Oil prices rose on Wednesday amid concerns that the killing of Hamas leader Ismail Haniyeh in Tehran could trigger a wider regional conflict.
Brent, the benchmark for two thirds of the world’s oil, was up 2.66 per cent at $80.72 per barrel at 9.36pm UAE time. West Texas Intermediate, the gauge that tracks US crude, climbed by 4.15 per cent to $77.83 a barrel.
Prices rose from a seven-week low, the first in four trading sessions. The Hamas political chief and one of his bodyguards were killed in their residence in Tehran, Iran's Islamic Revolutionary Guard Corps said.
“The cause and dimensions of this incident are being investigated and the results will be announced later,” Iran state news agency Irna said, citing an IRGC statement.
Hamas, whose October 7 attack in Israel triggered the war in Gaza, also confirmed the death of its leader, blaming Israel for the strike in the Iranian capital.
The attack comes after an Israeli strike on Beirut's southern suburbs on Tuesday night. The area is a stronghold of the Lebanese armed group and political party Hezbollah.
The strike was carried out by a drone that fired three missiles, the Lebanese state-run news agency reported.
Hezbollah has denied responsibility for the attack on Majdal Shams in the occupied Syrian territory on Saturday that killed 12. However, Israel insisted the group was behind the strike and promised to respond strongly.
The escalation in recent days and the strike in Tehran on Hamas's leader has stoked geopolitical tensions further, with the risk of the Israel-Gaza war turning into a regional conflict.
“Concerns of an escalation of tensions in the Middle East are lifting crude prices. That said, geopolitical risk premia in oil only tend to last if there are supply disruptions. So far, there have been none,” Giovanni Staunovo, strategist at UBS told The National.
Oil prices are bouncing back from the three straight weeks of declines on demand concerns. Brent tumbled by 4.1 per cent over the prior three days.
The rise on Wednesday is also being supported by the American Petroleum Institute’s report pointing to a 4.5 million barrel fall in crude inventories last week. If confirmed by official figures later on Wednesday, it would mark the longest streak of inventory declines since January 2022, Bloomberg reported.
Despite the rise on Wednesday, crude prices are still set for the largest monthly drop this year, dragged lower by a weak demand outlook in China, the world’s second-largest economy and the biggest oil importer in the world.
China's manufacturing activity fell to its lowest level in five months in July, as factories struggled with decreasing orders and low prices, according to an official survey released on Wednesday.
The National Bureau of Statistics purchasing managers' index contracted for the third consecutive month, dropping to 49.4 from 49.5 in June. This is below the 50 mark that separates growth from contraction.
Apparent oil demand in the East Asian country, a proxy for consumption when full data on oil stocks is not available, dropped by 8.1 per cent annually in June, accelerating a decline of 3.3 per cent recorded in May, amid sluggish economic growth, an Emirates NBD report said earlier this month.
In volume terms, China’s apparent oil demand fell to 13.7 million bpd in June, down from 14.1 million bpd a month earlier and 14.9 million bpd a year earlier.
The International Energy Agency has estimated a drop in Chinese oil demand in the second quarter and projected a modest annual growth of 410,000 bpd for this year, with growth forecast to slow to 370,000 bpd in 2025.
Meanwhile, Opec expects China’s oil demand to expand by 900,000 bpd in 2024, with the growth rate easing to around 400,000 bpd next year.
Opec+, which includes Opec members and allies led by Russia, will hold an online meeting on Thursday and is widely expected by analysts to maintain its current production policy.
In June, the producer alliance agreed to extend output cuts of 3.66 million bpd until the end of 2025. They were initially planned to end this year.
At the same time, the additional 2.2 million bpd voluntary production cuts of eight Opec+ member states were extended by three months until the end of September. These cuts are expected to begin unwinding in October.
“I believe that we may have hit a bottom near [US crude prices of] $75 a barrel this week, and I also believe that the lower the prices will go, the higher the chance of a delay from Opec to exit its production cut strategy,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Zayed Sustainability Prize
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Killing of Qassem Suleimani
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Mohammed bin Zayed Majlis
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
UAE currency: the story behind the money in your pockets
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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.
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Sholto Byrnes on Myanmar politics
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The years Ramadan fell in May
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
More coverage from the Future Forum
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Killing of Qassem Suleimani
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
The five pillars of Islam
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
The years Ramadan fell in May
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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