Oil prices cross $90 as UAE cuts diplomatic ties with Israel

WEB DESK: Tensions between Israel and key Gulf nations escalate, threatening the fragile normalisation achieved through Trump’s Abraham accords. Reports confirm United Arab Emirates’ (UAE) halt on humanitarian aid coordination with Israel, citing the deaths of seven World Central Kitchen workers in Gaza.

International Quds Day today

Further, Israeli media reports that the UAE has announced a suspension of diplomatic coordination with Israel in the wake of the death of seven World Central Kitchen humanitarian workers in Gaza.

Simultaneously, Israel heightens security measures globally following an attack on the Iranian embassy in Damascus, prompting fears of an Iranian retaliation following Monday’s Israeli attack on the Iranian embassy in Damascus.

All of this served to send Brent soaring in the last two hours, with Brent spiking above $90 for the first time since October and sending stocks tumbling to session lows, Oilprice.com reported.

Meanwhile, US President Biden expressed frustration with Israeli prime minister Banjamin Netanyahu over the Gaza incident, urging for an immediate ceasefire to protect civilians and address the humanitarian crisis.

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While Biden’s stern stance signals a shift in US policy towards Israel, amidst growing concerns within the Democratic base, there are also expectations of this being more mere empty words of “concern”.