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UAE calls Iran to discuss Hormuz Security in Rare Visit after War Tensions
In a phone call with his Iranian counterpart Abbas Araqchi, UAE Foreign Minister Sheikh Abdullah bin Zayed stressed the importance of protecting maritime corridors as well as ensuring freedom of navigation through the Strait of Hormuz. The state news agency WAM reported the exchange. It marks a rare contact between Abu Dhabi, and Tehran, following tensions related to the U.S.-Israeli War on Iran. The two ministers had their first official conversation since the U.S.-Israeli strikes on Iran, followed by Iranian attacks in the Gulf region, including the United Arab Emirates, where U.S. military bases are located. Sheikh?Abdullah stressed the?need to comply fully with a U.S.Iran memorandum-of-understanding in order to achieve an "immediate, comprehensive cessation" of hostilities. He also emphasized respect for sovereignty, compliance with international law and an uninterrupted flow of maritime traffic through Hormuz. The call indicates an effort to move beyond strains in UAE and Iran relations. During the conflict, Iranian attacks disrupted Dubai’s hotel sector, prompted some expatriates leave, and harmed perceptions of stability within a country which?markets itself? as a regional?business?hub. Sheikh Abdullah stated that diplomacy was the best method to resolve crises. He expressed the hope that ongoing efforts will?lead? to lasting security and stability in the region. Reporting by Muhammad Al Gebaly in Cairo and Enas Allashray; Editing by Alison Williams & Ros Russell
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The falling energy prices will not deter the rising risks of civil unrest and violence in emerging markets
Analysts say that a drop in oil prices following a fragile U.S. - Iran truce helped to 'ease immediate inflationary tension in many emerging markets. However, 'cheaper oil will not be enough to defuse civil unrest, as the damage done by household finances is already done. Energy price increases and rising costs of living have been blamed for protests from Kenya to Indonesia to Bolivia in the last few weeks. Verisk Maplecroft, a global risk consultancy based in the UK, said that civil unrest worldwide reached a six-year-high in the second quarter 2026. It creates a quarterly index that tracks recorded protest events worldwide over a rolling 12 month period. The index measures their frequency, size and severity. Brent oil prices are nearing $70 per barrel, a return to pre-conflict values after an agreement?last weekend between Washington and Tehran allowed shipping through the Strait of Hormuz. The high energy prices have taken a toll on consumers. Oil prices are volatile, and any drop in the price of oil or other commodities when trade resumes through the Strait of Hormuz will take some time to reach consumers. Torbjorn Sltvedt is the head of EMEA for Verisk Maplecroft. He said that inflationary pressures from disruptions to shipping and damage in energy infrastructure will continue into the second half 2026. According to Verisk Maplecroft’s civil unrest Index, which measures protest sizes, deaths and commercial property damages, Iraq saw the largest proportional increase in protest activity of emerging markets during the last year. According to the index, India has seen a significant increase in protests since the second quarter of last year. In the last 12 months, several major emerging markets' risk scores have deteriorated. Brazil's risk score has deteriorated significantly. Iran's score, which was impacted by massive anti-government demonstrations and a crackdown in the first half of this year, also has deteriorated dramatically. DIFFICULT DECISIONS Not all governments are faced with the same decisions. According to Carmen Altenkirch of Aviva Investors, countries with fiscal buffers that are relatively stronger, such as Indonesia and Philippines, they can absorb some of the shock by subsidizing. The fiscally weaker face a difficult choice: either pass on higher prices to the consumers and risk unrest or absorb the costs and slow down fiscal consolidation. Soltvedt, Verisk Maplecroft, said that tighter public finances contributed to increasing inequality and poverty. Both are important risk drivers. A few emerging economies, including Bangladesh, Pakistan and Kenya, have seen a slight improvement in their level of civil unrest over the last year. However, all of them remain in high-risk terrain. Verisk Maplecroft identifies India, Mexico and Brazil as the most vulnerable countries. Jervin Niaidoo is a political analyst with Oxford Economics. He flags Ethiopia as a country to watch, along with Tanzania, Rwanda and the Democratic Republic of Congo. Naidoo stated that "early signs of fuel protests are a kind of foreshadowing of what is to come on the rest of Africa." The rating agency Moody's stated that the risk of negative actions is dependent on whether or not a government's response weakens fiscal trajectory. The International Monetary Fund's programme can be complex, since the Fund has encouraged governments to avoid large subsidies. Naidoo stated, "This is the place where you need to balance what you want to do with your domestic politics and what international lenders want you to." Kenya and Mozambique are among the countries that want to renew their IMF programme. Nicholas Sauer, Robeco, says that bond investors are likely to tolerate temporary and targeted fiscal measures. Some say that the direction in which fuel subsidy reform has progressed in emerging markets is generally correct. Carlos de Sousa, Vontobel, said: "When you compare the fuel subsidies today with those in 2022, it is clear that there will be a reduction of fuel subsidies." The ceasefire is fragile and pressure may increase.
