In this article
Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
Crude oil crossed $80 per barrel Thursday, as the Iran war entered its seventh day and continues disrupting global fuel supplies. Iran’s Foreign Minister Abbas Araghchi said Thursday that his country was “not asking for a ceasefire” from the U.S. and Israel, while President Donald Trump said that his administration will turn its focus to Cuba after the U.S. military operations in Iran are finished.
As oil supply worries take hold, the U.S. issued a 30-day waiver to the world’s third-largest oil importer, India, to resume purchasing Russian oil. That comes after Washington slapped 25% “penalty” tariffs on India for buying Russian crude, which were revoked only last month.
Besides energy disruption, the turmoil in the Middle East has shattered Dubai’s status as a global wealth hub, as the rich scramble to escape the largely tax-free haven. Over the past week, UAE has seen projectiles hit tourist and civilian spaces, including the 5-star Fairmont The Palm Hotel and the Dubai airport.
