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Gulf Stocks fall as Iran strikes disrupt regional security
Investors pulled their money from Gulf?stocks as they feared?prolonged destabilisation after attacks by Israel and the U.S.?on Iran. Iran retaliated by?attacking Israel and?nearby?U.S. Targets in Arab Gulf Cities State media reported that the Iranian leader Ayatollah Ayatollah Khamenei was killed in the attacks, which began Saturday. On Sunday, witnesses reported explosions over Doha and in the Dubai region for a second consecutive day. Iran's retaliation against U.S. and Israeli strikes caused major regional airports to close, including Dubai. This was one of the worst aviation disruptions in recent years. Investors can measure the impact of trading in Middle East markets on all assets, from oil to safe haven currencies and gold. The benchmark Saudi Arabian share price index plunged by 4.6% during early trading, setting a record for the biggest intraday drop since April. Saudi National Bank, Al-?Rajhi Bank and Flynas were all in the negative at 4.5%. Saudi Aramco however saw a 2.3% increase. On Saturday, the kingdom said that Iran attacked Riyadh as well as the eastern part of its country. Boursa Kuwait has suspended all trade as a precautionary measure. Gulf stock markets are facing increased volatility and correction risk as geopolitical tensions drive a risk off mood and pressure prices and expectations. Investors will be watching regional developments and any further escalation, or damage to the real economy could intensify the "sell-off", he said. The?Muscat Stock Index trimmed its loss to just 1.5%, after sliding by more than 3% on a wide-based basis. Heavyweight?OQ Base Industries fell 2.2%. Qatar's stock market was closed on bank holiday and Bahrain's index fell?0.6%. Abuagla stated that disruptions to shipping through the Strait of Hormuz are also a major risk. They could affect sentiment and disrupt normal operations in a variety of sectors. Barclays increased its Brent crude price forecast on Saturday to around $100 per barrel from $80 the day before. (Reporting and editing by Christopher Cushing in Bengaluru, Ateeq Sharif in Bengaluru)
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Belgium seizes suspected Russian shadow fleet tanker
Theo Francken, the Belgian Defence Minister, said that on Sunday an oil tanker belonged to the Russian shadow fleet. Western sanctions against Russia, imposed for its invasion of Ukraine and intended to cut its oil revenue, have led to a rise in a "shadow" fleet of tankers that help Moscow keep its crude exports flowing. Francken, in a X post dated early Sunday, said that "our armed forces have, with the help of 'the French Defence', boarded a Russian?shadow-fleet oil tanker over the...past few hours." The vessel is being escorted now to Zeebrugge where it will be confiscated. The ownership of shadow fleet vessels is typically opaque. This has raised concerns about the possible environmental risks. Poorly regulated and aged tankers are prone to leaks, mechanical failures and spills. They also threaten marine ecosystems. Putin cannot wage war on innocent Ukrainians without his shadow fleet. We take out these vessels. We take them out one by one. Francken added that Belgium would not rest until the war of aggression by Mr. Bush? stops. The Minister told? The minister told?
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Japan Shippers Stop Hormuz Operations After US and Israel Strikes on Iran
After the U.S. launched?military attacks?on Iran, Japanese shipping firms have halted?operations?around the Strait?of Hormuz. A spokesperson for Nippon Yusen said that the company had instructed its vessels to stop transiting in the area this Saturday. A spokesperson for Mitsui O.S.K. Lines stated, "We will not be navigating the Strait of?Hormuz and all related vessels are instructed to?remain on safe waters". They added that safety of crew, cargo and vessels was the "top priority". A spokesperson for 'Kawasaki Kisen' said that several of their ships are currently in the Persian Gulf on standby. He added that unlike other thoroughfares there is no option to divert the shipments. The spokesperson stated that "until the situation stabilises, we will neither attempt to send vessels across the strait nor dispatch any additional ships toward?the area." The Strait of Hormuz is a narrow waterway that connects Iran with Oman. It's one of the busiest oil chokepoints in the world. The strait is home to a large amount of LNG and about 20% of the world's?oil. (Reporting and writing by Maki Shraki, Kentaro Okasaka, Kevin Buckland. Editing by Christopher Cushing.
