INSEAD Day 4 - 728x90

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Trump says no Iran talks as Israeli strikes on Syria draw condemnation

An Iranian Navy warship takes part in the "National Persian Gulf day" in the Strait of Hormuz. (File AFP)
  • Turkey and Egypt reject Israel’s justification for the strikes, while the United Nations urges an immediate end to attacks.
  • Hormuz traffic falls further as Iran maintains demands for lifting sanctions and blockade before the waterway can reopen.

U.S. President Donald Trump said no conversations with Iran were taking place or scheduled, as Israeli strikes on Syria drew condemnation from Turkey, Egypt and the United Nations.

Trump maintained that the U.S. naval blockade of Iran remained in full force and said mines in the Strait of Hormuz had been cleared. His comments came as uncertainty over negotiations persisted, with Iranian officials saying Tehran sought an end to the war rather than a temporary ceasefire.

Iranian Foreign Minister Abbas Araghchi said Iran was seeking an end to the war and rejected the idea of a temporary ceasefire becoming a recurring pattern. He also said Iran had prioritised relations with neighbouring countries under President Masoud Pezeshkian.

Israeli strikes on Syria condemned

Israel carried out air strikes on the Abu al-Duhur military airport in Syria’s eastern Idlib province, saying it targeted the site because it believed Turkey was planning to deploy forces there.

Turkey rejected that explanation, saying Israeli claims about a planned Turkish troop deployment lacked seriousness and were intended to legitimise what it called unlawful attacks on Syria’s sovereignty and territorial integrity.

Turkey also accused Israeli Prime Minister Benjamin Netanyahu of pursuing expansionist and destabilising policies and called for respect for international law.

Egypt’s Foreign Ministry condemned the strikes as a dangerous escalation threatening regional security and stability. Cairo said it fully rejected Israel’s continued violations of Syrian sovereignty and urged the international community to take measures to deter actions that could fuel a broader regional conflict.

The United Nations also called for the strikes to stop. UN spokesperson Stephane Dujarric described them as another very worrying violation of Syria’s territorial integrity and airspace.

Syria condemned the strikes in letters to the UN secretary-general and Security Council president and called for Israel to withdraw from Syrian territory. A Syrian Foreign Ministry diplomatic source also denied that Damascus had any security agreement with Israel governing the site.

Hormuz tensions persist

Shipping through the Strait of Hormuz slowed again on Tuesday, with six commodity vessels crossing the waterway, according to preliminary Kpler data cited by Reuters.

The figure was down from nine vessels a day earlier and below the 10-day daily average of 11, as shipowners continued to avoid the key waterway because of uncertainty over its reopening.

Qatar said it wanted an agreement to reopen the strait, saying such an arrangement would make it easier to resume talks between Washington and Tehran.

Iranian parliament speaker Mohammad Bagher Ghalibaf said the strait would remain closed until the United States fulfilled conditions including lifting the naval blockade and sanctions and releasing frozen Iranian assets.

Oil prices rose for a fourth straight session on concerns about the U.S.-Iran conflict and uncertainty over shipping through Hormuz. Brent crude rose to $91.28 a barrel, while U.S. West Texas Intermediate traded at $85.31.

Gulf states navigate tensions

Qatar said it continued to seek a diplomatic pathway between Iran and the United States, while Oman and Iran were pursuing discussions over navigation through the Strait of Hormuz.

The UAE’s Defence Ministry said Iran had launched two ballistic missiles aimed at maritime traffic, with one landing in UAE territorial waters and the other falling into the sea outside them. Iran rejected the UAE’s accusation as baseless.

The UAE Foreign Ministry also announced the suspension of all trade, commercial exchange and financial transactions with Iran until further notice.

Gaza negotiations face fresh strain

Hamas said it remained committed to reaching a ceasefire deal in Gaza but accused Israeli Prime Minister Benjamin Netanyahu of undermining negotiations.

The group said an Israeli attack in Gaza City that killed seven Palestinians, including a child, represented a deliberate escalation and accused Netanyahu of seeking to derail international efforts to advance Trump’s Gaza peace plan.

The Israeli military said it had targeted Hamas commanders in an attack west of Gaza City.