Bahrain

According to an academic analysis, the Patriot air defense system operated by the United States likely fired the missile that caused the pre-dawn blast in Bahrain which injured dozens and destroyed homes 10 days after the start of the war against Iran. Both Bahrain and Washington blamed the March 9 explosion on an Iranian drone. The Gulf kingdom reported that 32 people were injured, including some children, in the blast. U.S. Central Command stated on X on the day after the attack that an Iranian drone had struck a residential area in Bahrain. Bahrain acknowledged on Saturday, in response to...

Saudi Arabia informed Iran's military attache and his aide, as well as three members of the embassy, that they must leave the kingdom within 24 hours of being declared persona grata. The Saudi Foreign Ministry cited what it called continued Iranian attacks against Saudi territory. Saudi Arabia has been attacked by hundreds of Iranian missiles and drones, most of which were intercepted. In a press release, the?ministry stated that continued Iranian attacks will?lead?to further escalation and "significant consequences" on current and future relationships. Saudi Arabia's foreign minister stated on Wednesday that the kingdom reserves the right to use military force...

Four sources confirmed that oil loading operations at the United Arab Emirates Fujairah, a major 'bunkering hub' and crude export terminal, had re-commenced despite a Saturday drone attack and fire. However, it is unclear whether the operations are back to normal. The U.S. - Iran war has already reduced Middle Eastern oil supply by more than?7m barrels a day, or 7% of the global supply. The disruptions?at Fujairah could force OPEC’s third largest crude producer to cut more?production, after already cutting production at its offshore oil fields. According to Kpler, Fujairah outside the Strait of Hormuz exported on average?more? than...

According to three sources, the commodity trader Mercuria intends to remove large volumes of aluminum from LME storage facilities, as the closure of the Strait of Hormuz has 'frozen' Middle East shipments, and put further pressure on supplies in Europe, and the United States. Around 9% of global primary aluminium is produced in the Middle East. Since last week, the U.S. and Israeli war on Iran has closed the Strait of Hormuz. Mercuria, a Swiss company, cancelled or designated for delivery on Monday nearly 100,000 tons?of aluminium in LME-approved Port Klang warehouses. The sources who are familiar with the issue...

Karoline Leavitt, White House Press Secretary, said on Tuesday that the American public would see oil and gas prices fall rapidly once the joint Israeli-U.S. war against Iran is fully accomplished. Leavitt told reporters that the increase in gas and oil prices was temporary and the operation would result in lower prices over the long-term. Prices of oil on Monday soared to $119 per barrel, their highest level?since June 20, 2022. Supply cuts by Saudi Arabia and other producers have stoked concerns about major disruptions in global supply. Leavitt said that Trump's energy team was closely monitoring the markets and...

Donald Trump stated on Saturday that Britain was "seriously considering" sending two aircraft carriers to the Middle East. He added, however, that the United States would not be sending any. The United States does not need these aircraft carriers to win the war against Iran in the latest conflict between military allies. Trump has repeatedly criticized British Prime Minister Keir starmer, suggesting that he "ruined" the historically close relationship between the two countries after London refused to allow the U.S. The initial use of British base to attack Iran was criticised by Trump. Trump wrote on?Truth Social that he would...

Dubai and Abu Dhabi stocks plunged on Wednesday after they reopened following a two-day suspension in response to Iran's unprecedented wave of missiles and drones?attacks against the Gulf nation. The closing of the market froze the trading of billions of dollars worth of listed assets, as investors awaited clarification on the'scale of damage caused by the weekend strikes which 'hit airports and ports in both emirates, along with residential areas. Dubai's main share index fell 4.7% on a broad basis, led by Emaar Properties, a blue-chip developer, who dropped 4.9%. Budget airliner Air Arabia also declined 5%. In Abu Dhabi...

