Oil prices climbed for the third consecutive day on Tuesday, while gold hit a record high after Israel ended the ceasefire in Gaza with deadly strikes on the enclave, escalating tensions in the Middle East.
Brent, the benchmark for two thirds of the world's oil, was up by 0.61 per cent at $71.50 a barrel at 11.16am UAE time. West Texas Intermediate, the gauge that tracks US crude, rose by 0.61 per cent to $67.99 a barrel.
Israel launched new strikes on Gaza early on Tuesday after ceasefire talks with Hamas stalled. The attacks killed more than 250 people across the enclave, its Health Ministry said.
Israeli Prime Minister Benjamin Netanyahu’s office said it instructed the military to launch strikes on Hamas after the group refused to release hostages and rejected offers from US envoy Steve Witkoff and ceasefire mediators.
The renewed Israeli aggression follows large-scale strikes by the US against the Iran-backed Houthi rebels in Yemen on Saturday. The attack, launched over the group's attacks on Red Sea shipping, was the largest military operation in the Middle East since US President Donald Trump returned to office in January.
A push by China’s senior policymakers for expansionary fiscal measures to counter deflation and boost consumption in the country have helped oil prices to rebound after recent softness, said Kelvin Wong, senior market analyst at Oanda Group.
On Sunday, China’s State Council announced a "special action" plan to boost consumer spending, including measures to raise household income and introduce a childcare subsidy initiative. It is the latest move to revive the Chinese economy that, aside from weak consumer spending, is also facing a significant downturn in its once-booming real estate sector.
China, the world’s largest crude importer, experienced slower oil demand growth last year, leading to less crude oil being processed by its refineries and a lower volume of shipments of crude imports compared with the record set in 2023. The country received 11.1 million barrels per day in 2024, down from 11.3 million bpd in 2023, the US Energy Information Administration said.
Last week, the International Energy Agency forecast global oil demand would rise by 1.03 million bpd this year, 70,000 bpd lower than its previous projection, with growth driven primarily by Asia, and particularly China.
New record for gold
Geopolitical tensions and economic uncertainty have driven gold to a record above $3,000 an ounce, as investors flocked to the haven asset. Spot gold was trading 0.47 per cent higher at $3,015.32 an ounce.
The precious metal has been supported by growing uncertainty about the pace of global economic growth, particularly in light of Mr Trump’s tariff policy.
Gold has risen by nearly 15 per cent since the start of the year, as investors expect inflationary pressures from tariff wars to slow the US in economic output and worries of recession in the world's largest economy roiled markets last week.
US equities rebounded for a second straight session on Monday, after sharp losses pushed S&P 500 to the edge of correction territory on Thursday. US stocks indexes have rallied as retail sales data from last month eased concerns of an immediate slowdown in the country.
The S&P 500 closed 0.64 per cent higher on Monday, while the Dow Jones ended up 0.85 per cent. The tech-heavy Nasdaq 100 lagged behind the two benchmarks, finishing the session with a 0.55 per cent gain.
“The loss of momentum among the tech giants and high valuations continue to weigh on appetite as uncertainties loom and growth expectations wane,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
However, Wall Street is set to open lower on Tuesday. S&P 500 E-minis, which track the S&P 500 stock market index, were down 0.24 per cent, while Nasdaq futures dropped 0.36 per cent. Meanwhile, Asian stocks closed higher on Tuesday, fuelled by optimism surrounding US economic data and China's stimulus measures.
Japan's Topix settled 1.29 per cent higher at 2,783.56, Australia's S&P/ASX 200 closed marginally higher and Hong Kong's Hang Seng was up 22 per cent. India’s BSE Sensex Index gained 1.08 per cent.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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.
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
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
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
UAE currency: the story behind the money in your pockets
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
UAE currency: the story behind the money in your pockets
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Premier Futsal 2017 Finals
Al Wasl Football Club; six teams, five-a-side
Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Read more about the coronavirus
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
