy usage.Researchers suggest that platform design plays a key role. Algorithm-driven, image-heavy platforms that emphasise influencers tend to worsen well-being by encouraging social comparison, while platforms focused on communication show more positive outcomes.The findings come amid growing global debate over regulating social media use among minors, with several countries considering or implementing restrictions.