Brazilian oil giant Petrobras has increased its nitrogen fertilizer sales in Brazil to help reduce the supply risks as tensions in Middle East threaten the delivery of a key source for the country's imports. Petrobras said that its Bahia and Sergipe units, which resumed operations recently, had reached 90% capacity. The factories are able to supply 12% of Brazil’s urea needs. Urea is one of the most common fertilizers used around the globe to grow crops such as corn, wheat and rice. It's also commonly used for sugarcane,?coffee, sugarcane, and sugarcane. Brazil is increasing its urea production, but it is...

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

SandboxAQ - a U.S. artificial intelligence and quantum tech firm - signed an agreement on Monday with Bahrain's sovereign fund to speed up the development and creation of biotech assets valued at $1 billion. Mumtalakat, Bahrain, will license SandboxAQ’s large, quantitative models that are trained in physics, chemistry, and biology, to speed up drug discovery and scientific investigation. The deal was announced at the Future Investment Initiative, Saudi Arabia's premier investment conference. The statement said that the collaboration would help to position Bahrain as a regional hub for biotech, with a joint committee leading a program of three years aimed...

The major Gulf stock markets were mixed early on Wednesday as investors awaited the release of earnings reports. However, Abu Dhabi's index rose on the back of First Abu Dhabi Bank's results. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, saw its index rise by 4.6%. FAB, on track for its best day in late July, reported a 21 percent increase in the third-quarter's net profit at 5.39 billion dirhams (1.47 billion dollars), which was above analysts’ average estimates of 4.54 billion. Abu Dhabi Islamic Bank, whose trading had been suspended before its earnings announcement, was...

Goldman Sachs has raised its LME aluminum average price forecast for the second quarter to $3,200 per tonne, up from $3,100. They cited a loss of supply due to 'Middle East disruptions' and the'shutdown of Mozal Smelter in Mozambique. LME Aluminium traded at $3.260.50 as of 2215 GMT. Goldman has removed approximately 850,000 tonnes of its supply forecast for 2026. This is due to the reduced production at Qatalum, in Qatar, which operates at 60% following a controlled shutdown. The bank also assumed a 30 percent drop in Iranian production due to damage to the energy infrastructure?and reduced Mozal’s 560,000-tonne...

Aluminium Bahrain (also known as Alba) announced on Sunday that it had halted 'three aluminium melting lines,' which accounted for '19% of its total capacity, in order to maintain business continuity amid the ongoing disruptions along the Strait of Hormuz. Force majeure was declared by the company on 'March 4, as it could not ship metal to customers due to the U.S. and Israeli war against Iran. Alba, which describes itself as the "world's largest?smelter of aluminium on one site," announced in a press release that it had begun a "controlled safe shutdown" for reduction lines 1, 2, and 3....

After a brief drop in prices triggered by comments made by the U.S. Donald Trump's comments on the?Iran war. Benchmark aluminum?on the London Metal Exchange?was up 1.1% at $3,444 per metric ton as of 1704 GMT. It reached $3,544 per ton earlier this week, its highest level since April 2022. Trump predicted on Monday that the conflict would be over well before his four-week timeline. Due to the closing of the Strait of Hormuz, the war has effectively "frozen" shipments and threatened global supplies of aluminum used for transport, construction and packing. Around seven million metric tonnes of?aluminium smelting is...

After a brief drop in prices triggered by Donald Trump's comments on the Iran war, aluminium prices rose?on Wednesday. Benchmark aluminium at the London Metal Exchange was 1.1% higher, trading at $3.442 per metric ton. It reached $3,544 per ton earlier this week, its highest level since April 2022. Trump predicted on Monday that the conflict would be over well before the four-week timeline he set out. Due to the closing of the Strait of Hormuz, the war has effectively frozen shipments and posed a threat to global supplies of aluminium for use in packaging, construction and transport. Around seven...

After a short sell-off caused by the 'U.S.,' aluminium prices recovered on Wednesday as attention shifted to the loss of supply in the Middle East due to conflict. Donald Trump's comments on the Iran War. As of 0213 GMT, the most-traded aluminum contract on Shanghai Futures Exchange increased 2.31%, to 25,275 Yuan ($3,680.81) a metric ton. The contract fell 1.41% Tuesday, as Trump's remarks suggesting an end to the Iran war in the near future temporarily cooled supply concerns. The benchmark three-month aluminum?on London Metal Exchange rose 0.5% to $3,423 a ton. On Monday, it reached a high of $3,544....

