Live updates: Follow the latest news on Israel-Gaza
Oil prices rose on Friday and posted a second weekly gain amid geopolitical tensions and concerns over tightening supplies in the market.
Brent, the benchmark for two thirds of the world’s oil, settled 0.57 per cent higher at $91.17 a barrel. West Texas Intermediate, the gauge that tracks US crude, rose 0.37 per cent to settle at $86.91 a barrel.
Both Brent and WTI reached their highest levels since October this week due to traders' concerns about potential retaliation from Tehran following an attack on its embassy by Israel.
On Monday, an Israeli air strike hit an Iranian embassy annex in the Syrian capital, Damascus, killing high-ranking Iranian military personnel.
“So far, tensions in the Middle East didn’t impact oil supply significantly. As a result, we saw a sustainable rise in oil prices not a spike,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank
However, Iran’s potential direct involvement could mark a new milestone in the Middle East conflict, backing a rapid rise in oil prices in the near term, she said.
“In that context, we can’t rule out the risk of a short-term rally in oil prices to $95-$100 a barrel range.”
Crude prices have also been supported by Russian refinery disruptions following Ukrainian attacks.
On Tuesday, a Ukrainian drone struck Russian oil company Tatneft’s Taneco refinery, which has a processing capacity of more than 17 million tonnes.
“Geopolitical supply risks are re-emerging, robust demand is continuing, Opec+ production cuts are extending, and April has historically brought a rally ahead of the expected summer driving seasonal demand,” said Ehsan Khoman, head of commodities, ESG and emerging markets at MUFG.
Opec+ made no policy changes following an online meeting on Wednesday, implying that voluntary output cuts of 2.2 million barrels per day would remain in place until the end of June.
The group reiterated the need for countries that are producing above their quotas to scale back and compensate for the excess output.
Opec+ also said it would continue to “closely assess” market conditions and that member countries were ready to take additional measures if required.
MUFG expects the producer alliance to effectively control the market to keep the price of Brent crude within a range of $80 to $100 per barrel this year.
“A key risk from oil’s advance… is the potential it has to add to inflationary pressures. It’s a development which may accentuate bond market vulnerabilities to apprehensions about sticky inflation,” Mr Khoman said.
“Indeed, US exceptionalism is a concern for policymakers to be sure their effort to contain cost pressures have achieved success,” he added.
This week, Federal Reserve Chairman Jerome Powell said that the US central bank had time to consider when to begin cutting interest rates.
“Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy,” he said during an address at Stanford University's Graduate School of Business.
The Fed has planned three interest rate cuts this year amid signs of easing inflation in the world’s largest economy.
"The latest spike in oil prices will be reflected in the upcoming inflation reads and may derail the Fed from its ‘three rate cuts’ plan for this year. Indeed, when we listen to the Fed speakers, we sense that there is an increasing caution regarding that expectation," Ms Ozkardeskaya said.
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MATCH INFO
Mainz 0
RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')
Man of the Match: Timo Werner (RB Leipzig)
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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UAE currency: the story behind the money in your pockets
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
The%20specs
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