The World Bank expects oil prices to average $90 a barrel in the current quarter before declining to $81 a barrel next year. AP
The World Bank expects oil prices to average $90 a barrel in the current quarter before declining to $81 a barrel next year. AP
The World Bank expects oil prices to average $90 a barrel in the current quarter before declining to $81 a barrel next year. AP
The World Bank expects oil prices to average $90 a barrel in the current quarter before declining to $81 a barrel next year. AP

Oil prices could hit $157 under World Bank's most severe scenario due to Israel-Gaza war


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  • Arabic

Oil prices could rise to $157 a barrel in the near term if an escalation of the Israel-Gaza conflict results in a big crude supply disruption in the Middle East, the World Bank has said.

In a “large disruption” scenario, comparable to the Arab oil embargo of 1973, global supply would shrink by six million to eight million barrels per day, driving up prices to a range of $140 to $157 a barrel, the World Bank said in its latest Commodity Markets Outlook on Monday.

The multilateral lender said global oil supply would be curtailed by three million to five million bpd under its “medium disruption” scenario – roughly equivalent to the Iraq war in 2003 – and this would push prices to a range of $109 and $121 a barrel.

Oil prices are estimated to rise to $93 to $102 a barrel if crude supply is reduced by 500,000 bpd to two million bpd, the bank said, citing its “small disruption” scenario.

“The latest conflict in the Middle East comes on the heels of the biggest shock to commodity markets since the 1970s – Russia’s war with Ukraine,” said Indermit Gill, the World Bank’s chief economist and senior vice president for development economics.

“If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades – not just from the war in Ukraine but also from the Middle East.”

Under the World Bank’s baseline forecast, oil prices are projected to average $90 a barrel in the current quarter before declining to an average of $81 a barrel next year amid a global economic slowdown.

Earlier this month, Goldman Sachs maintained its oil price forecast of $100 a barrel by June 2024 on supply cuts from Opec+ producers Saudi Arabia and Russia.

Swiss lender UBS expects Brent crude to trade in the range of $90 to $100 a barrel over the next 12 months.

A fall in Iranian crude exports by about 500,000 bpd could further constrain the already undersupplied market, potentially pushing Brent up to $100 to $110 a barrel, UBS strategist Giovanni Staunovo told The National.

“A broadening of the conflict across the region that pulled in other oil-producing countries could cause prices to spike even higher, depending on the magnitude of disruption,” he said.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said limited supply and growing global demand concerns should keep oil prices between $80 and $90 a barrel in the short term.

Meanwhile, overall commodity prices are projected to fall by 4.1 per cent next year before stabilising in 2025, the World Bank said.

Brent crude has risen by about 6 per cent since October 7 when Hamas, which rules Gaza, attacked southern Israel, killing about 1,400 people and taking more than 200 hostages.

Israel has retaliated with air strikes and total siege of the enclave, with the Palestinian death toll exceeding 8,000.

“The conflict’s effects on global commodity markets have been limited so far. Prices of agricultural commodities, most metals and other commodities have barely budged,” the World Bank said.

“[But] the outlook for commodity prices would darken quickly if the conflict were to escalate.”

The World Bank said that an escalation of the conflict could have more “moderate effects” than in the past as countries have reduced their oil dependence, diversified crude sources and increased the adoption of renewable energy.

The amount of oil needed to generate $1 of gross domestic product has fallen by more than half since 1970, the bank said.

“Higher oil prices, if sustained, inevitably mean higher food prices,” said Ayhan Kose, the World Bank’s deputy chief economist and director of its Prospects Group.

“If a severe oil-price shock materialises, it would push up food price inflation that has already been elevated in many developing countries.”

The World Bank also urged policymakers to remain alert as rising gold prices – up 8 per cent since the conflict began – signal geopolitical concerns and erosion of investor confidence.

The bank said that in case of an escalation, governments should avoid trade restrictions on food and fertiliser, as well as refrain from price controls and subsidies in response to higher prices.

“A better option is to improve social safety nets, diversify food sources and increase efficiency in food production and trade,” the World Bank said.

“In the longer term, all countries can bolster their energy security by accelerating the transition to renewable energy sources.”

