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Gold stable as caution prevails before Trump's Iran deadline
The gold price was little changed Tuesday as caution ruled the market in anticipation of a 'U.S. The looming deadline set by President Donald Trump for Iran to reopen Strait of Hormuz, or face devastating attacks on Iran's infrastructure. By 11:16 am, spot gold had remained flat at $4.648,32 per ounce. ET (1516 GMT), following a 1% rise earlier in the day. U.S. Gold Futures dropped 0.3% to $4670.90. The gold market is teetering on the edge of a cliff ahead of tonight's 8 p.m. Eastern Time U.S. deadline. The gold market is on hold while traders await the outcome of this event, which could have a significant impact, said Jim Wyckoff. IRAN SHOW NO SIGN OF CONCEDING Strikes against Iran increased throughout the day, but Iran showed little sign of accepting Trump’s ultimatum that the Strait be opened by the end?Tuesday. The U.S. President said that "a whole civilization will die tonight" without a deal with Tehran. Gold traders are more concerned about what central banks will do with interest rates, than geopolitics. Wyckoff explained that if major economies delay lowering their interest rates, this could be extrapolated as a 'lessening of demand for gold. Since the Iran conflict, oil prices have risen. Energy costs are rising, which leads to inflation and leaves central banks little room to reduce interest rates. Gold is a hedge against inflation but it's less appealing in an environment of high rates because it has no yield. The minutes of the Federal Reserve meeting from March will also be released Wednesday. Additionally, U.S. The Consumer Price Index and Personal Consumption Spending data are due Thursday. Data showed that China's central bank has continued to buy gold for the 17th consecutive months. Silver spot fell 2.7%, to $70.83 an ounce. Platinum dropped 3.4%, to $1.911.37. Palladium fell by 4.3%, to $1.421.75. (Reporting and editing by Barbara Lewis, Diti Pjara and Ashitha Shivaprasad from Bengaluru)
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World Bank predicts Nigerian economic growth in 2026, but Iran war raises inflation
The World Bank stated on Tuesday that Nigeria's economy will grow in the first half of 2026, despite the Iran War. However, rising fuel prices and persistently high inflation could squeeze incomes, slowing poverty reduction. Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity remains in growth territory. The conflict between the U.S./Israel and Iran has so far lifted prices while leaving output mostly intact. The impact of the growth shock has been contained, as the overall business activity has increased over the last few months. "But the shock is still felt by higher inflation," said?Haile. In his third year as president, Bola Tinubu has implemented the most ambitious economic reforms in Nigerian history. He has ended costly fuel and electricity subsidies, devalued the currency, and changed the tax system to stabilise the economy, which is ravaged by high inflation and currency weakness, and external shocks. Haile stated that the inflation rate?adjusted to 15.06 percent in February from 33.3 percent in December 2024. However, it remains high in comparison with other countries in the region and is under renewed pressure ever since Middle East conflict started. Fuel prices rose by more than half during the Iran War, affecting transport, food, and production costs. He said Nigeria should lift restrictions on fuel imports in order to ease inflation. Haile stated that "inflation is still high and under increasing pressure. This poses risks to incomes as well as poverty reduction." Nigeria's external buffers are improving as the foreign exchange reserves increase and volatility eases. However, tighter global financial conditions continue to threaten inflows and borrowing costs, and remittances. Haile stated that the Nigerian fiscal deficit increased slightly to 3.1% GDP in 2025. However, it remains lower than the pre-reform period. Haile also added that the debt-to GDP ratio had fallen for the first time since a decade due to improved fiscal performance and exchange rate valuation gains. The World Bank has forecast a 4.2% economic growth for 2026. They have urged governments to keep their monetary policies tight and to avoid blanket subsides to curb inflation. Reporting by Camillus Eboh, Abuja. Writing by Elisha Gbogbo. Editing by William Maclean.
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As the Hormuz Crisis worsens, physical oil prices have reached record highs of near $150 per barrel.
Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. Data from LSEG shows that the price of North Sea Forties crude has reached a record high. Expert: * Fear over supply is driving physical price higher. (Adds Platts dated Brent assessment in paragraph 8, adds LSEG in paragraph 10) By Alex Lawler LONDON, 7 April - European and Asian refiners have paid record prices of near $150 a barrel for certain crude oil grades. This is far higher than the paper futures price, highlighting the worsening crisis in supply caused by the U.S./Israeli war against Iran. Iran's closure of the Strait of Hormuz has caused the Middle East to shut down at least 12,000,000 barrels of oil per day, or about 12% of global supply. Brent oil futures hit $119.50 per barrel in the last month. This is the highest price since 2022, but still falls short of the record high of $147.50 set in 2008. Brent oil futures are for delivery in June. The competition between Asian and European refiners, who are trying to replace Middle Eastern oil supplies disrupted by the disruptions in supply, has contributed to driving up prices for replacement crudes that can be delivered more quickly. Some crudes have already broken records. The price of North Sea Forties Crude According to LSEG 'data, oil prices reached $146.09 per barrel on Tuesday. This is above 2008 levels and a new high. Adi Imsirovic is a veteran oil dealer who believes that "panic" about supplies is the main reason for high prices like those of Forties. "When there's a real physical shortage, people don't think about June loading, and therefore June futures price, but oil NOW." Forties, and other cargoes all over the world are linked to a physical crude oil benchmark called dated Brent According to LSEG, the price for cargoes for 'immediate delivery' is almost $20 more than Brent futures prices for June. Morgan Stanley analysts stated in a recent report that the market was scrambling to find barrels suitable for refineries. The stress appears first in the benchmark closest to the physical problem. A Platts spokesperson confirmed that S&P Global Energy Platts had assessed the price of dated Brent at $141.365 on April 2, which is close to the record high - $144.22 - set in 2008. Platts' dated Brent price would place the Forties and other physical cargoes well above $150. Prices for refined products in Europe were close to records on Tuesday. LSEG data show that jet fuel prices in Europe were hovering at $226.40 a barrel, near a record high reached in mid-March. Diesel prices, which stood at $203.59 per barrel on Tuesday, were still below their 2022 record highs. (Additional reporting by Seher dareen; editing by Dmitry Zhdannikov, Alistair Bell).
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As the Hormuz Crisis worsens, physical oil prices have reached record highs of near $150 per barrel.
Analysts say that the closure of Hormuz creates a very tight market for oil deliveries in the near future. LSEG data: North Sea Forties crude reaches a?record-high outright price Expert: * Fear of shortages is driving physical prices up By Alex Lawler LONDON, 7 April - European and Asian refiners pay record high prices of nearly $150 per barrel for a few crude oil grades. This is far higher than the paper futures price, which highlights the worsening crisis in supply caused by the U.S./Israel war against Iran. Iran's closure of the Strait of Hormuz has caused the Middle East to shut down at least 12,000,000 barrels of oil per day, or about 12% of global supply. Brent oil futures hit $119.50 per barrel in December, the highest level since 2022, but still below the record high of 147.50 set in 2008. Brent oil futures for June delivery are the contract that is closest. The competition between Asian and European refiners for Middle East oil to replace the disrupted Middle Eastern oil flow has helped to push up prices of replacement crudes, especially those that are available in Europe and Africa. Some?crudes have already broken records. The outright price for North Sea Forties crude According to LSEG, the price of a barrel reached $146.09 on Tuesday. This is above 2008 levels and a record high. Adi Imsirovic is a veteran oil dealer who believes that "panic" about supplies is the main reason for high prices like those of Forties. "When there's a real physical shortage, people don't think about June loading, and therefore June futures price, but oil NOW." Dated Brent is the benchmark physical crude oil that determines the price of Forties, and other cargoes all over the world. According to LSEG, the price is almost $20 higher for June delivery than for Brent futures. This is because the price reflects cargoes that are ready for immediate delivery. Morgan Stanley analysts stated in a recent report that the market was scrambling for barrels that could be used in refineries immediately. The benchmark closest to the physical problem is the first one to experience stress. On Tuesday, prices of refined products in Europe reached near-record highs. The price of jet fuel in Europe hovered at $226.40 per barrel, near the record high set in mid-March. Diesel prices, which were $203.59 per barrel on Tuesday, are still below their 2022 record highs. (Additional reporting by Seher Daeen; editing by Dmitry Zhdannikov, Alistair Bell).