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Gold increases as the dollar weakens, but still on course for a fourth consecutive weekly loss
Gold prices remained on course for a fourth straight weekly decline, despite a slight increase on Friday as the dollar declined and expectations of U.S. rate hikes were eased following inflation data. By 9:39 am EDT (1339 GMT), spot gold had risen 0.51%, to $4 046.70 an ounce. U.S. Gold Futures for August Delivery rose by 0.35%, to $4.061.40 an ounce. The U.S. Dollar eased off recent highs following the release of the Fed's preferred index on Thursday. The U.S. The Personal Consumption Spending Price Index? grew 4.1% over the past 12 months, which is in line with economists' predictions in a survey. According to CME Group’s FedWatch Tool, traders are pricing in a?60% chance of an increase in U.S. interest rates in September. This is lower than the?64% expectation earlier. Jim Wyckoff is a market analyst with American Gold Exchange. He said that gold has seen a modest recovery after being under pressure to sell earlier in the week. The appeal of non-yielding gold is reduced by higher interest rates and tighter policy, which tend to increase bond yields?and increase returns from interest-bearing investments. Gold prices fell by 2.6% this week, and spot gold reached a record low of more than seven months. TD Securities stated in a report that sustained strength in the energy markets may put downward pressure on gold in the months to come. This week, gold?traded at a premium for the first time since a month-and-a-half, after a price adjustment?boosted buying. Meanwhile, demand in China, the largest consumer, remained subdued. Silver spot rose by 0.42%, to $58.1109 an ounce. Palladium rose 1.25%, or 1.21%, to $1199.25, while platinum gained 0.21%, or $1604.45.
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After deadly earthquake, international aid is heading to Venezuela
Venezuela is receiving cash, emergency aid and rescuers after two powerful earthquakes that shook the area around Caracas left thousands of people missing. Details of foreign aid are listed below: UNITED NATIONS U.N. humanitarian?body reported that 25 international teams with 1,000 personnel total had been mobilized. Tom Fletcher, the chief of aid at the United Nations, said that a collective effort would be needed in order to support a government-led response. UNITED STATES The U.S. State Department announced that it is?mobilizing? $150 million in assistance. The U.S. State Department said it is mobilizing $150 million in aid. Washington will also send a disaster response unit with two urban search and rescue units and provide airlift, logistic and coordination support for moving personnel and lifesaving supplies to affected areas, according to the State Department. The U.S. Military is also supporting other relief efforts, including the transport of supplies and personnel. DOMINICAN RUBRIC The Dominican Republic sent a rescue team to La Guaira in order to join the Venezuelan forces. A senior officer from the Dominican Air Force said that rescue workers were using flashlights, sound equipment, and specialized gear in order to search for people inside collapsed buildings. EL SALVADOR El Salvador's President Nayib Bukale pledged 300 rescue workers, paramedics and 50 tons of medical supply to Venezuela in the early morning hours of Friday. MEXICO Venezuelan interim president Delcy Rodrguez posted video footage of Mexican soldiers arriving with sniffer dogs. Mexico will initially send 250 military rescue personnel and five rescue dogs. It will also provide four aircraft, a Drone, medical supplies, equipment for rescue, and rescue equipment. The government of Venezuela has allocated EUR1,000,000 ($1.14million) for emergency aid. The Ministry of Defense said that "canine units trained in search-and-rescue are expected to play an important role in the hardest hit areas by the twin earthquakes." SWITZERLAND Eighty rescue workers from Switzerland and 18 tons of supplies have arrived in Aragua. RED CROSS On Friday, the first 17 tons of humanitarian aid will leave the regional humanitarian hub of the International Federation of the Red Cross in Panama and head to Venezuela. Loyce Pace is the Americas Regional Director of the IFRC. She said that the cargo included kitchen sets, hygiene kit, mosquito nets and other essentials. Subrahmanyam Jishankar, Indian Minister of Foreign Affairs, said that two air force planes left