Brent crude prices settled above $70/B on 29 January for the first time since September as a US naval armada reached the Middle East and President Donald Trump ratcheted up the pressure on Iran. In a 28 January post on Truth Social, Mr Trump said that “time is running out…as I told Iran once before, MAKE A DEAL...the next attack will be far worse!”
Regional diplomacy is in overdrive in a bid to bring down tensions, with Israeli and Saudi delegations in Washington DC this week, and Iran’s Foreign Minister Abbas Araghchi arriving in Istanbul on 30 January for Turkish-mediated talks. America’s Gulf Arab allies have called repeatedly for de-escalation and made clear that they are staying out of any conflict. On 26 January, the UAE’s Ministry of Foreign Affairs became the latest to reaffirm its "commitment to not allowing its airspace, territory, or waters to be used in any hostile military actions against Iran, and to not providing any logistical support in this regard.” (CONTINUED - 1053 WORDS)