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Key quotes from Vance's and Orban’s press conference
JD Vance, the U.S. vice president, slammed the European Union on Tuesday for its "disgraceful interference" in an election held in?Hungary. He also praised Prime Minister Viktor Orban in his role as an ally to Donald?Trump when it comes to the defence of Western civilization. Here are some key quotes from the joint press conference in Budapest. VANCE ON HUNGARIAN ELSECTION "What happened in this country and what happened during this election campaign is one of worst examples of foreign interference in elections that I have ever read or seen ..." "The bureaucrats at Brussels have tried to destroy Hungary's economy." They tried to reduce Hungary's energy independence. They've tried to raise costs for Hungarians, and all because they dislike this guy. "We're here because we believe the interference from the bureaucracy of Brussels has been disgraceful." RUSSIA-UKRAINE WOAR: VANCEMENT "Viktor Orban has done a better job than anyone else in helping us to understand what the Ukrainians and the Russians require for peace. We will continue to work on this process. "We are aware of the fact that certain elements in the Ukrainian intelligence services have tried to influence the outcome of American and Hungarian elections. This is what they do... "The seeds of this conflict were planted long before the fighting began. They were also planted when European leaders decided to invest so deeply in a certain energy economy, that they would cut themselves off to oil and gas from the east. It's obvious now that this was a big mistake back then. IRAN WAR: VANCER THE WAR There are two ways that this will end. The United States has achieved its military objectives ..." in large part. "Pathway One is when the Iranians decide to become a normal nation. They won't fund terrorism any longer. They will be a part of the global system of trade and exchange ..." "Option B" is that if Iran does not come to the table, and if they continue to terrorize their neighbours - not just Israel but also their Arab neighbours - then the Iranian economic situation will remain very, very poor. ORDER ON THE RUSSIA-UKRAINE WORTHY Budapest would be happy to host a meeting between the United States and Russia if they felt it was necessary ..." "The strategy that Europeans used to support the Ukrainians during this war is over. It has failed. The Russians' assets have suddenly gained value. "Suddenly, they are in a better position than before and the pro-war, pro Ukraine strategy of Europe has failed. This is over, but we're concentrating on the Hungarian election right now rather than Brussels. "I believe that we will face a new situation following the Hungarian election." (Reporting and editing by Kevin Liffey; Gergely Szakacs)
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Gold prices steady as Trump's Iran deadline approaches
The gold price was essentially unchanged on Tuesday as caution prevailed on the'market in anticipation of the expiration of the U.S. ultimatum threatening Iran with devastating attacks against its infrastructure if it did not reopen the Strait of Hormuz. By 9:25 am, spot gold had risen 0.2% to $4,659.35 an ounce. ET (1325 GMT), following a 1% rise earlier in the day. U.S. gold futures remained steady at $4,684.50. The gold market is teetering on the edge of a cliff ahead of tonight's 8 p.m. Eastern Time deadline imposed by the United States. The gold market is halted as traders await the outcome of an 'event that could have a significant impact,' said Jim Wyckoff senior analyst at Kitco Metals. IRAN DOES NOT SHOW ANY SIGN OF CONCEDING Strikes against?Iran continued throughout the day but Iran did not show any sign of accepting Trump’s ultimatum to open the Strait by Tuesday's end. The U.S. President said that "a whole civilization will die tonight" without a deal with Tehran. Gold traders are more concerned about what central banks will do with interest rates, than geopolitics. Wyckoff explained that if major economies delay lowering their interest rates, "that could be extrapolated as less demand for gold." Since the Iran conflict, oil prices have risen since supply concerns increased. The higher?energy prices feed inflation and limit the ability of central banks to reduce?interest rates. Gold is an inflation hedge, but it's less appealing in high-rate environments because it doesn't offer any yield. The market will also be focusing on the minutes of the Federal Reserve's meeting in March which are due to be released Wednesday. Additionally, U.S. The Personal Consumption Spending data will be released on Thursday and the Consumer Price Index?on Friday. Data showed that China's central banks continued to buy gold for the 17th consecutive months. (Reporting by Ashitha Shivaprasad in Bengaluru; editing by Barbara Lewis) (Reporting from Ashitha Shivaprasad, Bengaluru. Editing by Barbara Lewis.)
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Sources say that Russia's NORSI refinery has halted its operations following a drone attack on Sunday.
