NEW DELHI: The United Nations Security Council is scheduled to meet on Thursday for a briefing on the situation in Iran, as tensions remain elevated following weeks of nationwide protests and a forceful crackdown by authorities.

The meeting follows Iran’s temporary closure of its entire airspace overnight, which lasted about five hours and led several international airlines to reroute or cancel flights. Iran’s Civil Aviation Authority reopened the airspace early Wednesday, with domestic and international operations gradually returning to normal.

Meanwhile, the United States has begun withdrawing some personnel from its military bases in West Asia as a precautionary measure. The move comes after senior Iranian officials warned that US facilities in neighbouring countries could be targeted if Washington were to take military action. A Western military official said the withdrawals reflected heightened uncertainty, noting that unpredictability had become part of the US approach. Iran’s leadership has accused foreign powers of stoking unrest while maintaining that it remains open to dialogue but is “prepared for war.”

Financial markets reacted swiftly to the developments. Oil prices, which had risen earlier in the week on concerns over instability in a key OPEC producer, fell by nearly three per cent after President Donald Trump said he would wait before taking any military action. Brent crude slipped to about $64 a barrel, while US crude dropped to nearly $60.

Iran produces more than three million barrels of oil a day and exports over two million, primarily to China. While there has been no reported disruption to output so far, markets remain highly sensitive to any escalation that could threaten shipping through the Strait of Hormuz, a vital artery for global energy supplies.