Daily brief
Oil prices surged by about 10% following military strikes on Iran, with analysts warning prices could reach $100 a barrel. The OPEC+ group of oil-producing nations agreed to a collective output increase of 206,000 barrels per day starting in April. The planned increase is seen as relatively small and may not be enough to significantly calm markets rattled by the conflict and concerns over key supply routes.
Air travel across the Middle East has been severely disrupted, with major airports like Dubai International affected, leading to widespread flight cancellations and airspace closures. Airlines including Emirates suspended operations, stranding many travelers, and the UAE closed its stock markets for two days.
The UAE's Ministry of Human Resources and Emiratisation recommended remote work for the private sector, while authorities and companies in Dubai offered free accommodation and extended hotel stays for stranded visitors.
A crude oil tanker was reportedly damaged by a projectile off the coast of Oman, according to security sources.
Amazon's cloud unit reported a fire at a data center in the UAE after objects hit the facility.