Two industry sources said that NORSI, Russia’s fourth largest oil refinery, suspended operations on April 5, following an attack by a Ukrainian drone. The temporary 'closure' of the refinery will increase the uncertainty in Russia's energy industry, which has already been hit by a series of Ukrainian attacks including those that have targeted its major oil-exporting terminals on the Black Sea or the Baltic Sea. Russian authorities announced on Sunday that a drone had attacked the NORSI oil refinery, causing it to catch fire. Gleb Nikitin said that two facilities at the plant had been hit, and a power station, as well as several houses, were also damaged. According to the Saint-Petersburg International Mercantile Exchange (SPIMEX), Lukoil does not offer to sell gasoline or diesel from its refinery located 450 km east of Moscow. On Tuesday, industry sources said that the suspension of supplies may be extended until the end?of the month. Lukoil didn't immediately respond to a comment request. NORSI is Russia's second-largest gasoline producer. It can process 16 million metric tons of crude oil per year or 320,000 barrels of fuel per day. Hugh Lawson, Editor and Reporter.
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Russian officials claim that Ukrainian drone strikes killed five people, including a child and a parent at home.
Russian officials confirmed that a drone strike in Ukraine killed five civilians including a '12-year-old boy and his parents. They also struck a school located in an area of southeast Ukraine under the control of Russian forces. Alexander Avdeev and other local officials confirmed that the 12-year-old boy, his parents, and their apartment were all killed by a 'overnight Ukrainian drone attack on Russia's Vladimir Region. Yevgeny Balitsky, the Moscow-backed governor of Zaporizhzhia, in southeast Ukraine, claimed that Ukrainian drones struck a village school in Velikaya Znamenka and seriously injured six people. Five of those were children. Balitsky stated that a local official was killed when he helped the children to evacuate the school. Vladimir Saldo said that a?woman? in her fifties was also 'killed? at home by a Ukrainian drone attack on the part of a?Russian controlled Kherson. The Ukrainian officials claimed that they could not independently verify the statements of the officials, and that Russia itself had launched a series deadly attacks. Reporting and Editing by Andrew Osborn, Guy Faulconbridge
QUOTES-Reactions to the death of Iran's president in a helicopter crash
Iranian President Ebrahim Raisi, a. hardliner long seen as a possible successor to Supreme Leader. Ayatollah Ali Khamenei, was killed in a helicopter crash in. mountainous surface near the Azerbaijan border, officials and. state media stated on Monday. The helicopter was likewise carrying Foreign Minister Hossein. Amirabdollahian and 6 other travelers and crew, all of whom. perished.
Here are responses to the news:
SAUDI ARABIA'S KING SALMAN BIN ABDULAZIZ AND CROWN PRINCE. MOHAMMED BIN SALMAN
They used acknowledgements to the acting head of the executive. authority, Mohammad Mokhber, on the death of Ibrahim Raisi,. president of the Islamic Republic of Iran, and his buddies.
MARYAM RAJAVI, PRESIDENT-ELECT OF PARIS-BASED NATIONAL. COUNCIL OF RESISTANCE OF IRAN OPPOSITION GROUP, IN A DECLARATION:
This represents a monumental and permanent tactical blow. to the mullahs' Supreme Leader Ali Khamenei and the whole. program, well-known for its executions and massacres.
It will trigger a series of consequences and crises within. theocratic tyranny, which will spur defiant youths into. action.
Menstruation of mothers and those seeking justice for the. performed, along with the damnation of the Iranian people and. history, mark the tradition of Ebrahim Raisi, the well-known. wrongdoer of the 1988 massacre of political detainees.
AFGHANISTAN'S ACTING PRIME MINISTER MULLAH MOHAMMAD HASSAN. AKHUND:
We share in the sorrow of the Islamic Republic of Iran and. its people and extend our condolences to all the households of the. victims, the country, and the federal government of Iran.
In these difficult times, we stand alongside the people of. Iran and pray for forgiveness for all the victims of this. occurrence and for persistence for their families.
CHINA'S FOREIGN MINISTRY REPRESENTATIVE
President Xi Jinping has already sent out a direct message to. Iran's very first vice president, Mohammad Mokhber.
