Latest news with #IranOilMinistry
The National
9 hours ago
- Business
- The National
Gulf markets open lower as Israel and Iran continue to trade blows
Gulf markets opened lower on Sunday amid escalating geopolitical tension as Israel and Iran continue to carry out strikes on each others defence and energy targets, with no signs of let up from either side. The Saudi Tadawul All Share Index (TASI) was down 2.25 per cent, while the Qatari Stock Exchange and Kuwait's main market were down more than 4 per cent during early trading on Sunday morning. The Muscat Stock Exchange was down 1.9 per cent while Bahrain's bourse was mostly flat, down 0.6 per cent at 11am UAE time. Stocks in Tel Aviv also opened lower on Sunday in the first trading session since the start of waves of air, drones and missile strikes between Israel and Iran on Friday. The Tel Aviv 35 index slumped 1.5 per cent, while the broader TA-125 index was down 1.4 per cent, before recovering some of the early losses. 'Global markets are grappling with the dual challenge of energy supply risk and policy uncertainty,' Iridium said in a note to investors on Sunday. 'Oil prices have surged, raising inflation concerns and prompting some tanker operators to reroute shipments.' Both Israel and Iran expanded their attacks overnight with tension escalating as the conflict enters the third day. It started when Israel launched, what it called a 'pre-emptive' strike early on Friday, hitting nuclear and military sites inside Iran. In Iran, the Shahran fuel depot was hit during an Israeli attack that began on Saturday night, setting storage tanks on fire, Iran's Oil Ministry said. In the city's south, Shahr Rey, one of the country's largest oil refineries, was also struck, according to Iranian state media. Israel's emergency services said at least eight people, including children, were killed in the overnight strikes, and about 200 were wounded. Stock markets around the world plunged on Friday amid the rising tension. The Dow Jones Industrial Averaged tumbled 1.79 per cent. The S&P 500 and tech-heavy Nasdaq Composite fell 1.13 and 1.3 per cent, respectively, at the market closed on Friday. Japan's Nikkei 225 lost 0.89 per cent, South Korea's Kospi dropped 0.87 per cent and Hong Kong's Hang Seng index shed 0.59 per cent. In London, the FTSE 100 was down 0.39 per cent, while Paris's CAC 40 fell 1.04 per cent and Frankfurt's DAX shed 1.07 cent. In the Middle East, Dubai's DFM general index closed 1.85 per cent lower, while Abu Dhabi's FTSE ADX general index was down 1.47 per cent. Both markets are closed for trading on Sunday. Global stock markets are already under pressure due to the tariff-driven chaos and the intensifying Israel-Iran conflict is adding another layer of volatility to an already fragile state.
Al Arabiya
20 hours ago
- Al Arabiya
Iran says Shahran oil depot targeted in Israeli attack
Iran said the Shahran oil depot in Tehran was targeted in an Israeli attack on Saturday but that the 'situation was under control.' 'The fuel volume in the targeted tank was not high, and the situation is fully under control,' Iran's oil ministry's SHANA news agency reported.
Reuters
20 hours ago
- Reuters
Iran says Shahran oil depot targeted in Israeli attack
June 14 (Reuters) - Iran said the Shahran oil depot in Tehran was targeted in an Israeli attack on Saturday but that the "situation was under control". "The fuel volume in the targeted tank was not high, and the situation is fully under control," Iran's oil ministry's SHANA news agency reported.
New York Times
21 hours ago
- Politics
- New York Times
Israel Expands Attack to Include Iran's Oil and Gas Industry
In a widening of its military campaign against Iran, Israel targeted Iran's critical energy infrastructure at gas and petrochemical refineries on Saturday, according to a statement from Iran's oil ministry. The statement said Israeli drones had targeted a section of the South Pars Gas Field in Bushehr Province. South Pars is one of the world's largest gas fields and a critical part of Iran's energy production. The Fajr Jam Gas Refining Company was also targeted, the ministry said. Iran is one of the world's major energy producers. It has the second-largest gas reserves in the world and fourth-largest crude oil reserves. Videos posted to social media and verified by The Times showed a large fire burning at the South Pars gas refinery in Iran's southern Bushehr Province. The explosions took production lines at both facilities offline, the ministry statement said, even as firefighters and emergency crew had largely contained the blazes. Want all of The Times? Subscribe.
