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Hormuz Tensions Rise as Iran Warns Gulf
Brent crude neared $91 a barrel as the UAE cut economic ties with Tehran and traders priced in wider supply risks.
- On Tuesday, the United Arab Emirates announced it was suspending all trade and financial transactions with Iran "until further notice" amid regional escalations.
- Abu Dhabi officials accused Iran of firing two ballistic missiles toward the UAE, with one falling into the sea and another landing within territorial waters.
- Shipping through the Strait of Hormuz slowed on Tuesday as owners avoided the waterway, with only commodity vessels crossing below the 10-day average of 11.
- Iranian armed forces chief of staff Ali Abdollahi warned Wednesday that Gulf nations assisting the U.S. military would face consequences, stating Tehran monitors the situation.
- Global crude benchmarks have risen about 15 per cent over two weeks as the U.S.-Iran deal collapsed, with markets pricing a "closed for longer scenario," said chief analyst Arne Lohmann Rasmussen of Global Risk Management.
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What’s behind the UAE’s decision to cut Iran trade ties?
Dubai – The UAE this week announced suspending trade with Iran, heaping pressure on its major trading partner at the same time that the US declared “economic warfare” on Tehran. It is unclear when the ban came into place and what has prompted it, with the UAE citing “regional escalations”. Experts have said that the UAE is sending a message to Iran, which has ramped up attacks on Emirati tankers in the Strait of Hormuz, while also signalling ali…
Coverage Details
Total News Sources12
Leaning Left0Leaning Right2Center2Last UpdatedBias Distribution50% Center, 50% Right
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
50% Right
C 50%
R 50%
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