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Oil Surges Over $90 as UAE Cuts Diplomatic Ties with Israel

At this point Israel's ties with key Gulf countries like the UAE are near breaking point, after only a few short years ago diplomatic normalization was hailed through Trump's Abraham accords. But international and Israeli press reports are confirming the UAE has announced it is halting all coordination on humanitarian aid with Israel.

Further, as Israeli media reports: "The United Arab Emirates (UAE) has announced a suspension of diplomatic coordination with Israel in the wake of the death of seven World Central Kitchen humanitarian workers in Gaza." Simultaneously, Israel is busy putting its embassies across the world on high security alert due to the "heightened Iranian response threat" in the wake of Monday's Israeli attack on the Iranian embassy in Damascus. All of this served to send Brent soaring in the last two hours, with Brent spiking above $90 for the first time since October....

... and sending stocks tumbling to session lows.

With Iran vowing that its retaliation is coming at any moment, Israel's military is scrambling for readiness, with the latest measure being to pause all home leave for all combat troops.

"The IDF is at war and the issue of the deployment of forces is constantly reviewed as needed," the Israeli military said.

President Biden is meanwhile is said to be "pissed" with PM Netanyahu over the killing of seven World Central Kitchen aid workers in Gaza, though Israel acknowledged that it was a "grave mistake". 

 

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So far this sounds like more mere empty words of "concern" - a talking point that's been on repeat from the White House even as its Gaza policy continues slowly fracturing the Democratic base - but Biden is said to have pressed Bibi for "an immediate ceasefire"

The call readout further said ceasefire is needed to "protect innocent civilians" in Gaza and improve the humanitarian situation. Axios writes that Biden gave his Israeli counterpart an "ultimatum" as the US president "emphasized that the strikes on humanitarian workers and the overall humanitarian situation are unacceptable."

By Zerohedge.com

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  • Malcolm Saffin on April 04 2024 said:
    I first saw this on Brent and I immediately though it was a server glitch. Ive seen them before but usually just a sharp spike up or down. As this seemed to sustain, I realised this is no ordinary glitch. Soon after, I noticed that Murban and WTI had followed suit and ten realsied this was for real. Then caught up with the bews as we now know it. A day to keep a close eye on oil markets tomorow,

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