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China demands immediate ceasefire following US and Israeli strikes on Iran
China's Ministry of Foreign Affairs has expressed its concern about U.S. and Israeli?strikes on Iran. It has urged for an?immediate halt to the fighting and urged all parties to avoid escalation, and resume dialogue and negotiations. In a Saturday statement, the ministry stated that Iran's sovereignty and security, as well as its territorial integrity, should be respected. China's Embassy in Israel issued a warning to Chinese citizens living in Israel on Sunday. The notice advised them to leave the country for Egypt as soon as they could or move to safer areas. Israel and the United States launched an attack against Iran on Saturday to target its military capabilities. State media reported that Iran's supreme leader Ali Khamenei died in the attack. Separately Hong Kong's?airline operator Cathay Group suspended operations in the Middle East on Saturday, citing a?tension? that had developed following the strikes. Cathay Pacific Airways' parent company, Cathay, announced the suspension of?passenger flight services?to and from Dubai as well as freighter service?operating out of Al Maktoum International Airport in Dubai. It stated that it is rerouting flights that typically pass through the affected area. Reporting by Beijing Newsroom and Shanghai Newsroom; Editing Aidan Lewis and Christopher Cushing
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Sources say that oil and gas traders and majors have suspended shipments via Hormuz.
After the U.S. Trading sources said that Israel and Iran attacked each other, while Tehran announced it had shut down navigation. One top executive of a major trading firm said, "Our ships will remain in port for several days." Satellite images of tanker trackers revealed that vessels were parked next to large ports such as Fujairah, United Arab Emirates and were not passing through Hormuz. An official from the EU Naval mission Aspides? told that multiple vessels in the area received VHF transmissions from Iran's Revolutionary Guards that "no ships are allowed to cross the Strait of Hormuz". The British Navy stated that Iran's orders are not legally binding, and advised ships to transit with caution. Shipbroker Poten & Partners warned clients that although vessel traffic in the Strait of Hormuz is not entirely stopped, it has been disrupted. The U.S. Navy warned against navigation of the entire 'Gulf of Oman', the North Arabian Sea, the Strait of Hormuz, and all of the Gulf of Oman. According to an advisory seen on Saturday, Greece's Shipping Ministry advised vessels to avoid the Persian Gulf and Gulf of Oman, as well as the Strait of Hormuz. Around 20% of the world's oil, including that produced by Saudi Arabia, United Arab Emirates (UAE), Iraq, Kuwait, and Iran, is transported through Hormuz, along with large quantities of LNG from Qatar. Laura Page, from the consultancy?Kpler said that 14 LNG tankers showed signs of slowing, U-turning, or stopping around or in the Strait. She added that this number was likely to rise and pose risks for Qatari LNG exports. Hapag-Lloyd, a German container shipping group, has announced that it will'suspend all vessel transits through the Strait of Hormuz' until further notice. The company warned that services calling on Gulf ports may be affected by delays, rerouting, or schedule adjustments. Maersk, a Danish shipping company, said on its website in an update that was not dated that it coordinated with security partners for all operations in both the Red Sea and Gulf of Aden. However cargo acceptance in the Middle East remained available. The French shipping company?CMA CGM has said that it told its vessels in the Gulf or heading there to seek shelter when the United States and Israel attacked Iran. Reporting by Dmitri Zahdannikov and Marwa Rashad; Editing and editing by Aidan Lewis and Kevin Liffey; Louise Heavens, Edmund Klamann, and Edmund Klamann.