  • A girl is rescued from the rubble of a building destroyed by Israeli air strikes in Jabalia refugee camp, in the northern Gaza Strip. AP Photo
    A girl is rescued from the rubble of a building destroyed by Israeli air strikes in Jabalia refugee camp, in the northern Gaza Strip. AP Photo
  • An Apache helicopter fires flares, seen from Sderot in southern Israel, close to the border with Gaza. Reuters
    An Apache helicopter fires flares, seen from Sderot in southern Israel, close to the border with Gaza. Reuters
  • Palestinians plug their phones into portable charging stations on a street in Khan Younis, Gaza. Bloomberg
    Palestinians plug their phones into portable charging stations on a street in Khan Younis, Gaza. Bloomberg
  • Residents search survivors among the rubble following Israeli strikes on Jabalia, northern Gaza. EPA
    Residents search survivors among the rubble following Israeli strikes on Jabalia, northern Gaza. EPA
  • Palestinians search for survivors and bodies following Israeli airstrikes at the Jabalia, the largest refugee camp in Gaza. AP
    Palestinians search for survivors and bodies following Israeli airstrikes at the Jabalia, the largest refugee camp in Gaza. AP
  • Palestinians look for survivors among the rubble of destroyed buildings following Israeli strikes on Jabalia refugee camp in northern Gaza. AP
    Palestinians look for survivors among the rubble of destroyed buildings following Israeli strikes on Jabalia refugee camp in northern Gaza. AP
  • Palestinians look for survivors among the rubble of destroyed buildings following Israeli strikes on Jabalia refugee camp in northern Gaza. AP
    Palestinians look for survivors among the rubble of destroyed buildings following Israeli strikes on Jabalia refugee camp in northern Gaza. AP
  • A fire burns in western Gaza after an Israeli air strike. Reuters
    A fire burns in western Gaza after an Israeli air strike. Reuters
  • Missiles are fired from Israel towards the Gaza Strip. Getty Images
    Missiles are fired from Israel towards the Gaza Strip. Getty Images
  • Smoke rises from an explosion in Gaza. Getty Images
    Smoke rises from an explosion in Gaza. Getty Images
  • A group of men survey the destruction following air strikes on Al Shatee camp in Gaza city, as Israeli forces entered the northern area of the Gaza Strip. AFP
    A group of men survey the destruction following air strikes on Al Shatee camp in Gaza city, as Israeli forces entered the northern area of the Gaza Strip. AFP
  • A man drives a damaged car following air strikes on Gaza city. AFP
    A man drives a damaged car following air strikes on Gaza city. AFP
  • A man pushes a bicycle past the remains of buildings destroyed in Israeli strikes on Al Shatee camp in Gaza city. AFP
    A man pushes a bicycle past the remains of buildings destroyed in Israeli strikes on Al Shatee camp in Gaza city. AFP
  • A woman and children walk past a house destroyed in Israeli strikes on Al Shatee camp in Gaza city. AFP
    A woman and children walk past a house destroyed in Israeli strikes on Al Shatee camp in Gaza city. AFP
  • People dig through the rubble of a destroyed building following Israeli strikes on Al Shatee camp in Gaza city. AFP
    People dig through the rubble of a destroyed building following Israeli strikes on Al Shatee camp in Gaza city. AFP
  • A man drives a damaged car past a building destroyed in Israeli strikes on Al Shatee camp in Gaza city. AFP
    A man drives a damaged car past a building destroyed in Israeli strikes on Al Shatee camp in Gaza city. AFP
  • People gather amid the destruction following Israeli strikes on Al Shatee camp in Gaza city. AFP
    People gather amid the destruction following Israeli strikes on Al Shatee camp in Gaza city. AFP
  • Wrecked vehicles and rubble on the streets following Israeli strikes on Al Shatee camp in Gaza city. AFP
    Wrecked vehicles and rubble on the streets following Israeli strikes on Al Shatee camp in Gaza city. AFP
  • Smoke rises from the northern Gaza Strip as Israeli air and ground forces amplified their military activities against Hamas. EPA
    Smoke rises from the northern Gaza Strip as Israeli air and ground forces amplified their military activities against Hamas. EPA
  • An Israeli Apache attack helicopter flies close to the border with the Gaza Strip, near Israel's southern city of Ashkelon. AFP
    An Israeli Apache attack helicopter flies close to the border with the Gaza Strip, near Israel's southern city of Ashkelon. AFP
  • Israeli soldiers in an armoured personnel carrier on patrol near Israel's border with Gaza. EPA
    Israeli soldiers in an armoured personnel carrier on patrol near Israel's border with Gaza. EPA
  • The crew of an Israeli tank prepare for ground operations near the border with Gaza. EPA
    The crew of an Israeli tank prepare for ground operations near the border with Gaza. EPA
  • Israeli soldiers prepare for ground manoeuvres at an undisclosed location in Israel near the border with Gaza. EPA
    Israeli soldiers prepare for ground manoeuvres at an undisclosed location in Israel near the border with Gaza. EPA
  • The ruins of northern Gaza seen from Sderot in southern Israel. EPA
    The ruins of northern Gaza seen from Sderot in southern Israel. EPA
  • Smoke and explosions caused by Israeli bombardment over northern Gaza. AP Photo
    Smoke and explosions caused by Israeli bombardment over northern Gaza. AP Photo
  • An explosion on the Israel-Gaza border. Reuters
    An explosion on the Israel-Gaza border. Reuters
  • A video grab shows fireballs and smoke rising above Gaza city following an Israeli attack. AFP
    A video grab shows fireballs and smoke rising above Gaza city following an Israeli attack. AFP
  • An explosion in Gaza seen from Sderot in southern Israel. Reuters
    An explosion in Gaza seen from Sderot in southern Israel. Reuters
  • A video grab shows rockets fired from Gaza city. AFP
    A video grab shows rockets fired from Gaza city. AFP
  • Israeli air strikes in the northern Gaza Strip. AP Photo
    Israeli air strikes in the northern Gaza Strip. AP Photo
  • A video grab shows a salvo of rockets fired from Gaza city. AFP
    A video grab shows a salvo of rockets fired from Gaza city. AFP
  • A flare trail fired by the Israeli army east of Khan Younis on the southern Gaza Strip. AFP
    A flare trail fired by the Israeli army east of Khan Younis on the southern Gaza Strip. AFP
  • Smoke from the bombing of the Gaza Strip over the Israeli border city of Ashkelon. AFP
    Smoke from the bombing of the Gaza Strip over the Israeli border city of Ashkelon. AFP
  • Flares over Gaza as seen from Sderot in southern Israel. Reuters
    Flares over Gaza as seen from Sderot in southern Israel. Reuters
MATCH INFO

