Tariff Developments and Relief

Energy infrastructure in the United Arab Emirates has seemingly been hit by Iranian attacks—the UAE recently stopped sharing missile and drone intercept data. This pushed oil prices higher. British Airways has cancelled all flights to Dubai and other regional destinations until June. US President Trump reiterated pleas for help, saying countries were eager to assist (declining to name them). Markets are likely to see-saw between concerns over damage to oil infrastructure, and hopes that the US may look for an exit.