Gulf crude producers are positioned to benefit from sanctions and a threatened oil embargo against Iran - if calm can be maintained - as Saudi Arabia considers increasing production to cover lost supply.
The EU's embargo of oil imports, which goes into effect on July 1, has renewed a rise in oil prices that was briefly halted on fears over the global economic crisis.
Brinksmanship over Iran's threat to close the Strait of Hormuz sparked a rally in oil prices at the end of last year, with sabre-rattling by Iran and the US sending the price of Brent crude futures to highs of US$111.11 per barrel.
Political risk is likely to be factored into crude prices for much of the foreseeable future, said Ole Hansen, the senior commodity strategist at Saxo Bank.
"Over the coming days and weeks, however the market will be nervously awaiting the next move from Iran, and in the unlikely event it leads to a military conflict, the price of oil has the potential of spiking higher by anything between 20 and 40 dollars depending on the impact on free passage through the Strait," he said.
The International Energy Agency estimates oil production in Iran, the Middle East's second-biggest oil producer, accounts for 5.7 per cent of the world total.
Saudi Arabia's oil minister told CNN last week that the kingdom was willing to increase production to cover the shortfall from Iran, prompting a rebuke from Iran's foreign minister.
Assuming the Strait of Hormuz remains open, the Gulf states could reap a windfall from additional oil revenues, said Gary Dugan, the chief investment officer at Emirates NBD Private Banking.
"With the Iran situation at the moment … there's the opportunity for the GCC to do well out of that," he said.
"You could say that the Iran embargo could create other problems, but in terms of oil production that would be a positive."
ghunter@thenational.ae
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
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TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5