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Four injured in Dubai Airport after Iranian missile attack
Aviation sources said that four people were hurt in an attack on the international airport of Dubai overnight. Dubai's media office stated on X, "a concourse in Dubai International (DXB), sustained minor damages in an incident that was quickly contained," but did not provide any further details. Aviation sources said that one terminal at the airport, which is normally one of world's busiest hubs for aviation, was damaged in an overnight Iranian attack, which authorities publicly called an "incident." Sources also confirmed that Abu?Dhabi Airport International was hit. The sources did not specify whether or not the two airports were directly affected by missile interceptions, or if the damage was caused from debris that fell after the impact. Dubai Airports and Abu Dhabi Airports Company did not respond to our requests for comment. Iranian missiles have been fired at Abu Dhabi, Dubai, and Doha - all major east-west gateways. After the U.S., Israel and Iran launched attacks on Iran and Tehran responded with missile barrages, airlines suspended flights in and out of the Middle East. Flight-tracking charts?showed that the airspace in much of the Middle East was virtually?empty. Dubai Airports has suspended all flights from Dubai International Airport and Al Maktoum International Airport, urging passengers to avoid travel. Emirates and flydubai suspended operations while Etihad suspended all Abu Dhabi departures until Sunday morning. Reporting by Alexander Cornwell and Jaidaa Taka; Writing by Andrew Mills with editing by Deepa Babyington
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Abel, the new Berkshire CEO, tries to reassure investors after Buffett's departure
Greg Abel, the new chief executive of Berkshire Hathaway, has written his first annual shareholder letter on Saturday. He pledged to maintain the "fortress"-like balance sheet, and to uphold the values set by his mentor and predecessor, Warren Buffett. Abel, who is 63 years old, said that he would not rush to use Berkshire's nearly record $373.3 billion in cash, even though he claimed it provided the company with plenty of "dry power" and he did not plan to start paying dividends. Buffett was also against this. Berkshire has not repurchased its own stock since spring 2024. Abel wrote an 18-page letter, one-spaced, in which he acknowledged that he understood how you wanted us to achieve success together. "My role is ensuring our capital allocation and liquidity levels remain deliberate and intentional." Abel paid tribute to Buffett who is 95 years old and still remains Chairman of Berkshire. He visits the offices five days per week. Abel called Buffett a "remarkable CEO". Abel wrote: "Warren Buffett has been a great investor for generations, and they have benefited from his investment knowledge." "To invest in Berkshire is to vote for our founder, a trust which now lies with Berkshire." Berkshire's shares have underperformed by a significant margin the Standard & Poor 500 index ever since Buffett unexpectedly announced in May that he would be stepping down as CEO. CFRA Research analyst Cathy Seifert noted that Abel's note lacked Buffett’s flair for writing, but it could be reassuring for investors. She said, "He had to show continuity and that business would go on as usual despite the new leadership." "In my view, he was right on target." The letter indicated that Abel would not undo Buffett's '60 years' of work transforming Berkshire into a conglomerate worth more than $1 trillion that includes Geico car insurance, BNSF railway, and dozens of manufacturing, retail, and energy businesses. The letter will dispel any doubts that Greg is the right person to lead the company, said Dan Hanson who heads the quality equity team for Neuberger Berman and oversees over $6 billion. Berkshire reported a decline in profit after reducing its stakes of approximately 27% each in Kraft Heinz, and Occidental Petroleum. Operating profit for the fourth quarter fell by 30% to $10,2 billion due to a decline in income from insurance companies such as Geico. Net income dropped 3% to $19.2 Billion, primarily due to Occidental's $4.5 billion write-down, despite gains in equity from Apple and American Express. Operating profit for 2025 fell 6%, to $44,49 billion. Net income dropped 25%, to $66.97. Buffett has long advised investors to ignore fluctuations of Berkshire's Net Income, which are a reflection of accounting rules for equity investment. Seifert stated that the full-year revenue remained essentially unchanged, at $371.44 Billion. Abel also "suggested an expectation that commercial and reinsurance growth could be nonexistent in 2026." Berkshire reported that Fruit of the Loom - one of Berkshire’s most well-known companies - lost 6,000 jobs in the last year due to a decline in revenue. WILDFIRE BATTERED PACIFICORP Utilities 'NOT a deep pocket' Abel said Berkshire’s culture and values would continue "in perpetuity" and indicated no changes to its decentralized structure, in which the dozens of Berkshire businesses operate without much interference from top management. He indicated a willingness and a desire to stay, saying that he would have "just a fraction" of Warren's tenure in 20 years. Abel promised to "invest in durable and well-managed companies that Berkshire can understand, and avoid businesses that could undermine society or jeopardize Berkshire’s reputation." Seifert didn't elaborate but said that he might have been referring artificial intelligence. Abel acknowledged that litigation regarding wildfires in Oregon and California, which burned over 500,000 acres by 2020, put pressure on its PacifiCorp utility. PacifiCorp is blamed by many victims for failing to turn off power lines. Utility has settled more than $2.2 Billion in wildfire claims, but still faces another $50 Billion. Abel stated that Berkshire will accept responsibility for wildfires it is responsible for, but fight unjustified claims. Abel stated that "PacifiCorp should not be treated as an insurer of last recourse and as a big pocket." "Accountability is crucial to preserve the regulatory compact that governs utility companies, along with principled opposition against unwarranted liabilities." TED WESCHLER STAYS ONE Abel was harsher than Buffett on Berkshire companies that could do better. He said that the performance gap between the BNSF and industry-leading competitors is "too large" while the "self-inflicted difficulties" at Shaw Flooring hurt quality and service. Abel, speaking of Berkshire non-insurance companies, said that "each business is responsible to its CEO who is expected pursue 'operational excellence and close performance gap relentlessly." Hanson, Neuberger Berman's investment manager, commented: "Those words are combative." Berkshire still hasn't named a new chief investment officer, but Abel stated that the responsibility for equity investments is "ultimately mine as CEO." Abel said that Ted Weschler will continue to play a "broader" role in assessing investment opportunities, and supporting Berkshire, despite the fact that he manages about 6 percent of Berkshire equity investments.