Xi stated President Raisi made essential contributions towards. Iran's security and stability, and towards establishing the. extensive tactical partnership in between China and Iran.
PALESTINIAN PRESIDENT MAHMOUD ABBAS, IN A DECLARATION:
We extend our sincere acknowledgements and compassion to the. brotherly Iranian people for the death of the late President. Ibrahim Raisi and the Foreign Minister, hoping to Almighty God. to bestow His vast grace upon the departed Iranian President and. the others, and to grant persistence and solace to their households,. affirming the uniformity of the State of Palestine and its. individuals with the Iranian leadership and individuals in this terrific. affliction.
PAKISTAN PRIME MINISTER SHEHBAZ SHARIF, ON X:
The fantastic Iranian country will overcome this disaster with. popular guts.
Pakistan will observe a day of mourning and the flag will. fly at half mast as a mark of regard for President Raisi and. his buddies and in uniformity with brotherly Iran.
INDIAN PRIME MINISTER NARENDRA MODI ON X:
Deeply saddened and surprised by the tragic demise of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral. relationship will always be remembered.
My genuine acknowledgements to his family and the people of. Iran. India stands with Iran in this time of sorrow.
RUSSIAN PRESIDENT VLADIMIR PUTIN:
Seyed Ebrahim Raisi was an impressive political leader whose. entire life was devoted to serving the Motherland.
As a true pal of Russia, he made an indispensable personal. contribution to the development of excellent neighbourly relations. between our nations and made great efforts to bring them to. the level of tactical collaboration.
OPEC SECRETARY GENERAL HE HAITHAM AL GHAIS:
In these difficult times, on behalf of myself and all the. personnel at the OPEC Secretariat, I extend my acknowledgements and. compassion to the renowned leadership and individuals of the Islamic. Republic of Iran and the households of HE President Raisi and. other authorities.
TURKISH PRESIDENT TAYYIP ERDOGAN, ON X:
As a coworker who personally witnessed his efforts for the. peace of the Iranian individuals and our area during his time in. power, I remember Mr. Raisi with respect and gratitude.
LEADER OF YEMEN'S HOUTHIS ABDUL MALIK AL-HOUTHI:
It is with fantastic regret and grief that we got the. news of the regrettable occurrence of the President of the Islamic. Republic, Mr. Ibrahim Raisi, the Minister of Foreign Affairs,. Dr. Hussein Amir Abdullahian, and their buddies.
THE PALESTINIAN IRANIAN-BACKED ISLAMIC JIHAD GROUP:
The martyrdom of the President and his Foreign Minister is. a great loss for the Islamic Republic.. It stated his loss was a fantastic one for the Palestinian people in. these hard circumstances, as they played a popular and. clear function in supporting and helping the struggle of the. Palestinian people.
NECHIRVAN BARZANI, PRESIDENT OF THE IRAQI KURDISTAN REGION:
The death of President Raisi is a tremendous disaster and a. extensive loss for the Islamic Republic of Iran, its individuals, and. its good friends.
Nevertheless, we have faith that the honorable people of Iran. and the Islamic Republic will overcome this enormous loss. May. God Almighty supply help and security to all, and may. the memory of the left be blessed.
ARAB LEAGUE CHIEF AHMED ABOUL GHEIT, IN A STATEMENT:
We pray to God to shower them with mercy and forgiveness. and to influence their households with patience and solace.
SUDAN'S SOVEREIGN COUNCIL HEAD ABDEL FATTAH AL-BURHAN, IN A. DECLARATION:
While the President of the Sovereign Council extends his. sincere condolences and sympathy to the friendly Iranian people,. he prays to God Almighty that he may have mercy on the President. and his companions, and grant their households patience and. solace, revealing the uniformity of the Government of Sudan and. its people with the management and the Iranian people in this. fantastic loss.
MALAYSIAN PRIME MINISTER ANWAR IBRAHIM, ON FACEBOOK:
President Raisi exhibited a deep dedication to the. welfare of his individuals and the self-respect of his country, which. represents a happy and abundant civilisation rooted in the. concepts of Islam.
His devotion to justice, peace, and the uplift of the. ummah was genuinely inspiring.
ITALIAN PRIME MINISTER GEORGIA MELONI ON BROADCASTER CHANNEL. 5 TV:
I see in these hours that the Iranian authorities are. crediting the thesis of the mishap and not conspiracy. theories.
