Business Brief (March 3): China Opposes U.K. Sanctions on Local Firms

Published: Mar. 3, 2026 6:23 p.m. GMT+8

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Middle East conflict escalates

Global markets were thrown into turmoil after an aide to the commander of Iran’s Islamic Revolutionary Guard Corps declared late Monday local time that the Strait of Hormuz had been closed and that Tehran would target any vessels attempting to pass through the strategic waterway. The remarks followed a drone attack on Saudi Aramco’s largest oil refinery that forced an emergency production halt. Brent crude futures surged 13% Monday, while spot gold broke through $5,400 an ounce.

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Middle East conflict escalated, closing the Strait of Hormuz and causing Brent crude to surge 13% and spot gold to surpass $5,400/oz after a drone attack on Saudi oil infrastructure.
China opposed new UK sanctions over Russia-related allegations, urging reversal to protect Chinese firms’ rights.
Companies took various actions: WeRide suspended Dubai operations, Guess to exit China, and BYD scheduled a March 5 technology launch event.

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Who’s Who

Saudi Aramco: Saudi Aramco is the target of a drone attack on its largest oil refinery, leading to an emergency production halt. This incident has contributed to the escalation of the Middle East conflict, causing Brent crude futures to surge by 13% and spot gold to surpass $5,400 an ounce.

WeRide Inc.: WeRide Inc., an autonomous driving startup, temporarily halted its robotaxi operations in Dubai. This decision was made due to growing security concerns in the Middle East.

BYD Co. Ltd.: BYD Co. Ltd., an electric-vehicle giant, has plans to hold a launch event on March 5th to unveil "disruptive technology," as stated in the article.

Guess: Guess, the fashion retailer, is planning to close all its stores in the Chinese market. This action is expected to be completed by the end of March.

Hla Group Corp.: Hla Group Corp. (海澜集团) is an apparel brand. It faced a suspension from military procurement activities due to compliance issues. No further details about these compliance issues were provided in the article.

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What Happened When

March 2026：: WeRide Inc. temporarily suspended its robotaxi operations in Dubai due to security concerns in the Middle East.

March 2026：: Hla Group Corp. was suspended from military procurement activities due to compliance issues.

March 2026：: Thailand announced a temporary suspension of oil exports to safeguard domestic supply.

March 2, 2026：: A drone attack on Saudi Aramco’s largest oil refinery forced an emergency production halt.

March 2, 2026：: Brent crude futures surged 13%; spot gold broke through $5,400 an ounce.

Late March 2, 2026：: An aide to the commander of Iran’s Islamic Revolutionary Guard Corps declared that the Strait of Hormuz had been closed and Tehran would target any vessels attempting to pass through.

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