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Abel, Berkshire's CEO after Buffett's passing, assures investors with a 'fortress like' balance sheet
Greg Abel, the new Berkshire Hathaway chief executive, pledged to 'put his stamp on the company with a 'fortress-like balance sheet, while maintaining the values of Warren Buffett, his mentor and predecessor. Abel, who is 63 years old, stated that he will not rush to use Berkshire Hathaway's near record $373.3 billion in cash, even though the stake gives the company a lot of "dry-powder." He also said he has no plans to start paying dividends. Buffett was against this as well. Berkshire also hasn't repurchased any of its own shares since the spring of 2024. Abel wrote: "I understand how you want to achieve success together and do it in the correct way." "My role is ensuring our liquidity levels remain intentional and deliberate." Abel paid tribute to Buffett who, at 95, stepped down as CEO after 60 years. Buffett is still chairman of Berkshire and visits the offices there five days a weeks. Abel wrote that Buffett was "arguably the greatest investor of all times, with generations benefiting" from his investment expertise. "To invest in Berkshire has long been a vote?of?trust in the founder of Berkshire, a trust which now rests with Berkshire." ABEL TRYS TO SHOW CONTINUITY Abel stated that Berkshire’s culture and values would continue "in perpetuity" and indicated no changes to its decentralized structure, where its dozens businesses operate largely independently of him. He said Berkshire owns the BNSF railway and has "no intention" of buying another major railroad. He also acknowledged the pressures on PacifiCorp utilities from lawsuits over wildfires that occurred in?Oregon. Abel wrote that PacifiCorp was not an insurance of last resort, and it should not be considered a "deep pocket". Cathy Seifert is an analyst with CFRA Research. She said Abel's email might be reassuring for investors. She said that Abel needed to demonstrate a level of continuity and show that business would continue as usual despite the change in leadership. "In my opinion he was on target." Berkshire reported a decline in profit both for the fourth quarter and the entire year after taking a write-down for investments made over the years with Kraft Heinz, Occidental Petroleum, and packaged food company 'Kraft Heinz. Operating profit for the quarter fell by 30% to $10,2 billion. Net?income, including changes in equity holdings by Apple and American Express accounted for a 3% drop to $19.2 Billion. Operating profit for '2025 fell 6%, to $44.49 Billion, and net income fell 25%, to $67 Billion. Buffett has long advised investors to ignore Berkshire's fluctuations in net income. These fluctuations are due to accounting rules which require Berkshire report gains and losses from stocks it is not selling. Reporting by Jonathan Stempel, New York; Editing and proofreading by Louise Heavens & Lisa Shumaker
Witnesses report hearing waves of explosions over Doha and Dubai for the second day.
Witnesses reported hearing loud blasts in Dubai and Doha, the capital of Qatar, for the second consecutive day on Sunday as Iran escalated its retaliatory attacks on Gulf neighbours in response to U.S.
Iran had said that it would attack U.S. military bases in the Gulf region, but has actually hit a range of other targets.
A Dubai Media statement stated that two?people? were injured after shrapnel fell from drones when they were intercepted.
Dubai's airport international, the iconic Burj Al Arab Hotel and the posh Palm Jumeirah Island were all damaged.
The Jebel Ali port area continued to be filled with thick black plumes of smoke after one of the berths had caught fire on Sunday due to debris from an aerial interception.
Dubai is the largest tourism and trade hub of the Middle East, and its airport is a major travel hub.
Qatar's interior minister said that it was responding to a small fire in an industrial area after debris from a missile intercepted fell. (Reporting from Andrew Mills and Maha El Dahan, in Dubai; editing by Edmund Blair and Christian Schmollinger).
(source: Reuters)