I do not see any changes in the internal order in Iran, we. are in consistent contact with our European and G7 allies since. we are speaking about an incident that belongs to an especially. intricate regional framework.
I hope that the future Iranian management wants to dedicate. itself to the stabilisation and pacification of the region.
CHARLES MICHEL, PRESIDENT OF THE EUROPEAN COUNCIL, ON X:
The European Union expresses its sincere condolences for. the death of President Raisi and Foreign Minister Abdollahian,. in addition to other members of their delegation and crew in a. helicopter mishap. Our thoughts go to the families.
JAPAN'S GOVERNMENT REPRESENTATIVE YOSHIMASA HAYASHI:
Japan expresses its inmost acknowledgements to the government. and people of Iran over the death of President Raisi and the. foreign minister.
VENEZUELAN PRESIDENT NICOLAS MADURO, ON X:
... Deeply saddened to have to say goodbye to an exemplary. person, an amazing leader of the world as our brother. Ebrahim is, and will constantly be, an outstanding person,. protector of the sovereignty of his individuals and genuine. friend of our country.
From Bolivarian lands, we express our deepest condolences. to Supreme Leader Ayatollah Ali Khamenei and want divine. consolation for such a delicate loss.
EGYPTIAN PRESIDENT ABDEL FATTAH EL-SISI:
The president of the Arab Republic of Egypt ... prays that. the deceased Iranian President and the departed might rest in God. Almighty's grace, and give their households perseverance and solace,. revealing the uniformity of the Arab Republic of Egypt with the. Iranian management and people in this terrible incident.
LEBANON'S IRAN-BACKED HEZBOLLAH GROUP, IN A DECLARATION:
It applauded the struggle of the martyrs in safeguarding the. reasons for the nation and their service to Iran, getting in touch with God. to bless them with his mercy, to safeguard Khamenei, and to grant. Iran the ability to get rid of the ordeal with patience and. determination.
SRI LANKA PRESIDENT RANIL WICKREMESINGHE, ON X:
I express my deepest compassions and genuine condolences to. the bereaved households, the federal government and the people of Iran. Our ideas and prayers are with the households of President. Raisi and his entourage.
JORDAN'S KING ABDULLAH, ON X:
My deepest condolences to the bros, management,. federal government and individuals of the Islamic Republic of Iran on the. death of Sibling President Ebrahim Raisi, Foreign Minister. Bro Hossein Amir Abdullahian and those accompanying them,. may God have mercy on them all.
We stand in solidarity with our brothers in Iran in this. hard situation
UAE PRIME MINISTER SHEIKH MOHAMMED BIN RASHID AL-MAKTOUM:
Our hearts are with you in this hard time. Our prayers. are that God will cover them with His vast grace and stay them. in His large Paradise.
SYRIAN PRESIDENT BASHAR AL-ASSAD, IN A STATEMENT:
Assad affirmed Syria's uniformity with the Islamic Republic. of Iran and the households of the dead.
Assad added that Syria had actually dealt with the late president to. ensure tactical ties between Syria and Iran stayed. prosperous, remembering Raisi's crucial see to Syria as part. of enhancing ties for the benefit of both countries.
IRAQ PRIME MINISTER MOHAMMED SHIA AL-SUDANI, IN A DECLARATION:
We extend our wholehearted condolences and compassions to the. Supreme Leader of the Islamic Republic, Ali Khamenei, and to the. country of Iran, its federal government and individuals.
We reveal our uniformity with the brotherly Iranian people. and the authorities of the Islamic Republic throughout this unpleasant. disaster.
HAMAS DECLARATION:
The statement conveyed Hamas' inmost condolences ... for. this immense loss.
It praised the deceased Iranian leaders for supporting the. Palestinian cause and resistance versus Israel and expressed. self-confidence that Iran's deep-rooted organizations will allow it. to conquer the effects of this fantastic loss.
QATAR'S EMIR SHEIKH TAMIN BIN HAMAD AL-THANI, ON X:
Genuine condolences to the federal government and people of the. Islamic Republic of Iran ... asking God Almighty for grace and. forgiveness for them and for their families with patience and. solace.
We come from Allah and to Him we shall return.
(source: Reuters)