Business & Economy5 stories from 1 sources
Oil prices have surged with Brent crude exceeding $80 a barrel following new threats from Iran to disrupt shipping in the Strait of Hormuz, a crucial waterway through which approximately 20% of global oil and gas passes. A senior Iranian military advisor stated armed forces will prevent any oil exports through the Strait of Hormuz. Separately, Amazon Web Services confirmed that drones struck three of its facilities in the UAE and Bahrain following US and Israeli strikes against Iran over the weekend. Disruptions continue across the Middle East's aviation sector with limited flights resuming from the UAE following widespread cancellations. Meanwhile, Paris stocks extended losses as geopolitical tensions in the Middle East escalate, with the benchmark CAC 40 index dropping amid heightened market risk aversion.