Dubai, UAE – Oil prices steadied Wednesday after Trump’s demand for Iran’s ‘unconditional surrender’ roiled markets and revived supply fears, as regional diplomacy and major Gulf business deals unfolded alongside.
Key developments:
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Oil & Markets: Oil surged over 4% Tuesday amid fears of US strikes on Iran after Trump’s comments but stabilised slightly Wednesday. Stocks in Hong Kong, Shanghai, Singapore and other Asian markets fell amid Mideast jitters and weak US retail data.
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Strait of Hormuz Fears: Analysts warn Iran could block the vital shipping lane if tensions escalate further; US refuelling jets reportedly en route to the region.
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UAE-Iran Diplomacy: UAE President Sheikh Mohamed bin Zayed called Iran’s President Pezeshkian, expressing solidarity and vowing to support de-escalation efforts. FM Sheikh Abdullah bin Zayed reiterated the UAE’s call for urgent political and diplomatic action to halt conflict expansion.
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Aviation Deals: At the Paris Air Show, Riyadh Air signed an MoU with Rolls-Royce for 100 Trent XWB-97 engines to power up to 50 Airbus A350-1000s — boosting plans for a 100-destination global network by 2030. Separately, Saudi and French civil aviation leaders explored investment and tech transfer to strengthen the Kingdom’s aviation sector.
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OPEC Forum: The OPEC Fund Development Forum 2025 opened in Vienna, focusing on sustainable growth, climate resilience, and South-South cooperation.
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Qatar Competitiveness: Qatar entered the global top 10 for the first time, ranking 9th in the 2025 IMD Global Competitiveness Report, driven by gains in economic and government efficiency.