for Venezuela with a field-hospital and 35 tons worth of medical supplies, relief materials, and medicines. GERMANY On Friday, a 48-member federal German disaster relief team will be deployed to Venezuela?to help with rescue and recovery efforts. POPE LEO VIII Vatican media reported that Pope Leo sent EUR100,000.00 to Venezuela as relief for the quake, from the Vatican charity fund. WORLD CENTRAL KITCHENER Chef Jose Andres said that his team has begun to distribute meals in Caracas. He said that his Longer Tables Fund would immediately donate $1 million to Venezuela. COLOMBIA Colombia's National Unit of Disaster Risk Management said that it had mobilized a urban search and rescue team of over 60 people, with four dog teams and 12 metric tonnes of?equipment to Venezuela. The mayor announced that nine firefighters from Cali would be assisting in search and rescue efforts. ECUADOR Ecuador will send a team of rescuers to Venezuela on Wednesday, which includes 46 urban search and rescue specialists, two dogs, and six tons of equipment. PANAMA Panama has said that it will send a rescue team to Venezuela, and organize humanitarian aid. FRANCE France has announced that it will be sending a unit of urban search and rescue to Venezuela, including medical teams and engineers as well as dogs to locate and remove survivors from collapsed building. Italian Foreign Minister Antonio Tajani stated that firefighters, the Ministry of Defense and the Air Force were mobilized to offer assistance.
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The Louis Vuitton waterfall show is a hot topic in Paris
LVMH, the luxury group, said that no water was wasted when its flagship Louis Vuitton opened Paris Fashion Week Tuesday. The French capital is currently experiencing a heatwave of record proportions. The eight-metre high wave, set against a runway covered in sand, was the backdrop for Pharrell's spring-summer 2027 show. The structure was placed outside Cite Universitaire in southern Paris, a 20th century residential complex that houses more than 12,000 students a school year. Images of the installation, which was installed in France when temperatures soared above 104 degrees Fahrenheit, quickly attracted the attention of local politicians and residents. This rekindled the debate over the way fashion brands exploit the city's landmarks and use them for commercial purposes. The water that was used to create this wave came from the Paris water system. It was pumped there and then redirected into the sewer system of Paris via a closed loop system, according to a LVMH spokesman. She said the sand will be recycled in the Cite Universitaire beach-volleyball court and by a recycling partner. The event 'had been adapted for heatwave regulations. Jerome Duplan, the Cite Universitaire’s director of communications, also stated that water was pumped through a closed loop system. "A VERY UNFORTUNATE MESSAGE" Fashion Week supporters say that staging runway shows on public buildings will enhance Paris' reputation as the fashion capital of the world. However, some of the ambitious projects of the industry have been met with resistance by locals. Williams' debut show in 2023, which closed off Paris' 'oldest bridge' near the Louvre and Notre Dame Cathedral, was accused by French politicians of appropriating space. Melody Tonolli is the Paris deputy mayor responsible for the living conditions of students. She said, "I can understand the public's response to poorly explained privatisations with access restrictions and a display in the middle?of a?heatwave that sends an unfortunate message." LVMH stated that the six-week duration of the installation was agreed with its host. Duplan, from Cite Universitaire, said that Louis Vuitton’s sponsorship had helped to fund the structure. The Cite Universitaire is facing financial pressure due to a decline in public funding and rising costs. However, some of its residents claimed that they were treated unfairly, and that they couldn't use certain facilities despite paying rent and had to?adjust their daily routines due to?the event. The show highlighted a stark difference between the 'extreme wealth' of those on display and their own living standards. Emma Keller, a student at the University of Pennsylvania said: "When you look at where we live, how we live, and what Louis Vuitton just created, it's a complete contradiction." Reporting by Alessandro Parodi, Tassilo Humble and Elissa Darrah in Paris. Editing by Ros Russell.