Aluminum prices reached four-year-highs on Monday, as concerns over a'supply of metal' were fueled by fears of a prolonged disruption of shipping in the Middle East because of the U.S./Israel war against Iran. Benchmark 'aluminum' traded 1.8% lower, at $3,385 per metric ton. This is the highest price since March 2022, when the metal was used for transport, construction, and packaging, reaching a record of $4,073.50. The conflict in the Middle East has virtually closed the Strait of Hormuz, through which aluminum produced in that region is shipped to the U.S. Ed Meir, Marex analyst, said that the Europeans were...

The escalating conflict between Israel and Palestine in the Middle East has fueled concerns over a'shortage of global supplies. This is countering downward pressure on demand due to a stronger dollar. The benchmark?three-month Aluminium on the London Metal Exchange reached its highest level since March 31, 2020, earlier in the session, when it hit $3,544 per ton. By 0706 GMT, it was up 0.75% to $3,472 per metric ton. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime session up 1.61% to 24,950 yuan (US$3,607,84) per tonne after reaching its highest level since January 30, at 25,860?yuan. The...

The Iran War has exposed a growing vulnerability of the West's aluminium supply, a metal that is classified by the United States as a "critical manufacturing input" and by the European Union. The London Metal Exchange's (LME) aluminium prices hit a four-year peak of $3,418 per metric ton Wednesday, after a Gulf producer, Qatalum, a joint venture between Norsk Hydro, Qatar Aluminum Manufacturing and Qatar Aluminum Manufacturing started shutting down their smelter, and another, Aluminium Bahrain, declared force majeure. The closure of the Strait of Hormuz, which is still in place, risks further disruption of a regional hub of production...

Critical Metals' top boss said that the company expects to complete the remaining 25% of "offtake agreements" for its Tanbreez project in Greenland by early 2026. It will also be open to investment from Washington. Tony Sage, CEO of Rare Earths, said that the Middle East's interest, which includes potential partners in Saudi Arabia and other energy-rich countries such as Bahrain, Oman, Qatar and Saudi Arabia, is a reflection of the efforts made by states with high energy costs to develop a processing capacity for rare earths, supported by lower electricity costs and quicker permits than the U.S. And Europe....

The major stock markets in the Gulf recovered some of the losses they suffered in previous sessions, when the conflict between Israel and Iran escalated. Saudi Arabia's benchmark Index gained 1.2%. This was mainly due to a 1.9% increase at Al Rajhi Bank, and a 3.2% rise at Saudi Arabian Mining Company. Sunday, the index fell 1%. After a 7% increase on Friday, oil prices were volatile. Israel and Iran renewed their strikes over the weekend, raising fears that the conflict could spread across the Middle East and disrupt oil exports. The Qatari Index rose 1.7%, a day after it...

The Gulf stock markets were mixed on Wednesday morning, as U.S. President Donald Trump imposed duties on steel, aluminium, and other metals. This is the latest chapter of a trade conflict that has shaken global markets. Investors continue to focus on the pace of the trade negotiations. A possible phone call between President Trump, and Chinese leader Xi Jinping this week is in the spotlight. Trump had accused China of violating a bilateral agreement to reduce tariffs and trade barriers on Friday. Brent crude futures fell 0.3%, to $65.46 per barrel at 0644 GMT. The prices were weighed down due...

The Gulf stock markets were characterized by low volume on Tuesday, with prices falling as investors awaited clarification of the U.S. threat to impose reciprocal tariffs early next month. On Monday, Donald Trump announced that automobile tariffs will be implemented soon. He also said, however, that some of the levies he had threatened would not be imposed until April 2, indicating a degree of flexibility in this matter. Trump's tariff policy is expected to have a negative impact on global economic growth. It could also trigger more trade tensions and increase inflation. Saudi Arabian Mining Company lost 1.7%. Al Rajhi...