Oil prices rose on Tuesday while US stocks slumped further as the Israel-Iran conflict stoked fears that an escalation could spill into the Gulf region, choking global energy supplies.
Iran and Israel's air war, which began on Friday when Israel attacked Iran's nuclear facilities, has dented the mood of investors as they also await an interest decision by the US Federal Reserve.
Brent, the benchmark for two-thirds of the world’s oil, was trading 2.25 per cent higher at $74.88 a barrel at 4.17pm on Tuesday, extending oil’s advance since hostilities started to more than 7 per cent. West Texas Intermediate, the gauge that tracks US crude, jumped 2.09 per cent to $73.27 per barrel.
Oil prices could surge to as much as $120 a barrel if the attacks by Iran halt traffic in the Strait of Hormuz, a gateway for about a fifth of the world’s daily output, according to analysts.
“While Iran appears to be signalling restraint, US President Donald Trump urged the evacuation of Tehran, and Israel has vowed to continue its strikes,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. “This makes it a one-sided de-escalation at best, and keeps risks across energy markets and haven assets tilted to the upside. If Iran fails to find room to manoeuvre diplomatically, it could easily make a U-turn.”
The upside for oil appears limited as the market remains well-supplied, with the US pumping crude oil at record levels and Opec+ adding hundreds of thousands of barrels back into the market, Ms Ozkardeskaya added.
“Yet global energy supply remains fragile and it wouldn’t take much to shake the physical flow of oil and reverse market sentiment in a heartbeat,” she said in a note to investors.
As Israel and Iran continued to trade attacks, President Trump left the G7 leaders’ meeting in Canada early to deal with the crisis. Though he has not outlined what comes next, Mr Trump told reporters aboard Air Force One he was looking for “a real end, not a ceasefire” to the conflict.
“Everyone should immediately evacuate Tehran,” Mr Trump said in a post on his Truth Social platform on Monday.
“Iran should have signed the 'deal' I told them to sign. What a shame, and waste of human life,” he wrote.
The nuclear talks, which Mr Trump has accused Iran of “slow-walking”, have stalled amid the conflict.
South Pars gas field
Separately, Qatar said on Tuesday that its gas production at Iran’s South Pars field is steady and supply is proceeding normally, after the world's largest gas field was struck by Israel on Saturday.
Iran partially suspended production at South Pars, which it shares with Qatar.
Qatar is the world's third-biggest liquefied natural gas exporter after the US and Australia.
“So far, gas supplies are proceeding normally. However, the ill-advised targeting raises concerns for everyone regarding gas supplies,” Qatar's foreign ministry spokesperson Majed Al Ansari said, according to Reuters.
“This is a reckless move … The companies operating in the fields are international, and there is a global presence, especially in the North Field,” he said during a weekly press briefing in Doha.
Stock futures and Fed decision
While energy markets remain volatile, global equities have recovered from the knee-jerk reaction after Israel began its military campaign last week.
S&P 500 futures, which track the S&P 500 stock market index, slid 0.34 per cent, while Dow Jones futures dropped 0.39 per cent and Nasdaq futures declined 0.36 per cent.
Global equity investors are monitoring the Fed's monetary policy decision on Wednesday, when interest rates are widely expected to remain unchanged. Traders are pricing in two cuts by the end of the year.
“While no change in Fed rates is expected, geopolitical uncertainty and trade tensions make the outlook more complex. Recent inflation data has been reassuring – suggesting price pressures are not accelerating – but tariffs and the risk of an oil price spike due to Middle East tensions will likely keep the Fed in a cautious stance,” according to Ms Ozkardeskaya.
That said, markets could still react strongly to even a hint of dovishness from the Fed this week, she said.
“Investor positioning and sentiment suggest a clear appetite to push the S&P 500 to fresh all-time highs. But with little fundamental support behind the current risk rally, much of it appears to be driven by FOMO – the fear of missing out,” she added.
Haven assets
Spot gold was up 0.1 per cent to $3,386.29 an ounce on Tuesday. Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.
The gold market’s reaction to the escalating conflict between Israel and Iran remains very moderate, with prices up less than 1 per cent since before Israel’s initial attack, according to Carsten Menke, head of next-generation research at Swiss bank Julius Baer.
The gold market’s reaction to the escalating conflict between Israel and Iran remains very moderate
Carsten Menke,
head of next generation research, Swiss bank Julius Baer
“Barring a severe economic impact or a spreading in the region, we do not expect the conflict to lastingly lift prices, in line with the historical pattern,” he said.
“We assume that this reaction has been driven by some speculators and automated trading systems in the futures market rather than by physical safe-haven demand.”
Killing of Qassem Suleimani
SPECS
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
More on animal trafficking
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
Abu Dhabi Sustainability Week
SPECS
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Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
MADAME%20WEB
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New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Killing of Qassem Suleimani
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
Bullet%20Train
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Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
COMPANY%20PROFILE
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SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
Killing of Qassem Suleimani
What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
The%20specs%20
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A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
