Daily brief
Oil prices surged over 7% after Iran froze talks with the US and threatened to close the Strait of Hormuz, with prices also gaining as the US and Iran exchanged attacks. Indian refiners froze domestic jet fuel prices, and the India-Oman trade pact was highlighted as offering an alternative route beyond the Gulf.
BP started production at a trillion-cubic-foot gas field in Azerbaijan and sold a 5% stake in an Australian LNG project.
OMODA & JAECOO introduced AI-powered driverless parking technology VPD and positioned AiMOGA robots as future enablers of UAE smart cities.
Pakistan's inflation accelerated to 11.7% on oil and gas import shock, while OPEC+ plans to raise its oil production target in July.
Gold prices dropped in Dubai as investors eyed a US-Iran peace deal, and the Wegovy weight loss pill arrived in the UAE with expected prices from Dh800 to Dh1,600.