The UAE's Emirates Global Aluminium has said the company’s Al Taweelah site sustained significant damage during the Iranian missile and drone attacks at Khalifa Economic Zone Abu Dhabi.
Oil prices continued their upward climb on Monday, as markets focused on escalating geopolitical risks in the Middle East despite renewed assertions by US President Donald Trump that talks with Iran remain under way and could still lead to a diplomatic breakthrough.
Iran’s Revolutionary Guard Corps (IRGC) declared that the Strait of Hormuz was “closed” and that any vessel attempting to pass through the waterway would be set “ablaze.”
The United States embassy in Saudi capital Riyadh was targeted by two drones, Saudi Arabia’s defence ministry has announced. The ministry said that the incident sparked a small fire and resulted in minor damage to the building, according to the Saudi Press Agency.
Global oil and gas prices surged on Tuesday as the escalating U.S.-Israeli war with Iran disrupted energy exports from the Middle East, triggering supply fears and sending shockwaves through commodity markets.
Exxon Mobil TotalEnergies and Shell are among the companies with more exposure to disruptions in oil and gas production due to the US-Israel war with Iran, analysts said in research notes.
The gravity of the situation in the Middle East has moved from high to severe and consequently, the potential for events to weaken credit quality across sectors has increased, says an S&P Global Ratings report.
US President Donald Trump warned that the “big wave” of the US attack on Iran is yet to come as he laid out his war objectives for reporters.
Russian Foreign Minister Sergei Lavrov on Friday discussed the possibility of a diplomatic settlement in the Iran war with his Iranian counterpart Abbas Araqchi, taking into account the legitimate interests of all countries in the region, reported Reuters citing senior Russian officials.
US President Donald Trump said he was extending by 10 days a deadline linked to threatened strikes on Iranian energy infrastructure, saying the move followed a request from Tehran and that negotiations were progressing positively.
