Business
Oil prices drop as stocks rally on Israel-Iran ceasefire hopes
FIn this Jan. 19, 2012 file photo, fishing boats are seen in front of oil tankers south of the Strait of Hormuz, offshore the town of Ras Al Khaimah in United Arab Emirates. (AP)
NEW YORK, June 24, (AP): Oil prices are dropping further, and stocks are rallying worldwide on hopes that Israel’s war with Iran will not damage the global flow of crude, even if a tentative truce seemed to fray under fire in the morning.
The S&P 500 rose 0.7% Tuesday. The Dow Jones Industrial Average added 263 points, and the Nasdaq composite climbed 0.9%.
Oil prices fell more than 4% and are below where they were before the Israel-Iran conflict began. That could give the Federal Reserve more leeway to cut interest rates to help the economy, but its chair was circumspect in prepared testimony he’s set to give Congress.
Stocks rallied and oil prices fell Tuesday after U.S. President Donald Trump announced what appears to be a shaky ceasefire in the Israel-Iran war. The tentative truce proposed by Trump remained uncertain after Israel said Iran had launched missiles into its airspace less than three hours after the ceasefire went into effect.
It vowed to retaliate. Still, investors took heart after Trump said Israel and Iran had agreed to a “complete and total ceasefire” soon after Iran launched limited missile attacks Monday on a U.S. military base in Qatar, retaliating for the American bombing of its nuclear sites over the weekend.
“The Middle East may still be smoldering, but as far as markets are concerned, the fire alarm has been shut off,” Stephen Innes of SPI Asset Management said in a commentary.
The future for the S&P 500 gained 0.8% while that for the Dow Jones Industrial Average rose 0.7%. In morning trading Europe time, Germany’s DAX leaped 1.8% to 23,693.13, while the CAC 40 in Paris added 1.2% to 7,625.20. Britain’s FTSE 100 was up 0.3% at 8,784.68. Oil prices fell further, after tumbling on Monday as fears subsided of an Iranian blockade of the Strait of Hormuz, a vital waterway for shipping crude.
Oil prices have now given up almost all their gains since Israel attacked Iran on June 13, wiping out a roughly $10 per barrel risk premium based on the outside chance of a blockade at the strait.
The price of oil initially jumped 6% after trading began Sunday night, a signal of rising worries as investors got their first chance to react to the U.S. bombings. But it quickly shed all those gains, with U.S. benchmark crude falling 7.2%. It dropped further early Tuesday, giving up 3% to $66.49 per barrel. It had briefly topped $78. Brent crude, the international standard, shed 3% early Tuesday to $69.38.
That was just a few cents above where it traded on June 12 ahead of the Israeli attack on Iran. With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed down, said Carsten Fritsch, commodities analyst at Commerzbank.
“The crucial question now is whether the ceasefire will hold and a lasting peace solution can be found,” he wrote in a research note. ”If so, a further fall in the oil price could be expected.”
At their next meeting July 6, ministers from eight OPEC+ countries are expected to add another 410,000 barrels per day of production.
Hamad Malallah
KUWAIT CITY, Aug 14: United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its financial results for the second quarter of 2025. For the six months ended June 2025, the company reported net profits of KD 497 thousand, down 62% from 2024, or 0.94 fils per share, with revenues of KD 3.29 million down 25.6% from 2024.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “The second quarter presented a transitional period as we successfully concluded the project to manage and operate Terminal 1 at Kuwait International Airport, officially handing it over to the Directorate General of Civil Aviation (DGCA) in May 2025. While this shift has naturally impacted the company’s revenues, it also paves the way for new avenues of growth and development as we focus on future projects and strategic partnerships. It is important to note that UPAC built the entire project and operated it throughout the contract term before transferring it to the DGCA under the Build, Operate, and Transfer (BOT) system. We take great pride in the success of this national project over 26-year and in delivering it to the State.”
Malallah continued: “I’m pleased to share that in July, we welcomed our first operator at Messilah Beach: Villa Shams, Kuwait’s first ladies-only beach club. Officially opened on 10 July 2025, Villa Shams offers a premium, private experience designed exclusively for women, in a secure and refined setting. This milestone reflects UPAC’s vision to create inclusive recreational environments that cater to all segments of society.”
“Planning for other areas on the Messilah Beach site has also been progressing steadily. Our teams are actively working alongside confirmed operators, both global and local brands, to support their on-ground preparations for upcoming openings with a list of exciting tenants. We are looking forward to be bringing an exceptional, family-friendly beach destination experience to Kuwait through Messilah Beach, which is set to become a vibrant, year-round destination,” added Malallah.
Malallah concluded: “We remain committed to identifying and pursuing strategic business opportunities within our industry that drive growth and create value for the company and its shareholders.”
Al Messilah Beach, one of Kuwait’s prime family entertainment destinations, was developed by Touristic Enterprises Company as part of its role in spearheading growth of Kuwait’s tourism sector. UPAC is managing all aspects of the site including leasing, entertainment activities, facility management, and overall project operations.
UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. Reem Mall is Abu Dhabi’s latest signature shopping, dining, and entertainment family destination spanning an impressive 183.4K sqm GLA. Anchored by a hyper-market and various notable entertainment and home furnishing concepts, the mall will be home to around 400 international and local brands. Snow Abu Dhabi, one of the mall’s entertainment anchors, is the city’s only snow park. The mall also has one of the largest home furnishing offerings in Abu Dhabi as well as one of the largest Carrefour outlets in the city. One of the prominent new openings was Sharaf DG, an expansive 3,334sqm electronics retail space with 34 brand experience zones making it the largest store of its kind in Abu Dhabi.
The mall is one of the region’s first fully integrated omnichannel retail ecosystems with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.
As of June 2025, around 66% of GLA is open and trading, with an additional 14% under fit-out, bringing the effective leased GLA to 80%. As of date, Reem Mall has also secured signed proposals covering a further 4% of GLA. Key performance metrics continue to show strong momentum, with footfall and tenant sales increasing by 30% to 40% year-on-year. Notably, the mall achieved two consecutive record-breaking months in May and June 2025, setting new highs for both visitor numbers and sales.
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on Aug 14. (AP)
MANILA, Philippines, Aug 14, (AP): Asian shares were mixed on Thursday after days of gains driven by hopes for lower US interest rates, while US futures slipped. Bitcoin rose more than 3% to a new record of over $123,000, according to CoinDesk. In Tokyo, the Nikkei 225 fell 1.3% to 42,705.36 as investors sold to lock in recent gains that have taken the benchmark to all-time records.
The Japanese yen rose against the dollar after US Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates. Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.
The dollar fell to 146.31 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705. In Chinese markets, Hong Kong’s Hang Seng index shed less than 0.2% to 25,655.26, while the Shanghai composite index added 0.1% to 3,686.07. South Korea’s Kospi fell less than 0.1% to 3,222.99, while Australia’s S&P ASX 200 index added 0.5% to 8,866.70. Taiwan’s TAIEX fell 0.5%, while India’s Sensex edged 0.1% higher.
“Asian markets opened today like a party that ran out of champagne before midnight – the music still playing, but the dance floor thinning out,” Stephen Innes of SPI Asset Management said in a commentary. The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%. On Wednesday, US stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut USinterest rates.
The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14. Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September.
Saudi Citizen Caught Trying To Smuggle Cigarettes At Kuwait Border
Indian Ambassador’s message on 79th Independence Day
