INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

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

US and Iran exchange attacks on oil tankers, warships as oil heads to $100

  • Jordan intercepted most Iranian missiles targeting its territory, while Tehran claimed further strikes against American vessels and tankers in Hormuz.
  • Washington expanded pressure on Tehran with new airline sanctions as shipping disruptions threatened to deepen energy-market uncertainty across the region.

The US military said it destroyed five Iranian crude oil carriers after Iran’s Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles at a US Navy warship twice in two days.

US Central Command said the warship evaded both attacks and continued patrolling regional waters, with no American personnel harmed.

Iran responded with further attacks. The IRGC said its forces targeted two US vessels and eight oil tankers in the Strait of Hormuz, as well as 10 other “violating ships” it accused of attempting to pass through a “prohibited and unsafe zone” with US support.

The IRGC also said it launched missile attacks against US forces at the Al Azraq base in Jordan, claiming it struck sites used to maintain and deploy F-35, F-16 and F-15 fighter jets.

Jordan said its air defences intercepted 18 of 20 Iranian missiles fired towards its territory. The remaining two landed in open areas, with no civilian casualties reported.

The escalation comes as the US and Iran remain locked in a six-month-old war, with Washington warning that it will continue striking Iranian oil tankers in response to attacks on US warships.

Hormuz traffic remains subdued

The latest exchanges have added to uncertainty around the Strait of Hormuz, a critical route for global energy supplies.

Six commodity vessels crossed the strait on Tuesday, down from nine the previous day and below the 10-day average of about 12, according to preliminary Kpler data cited by Reuters.

The wider regional shipping picture also remained subdued. Twenty-five commodity vessels crossed the Bab al-Mandeb on Tuesday, compared with a 10-day average of 27.

Oil approaches $100

Oil prices continued climbing as the latest attacks raised concerns over further disruption to regional energy flows.

Brent crude rose $1.57, or 1.6 percent, to $99.49 a barrel, while US West Texas Intermediate gained $1.60, or 1.72 percent, to $94.63. Brent has risen by a quarter since early August as hopes for a permanent resolution to the conflict have faded.

Washington widens pressure on Iran

The US has also announced sanctions targeting 27 Iranian airlines and warned companies against doing business with them, adding economic pressure to its military campaign.

Iran’s embassy in the UK condemned London’s sanctions against Tehran as illegal, saying they would deepen mistrust and weaken the basis for bilateral cooperation. It also reiterated that Iran’s nuclear programme remains under International Atomic Energy Agency supervision.