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As traders reassess Fed interest rate outlook, gold prices will drop for a fourth consecutive week
Gold prices rose on Friday as recent U.S. data on inflation weighed on the dollar. This led markets to trim slightly their rate-hike betting, but it was still on course for a fourth consecutive weekly decline, after having fallen to a seven-month-low earlier in the week. As of 1128 GMT, spot gold rose 0.7% to $4,051.97 per ounce. U.S. Gold Futures for August?delivery increased 0.5% to $4.067.50/oz. On Wednesday, gold fell below $4,000 for the first since November. The dollar also rose to its highest level in more than a year. The yellow metal will lose about 2.5% per week. Analyst Ole Hansen of Saxo Bank said that gold is now trading at $4,000 for the third session in a row. Investor sentiment has been shaken up by a recent selloff, as markets adjust to a hawkish Fed and a stronger US dollar. The U.S. Dollar held near its recent highs, despite a slight dip. This was after the Fed's preferred measure of inflation on Thursday caused markets to scale back expectations for Fed rate hikes. The markets still expect three Federal Reserve interest rate hikes in 2018. CME FedWatch shows a 61% chance that a September rise will occur, down from 69% prior to the U.S. Personal Consumption Expenditures data. Hansen added that, "while the technical breakdown continues weighing on sentiment, continued falls in energy prices and lower bond yields may eventually reduce the pressure on the Federal Reserve?to tighten policy even further, possibly?offering a little support to the precious metal." Crude oil prices are down more than 2%, as concerns about supply ease after more stranded tankers have left the Strait of Hormuz. Han Tan, Bybit's chief market analyst, says that if the bears are able to maintain a sustained break below $4000, they may test the $3886 level of support. A bearish "death crossing" could also reinforce the downward momentum and leave prices vulnerable in the months ahead to the range between $3600 and $3700. Silver spot rose 0.8% per ounce to $58.33, platinum rose 1.3% to $1622.30 and palladium rose by 2.5% to $1213.76. All metals are headed to a loss for the week. (Reporting from Sumit Saha, Bengaluru. Additional reporting by Swati verma. Editing by Janane Venkatraman & Shrey Biswas.
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Oil and stocks slide as tech fears are stoked by Apple's price hikes
Apple's price increases fueled concerns about the inflationary impact of tech giants spending. Oil prices fell to their lowest level in four months despite the difficulties of reopening Strait of Hormuz. Apple announced Thursday that it would no longer protect customers from the rising costs of memory and storage chips. While its shares were more stable in Friday's premarket trading, this was after a 6% drop on Thursday. Stock market sentiment was also dampened by a media report that OpenAI may delay its IPO to next year. Oil futures dropped more than 3%, and were headed for steep weekly losses. This was despite the fact that a cargo ship was struck near Oman last Thursday. Saudi Aramco resumed Friday loading at its Ras Tanura Terminal in the Gulf, after a near-four-month halt. This is likely to boost?supply. European stocks fell by nearly 1% with a tech sector that saw a drop of almost 2%. Wall Street futures predicted?falls between 0.5% and 1.1%. The steep declines in Asia have been led by tech stocks. MSCI's Asian stock index outside Japan has fallen 3%. South Korea's KOSPI fell as much as 9% in one point and triggered a circuit breaker. Mark Ellis, CIO of Nutshell Assets Management, said that although the short-term effect was inflationary, prices would fall in the future due to increased efficiency. Apple's price hikes tempered investor excitement about Micron's blowout earnings report this week. Analysts said that?monthly and quarterly rebalancing flows may have contributed to the choppy price movements in large tech stocks. These stocks have performed better than most other sectors for much of second quarter. YEN WEAK. The yen was near its lowest level against the US dollar in 40 years, at 161.62. This is above the 160 mark that many consider to be a line drawn in the sand for Japanese authorities. The yen found little relief, even though the U.S. inflation rate met expectations and traders reduced bets on a Federal Reserve interest rate hike in September. Separate data showed that the U.S. economic growth was faster than originally estimated in the first three months of the year, thanks to the downward revisions to imports. However, consumer spending stagnated, casting doubt on the momentum for the second quarter. The dollar index (which measures the strength of the currency against six major counterparts) fell 0.3% to 101.2 but was still not far off its highest level since May 2025. Treasury yields fell on Friday, with 2-year rates down 3 basis points at 4.09%, marking a fourth consecutive day of declines. 10-year rates were down 1 bp to 4.38%. Gold was up 0.5% for the day at $4,046. Stella Qiu, Ankur Banerjee and Kevin Buckland edited the report.
