London's benchmark index dropped 55 points to 10,222 in early trading, after briefly falling as much as 80 points to touch 10,196, as traders weighed the impact of Labour's bruising local election results alongside escalating tensions involving the United States and Iran.
China is emerging as a major player in global diplomacy including in the Middle East. In 2023, it helped re-establish diplomatic ties between Riyadh and Tehran. While it is not officially mediating efforts to end the ongoing war, both the United States and Iran are looking to China to help de-escalate.
Trump surprised Gulf allies by announcing "Project Freedom" on social media Sunday afternoon, the officials said, angering leadership in Saudi Arabia. In response, the Kingdom informed the U.S. it would not allow the U.S. military to fly aircraft from Prince Sultan Airbase southeast of Riyadh or fly through Saudi airspace to support the effort, the officials said.
The anticipated increase reflects renewed pressure on household budgets driven by surging oil and fuel costs, which economists say are increasingly being shaped by the fallout from the conflict involving US-Israeli and Iranian forces.
KLM has cancelled more than 150 European flights as soaring jet fuel costs linked to Middle East tensions begin to hit airline operations. The Dutch carrier said it will suspend 80 return services from Amsterdam Schiphol Airport over the next month, citing a sharp rise in kerosene prices that has rendered some routes 'no longer financially viable.'
The International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.
Canada prepared 50-litre gasoline rationing stamps in 1979 amid the oil crisis, though ultimately did not circulate them. A national rationing system would have allowed essential services like ambulances and farmers to get priority access to gas.
"What we are seeing is not just delays - it's systemic volatility. Flight schedules are becoming fluid, and that has a direct impact on the entire travel chain."
The Israeli military will not allow harm to come to Druze in Syria and will continue to act for their protection. This statement underscores Israel's commitment to safeguarding the Druze community amidst ongoing violence in the region.
