The United Arab Emirates has reduced oil output by 500,000 to 800,000 barrels per day, a new report said. Iran vowed not to export oil from the Gulf while its war with the US and Israel continues.
The UAE says it's being targeted 'in a very unwarranted manner' during the war and has shot down over 1,500 rockets and drones since Iran began targeting states around the Persian Gulf.
Australia will deploy a surveillance aircraft to the Middle East and provide the UAE with advanced air-to-air missiles to defend against Iranian attacks.
Supermarket shelves in Dubai remain filled as the food sector continues to rely on logistics systems that proved effective during the pandemic and the floods in 2024.
The conflict has disrupted the region's key shipping lane, the Strait of Hormuz, shaking the oil market and affecting the movement of gold.