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What is the "Omega Block" causing Europe's intense summer heatwave?
A weather pattern called an 'omega block' is sustaining the intense heatwave that has engulfed Western Europe and caused more than 50 deaths in France. What you need to understand about Omega blocks and whether climate change could make them more frequent in future years. What is an 'Omega?Block'? The Greek letter O is the shape of an omega block. It has a bulge between two low pressure systems that are cooler and warmer. The "blocking element" refers to the way in which warm, high-pressure air becomes stuck. In normal conditions, the Jet Stream carries weather systems from west to east. This flow can be disrupted during an Omega Block and can buckle north and south dramatically, isolating pressure systems. These patterns are slowed down by weaker steering winds, and by temperature contrasts in the atmosphere. This causes a hot, still air to be trapped in the same place. Omega blocks can last for up to 10 days. WHAT HAPPENS WHEN AN OMEGA BLOCKS? Conditions become 'hot and dry' in the area of high pressure. High pressure suppresses the formation of clouds, which results in clear skies and sunny skies. Conditions like this are baking France, and Spain where temperatures have exceeded 40° Celsius (104° Fahrenheit). Low-pressure zones flanking the hotspot are likely to experience cooler and rainier conditions. According to the UK Met Office, Britain is on the boundary of the high-pressure systems and cooler air in the northwest, causing intense heat in south and east and cooler and wetter conditions to be found in north and west. Is climate change responsible? Scientists are not yet in agreement on how climate change affects the frequency of blockage events, although some research suggests that global warming increased their frequency this century in northern and western Europe. The global scientific consensus, however, is that climate change increases the 'frequency and intensity' of heatwaves. Since pre-industrial times, greenhouse gas emissions, mostly from burning coal and oil, have warmed the earth by approximately 1.4 C. Heatwaves are more intense when temperatures are higher. Scientists stated on June 26 that the European heatwave was "virtually unavoidable" without?climate changes caused by humans. This has made this week’s oppressively hot temperatures at night 100 times more probable than it would have even been two decades ago. World Weather Attribution, a group of climate scientists, said that a similar heatwave in the same month fifty years ago would have been around 3.5° Celsius cooler than this one. The heat that results from patterns such as omega blocks can be much more intense because of the way climate change has increased global temperatures. (Reporting and editing by Richard Lough, Ros Russell, and Kate Abnett)
After the US waiver, traders claim that middlemen are offering Iranian oil to Indian refiners.
Indian refining sources claim that several middlemen offered 'discounted Iranian crude oil' to Indian refiners as a way for 'Tehran' to speed up sales following Washington’s temporary waiver of sanctions.
After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, which opened a small window for a renewed energy trade.
Sources said that the Iranian state oil producer, National Iranian Oil Co. (NIOC), has approached Indian refiners directly and through intermediaries, claiming to have allocated oil.
"Apart form NIOC several traders contact us to sell?Iranian Oil. One of the refining source said, "My priority is to give NIOC a chance." These sources declined to name themselves because the discussion was confidential.
NIOC tells Indian 'buyers that Iranian crude will be $3 to $4 cheaper per barrel than similar regional grades, on a landed-basis.
Sources, who declined to be named, said that the traders who approach refiners are mostly from smaller and mid-sized trading firms based in Singapore or Dubai.
Sources added that during the visit of Iranian Petroleum Minister Mohsen Pakhnejad to New Delhi, this week, potential supplies of crude oil and liquefied petrol gas (LPG), to India were also discussed.
Indian refiners are limited in their ability to absorb Iranian crude oil in the near term, as most have already secured supplies for August. Middle Eastern suppliers also press buyers to honor annual contract commitments.
Sources said that India has already imported Iranian LPG via traders and this could increase under the waiver of sanctions. Commercial negotiations may take some time, however, because the payment mechanisms and banking channels are still unclear.
India received two cargoes in April of Iranian oil after Washington granted a 30-day waiver. Payments were settled in Chinese Yuan.
Iran was India's second largest oil supplier during the 2010/11 financial period before U.S. sanction pushed New Delhi into reducing purchases and ultimately halting crude imports from Tehran by May 2019.
(source: Reuters)