Oil prices plummeted while Gulf stocks rallied with Asian equities after US President Donald Trump announced that Israel and Iran had agreed to a ceasefire.
Brent, the benchmark for about a third of global crude, fell 4.34 per cent to $68.38 a barrel at 5.56pm UAE time. The slide comes after it closed 7 per cent lower on Monday following Iran's attack on a US airbase in Qatar, a more restrained response than previously feared in retaliation against US strikes on its nuclear sites.
West Texas Intermediate, the gauge for US crude, fell about 4.42 per cent to $65.48 a barrel after losing more than 8 per cent in Monday’s trading.
"The geopolitical risks that have loomed over the Middle East for months have now fully materialised, prompting a rapid repricing in the oil market," said Janiv Shah, vice president, oil markets analysis at consultancy Rystad Energy.
US President Donald Trump said overnight in a social media post that Israel and Iran had agreed to a "complete and total ceasefire".
An official end to the 12-day war was soon to be followed, he said in a social media post.
Although Iran launched waves of missiles on Israeli targets after Mr Trump's announcement, the Israeli government agreed to the ceasefire on Tuesday after “achieving the objectives” of its attacks on Iran.
A statement from the office of Prime Minister Benjamin Netanyahu said Israel has now “removed a dual immediate existential threat – both in the nuclear and ballistic missile fields”.
Iran had said earlier that it would agree to stop attacking Israel only if it did the same. Iran's Foreign Minister Abbas Araghchi posted on X: “As Iran has repeatedly made clear: Israel launched war on Iran, not the other way around.”
However, Mr Trump again had to intervene and said the cease fire is holding after both Iran and Israel launched counter strikes.
"I don't like the fact that Israel went out this morning at all. And I'm going to see if I can stop it," he said before heading to a Nato meeting "Israel will not attack Iran," he said in a sperate social media post.
The war has threatened to disrupt energy supplies from the region and stoked fears of Iran closing the Strait of Hormuz, a vital water way for global crude flows.
The conflict has rattled global equities markets as well, adding to the already heightened volatility due to tariff concerns.
Stocks rally
Shares in Gulf equity markets rallied on Tuesday, led by the Dubai Financial Market. The DFM General Index surged 3.35 per cent, while benchmark gauge of the Abu Dhabi Securities Market advanced 2.48 per cent.
Saud Arabia's Tadawul, the biggest Arab bourse by market capitalisation, climbed 2.37 per cent. Main index of Doha Securities Market rallied 1.93 per cent, while main Market in Kuwait added 1.25 per cent.
Bourse in Bahrain rose 1.49 per cent, and main equities index in Oman added 0.38 per cent.
"A ceasefire between Israel and Iran ... improved market sentiment and helped investors regain their risk appetite," Osama Al Saifi, managing director for Mena at online trading platform Traze, said.
"Most markets erased the losses experienced during the last two weeks."
Shares in Asia also advanced, with Japan’s Nikkei index gaining 1.14 per cent and China’s Hang Seng rising 2.18 per cent. Stocks in Mumbai also gained 1.2 per cent.
Stocks in Europe also took a positive start, with FTSE 100 Index trading 0.4 per cent at 4:44pm UAE time, while equities in Germany and Paris adding 1.83 per cent and 1.21 per cent respectively.
Futures of S&P and Nasdaq also advanced 0.72 per cent and 0.98 per cent respectively.
S&P 500 on Monday closed 0.96 per cent higher, the Nasdaq Composite Index rose 0.94 per cent and the Dow Jones Industrial Average Index ended 0.89 per cent higher.
While the conflict in the Middle East is dominating headlines, sell-offs caused by geopolitical events tend to be brief, Bloomberg cited Morgan Stanley’s strategists led by Michael Wilson as saying in a note.
According to the Morgan Stanley team, prior geopolitical risk events have led to some volatility for equities in the short term, but one, three and 12 months after the events, the S&P 500 has been up 2 per cent, 3 per cent, and 9 per cent, on average, respectively.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
UAE currency: the story behind the money in your pockets
The specs
Price: From Dh180,000 (estimate)
Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
Torque: 400Nm @ 2,200rpm
Fuel economy, combined: 9.7L / 100km
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
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
Killing of Qassem Suleimani
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20turbocharged%204-cyl%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E300bhp%20(GT)%20330bhp%20(Modena)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh299%2C000%20(GT)%2C%20Dh369%2C000%20(Modena)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
Dengue%20fever%20symptoms
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
STAY%2C%20DAUGHTER
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EYasmin%20Azad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESwift%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
Read more about the coronavirus
UAE currency: the story behind the money in your pockets
If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Killing of Qassem Suleimani
More from Rashmee Roshan Lall
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
RESULTS
5pm Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm Maiden (PA) Dh70,000 (D) 1,400m
Winner Mutaqadim, Riccardo Iacopini, Ibrahim Al Hadhrami.
6pm Maiden (PA) Dh70,000 (D) 1,600m
Winner Hameem, Jose Santiago, Abdallah Al Hammadi.
6.30pm Maiden (PA) Dh70,000 (D) 1,600m
Winner AF Almomayaz, Sandro Paiva, Ali Rashid Al Raihe.
7pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.
7.30pm Handicap (TB) Dh70,000 (D) 1,000m
Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.
8pm Handicap (PA) Dh70,000 (D) 1,000m
Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.
COMPANY%20PROFILE%20
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
League Cup, last 16
Manchester City v Southampton, Tuesday, 11.45pm (UAE)
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
if you go
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
SPECS
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
COMPANY%20PROFILE
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