Wales 1 (Bale 45 3')

Croatia 1 (Vlasic 09')

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Scores:

Day 4

England 290 & 346
Sri Lanka 336 & 226-7 (target 301)

Sri Lanka require another 75 runs with three wickets remaining

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

SHALASH%20THE%20IRAQI
%3Cp%3EAuthor%3A%20Shalash%3Cbr%3ETranslator%3A%20Luke%20Leafgren%3Cbr%3EPages%3A%20352%3Cbr%3EPublisher%3A%20And%20Other%20Stories%3C%2Fp%3E%0A
RESULTS

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Inside%20Out%202
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EKelsey%20Mann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Amy%20Poehler%2C%20Maya%20Hawke%2C%20Ayo%20Edebiri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4.5%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
Non-oil%20trade
%3Cp%3ENon-oil%20trade%20between%20the%20UAE%20and%20Japan%20grew%20by%2034%20per%20cent%20over%20the%20past%20two%20years%2C%20according%20to%20data%20from%20the%20Federal%20Competitiveness%20and%20Statistics%20Centre.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIn%2010%20years%2C%20it%20has%20reached%20a%20total%20of%20Dh524.4%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3ECars%20topped%20the%20list%20of%20the%20top%20five%20commodities%20re-exported%20to%20Japan%20in%202022%2C%20with%20a%20value%20of%20Dh1.3%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3EJewellery%20and%20ornaments%20amounted%20to%20Dh150%20million%20while%20precious%20metal%20scraps%20amounted%20to%20Dh105%20million.%C2%A0%3C%2Fp%3E%0A%3Cp%3ERaw%20aluminium%20was%20ranked%20first%20among%20the%20top%20five%20commodities%20exported%20to%20Japan.%C2%A0%3C%2Fp%3E%0A%3Cp%3ETop%20of%20the%20list%20of%20commodities%20imported%20from%20Japan%20in%202022%20was%20cars%2C%20with%20a%20value%20of%20Dh20.08%20billion.%3C%2Fp%3E%0A

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

The biog

Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."

Favourite author: Malcom Gladwell 

Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."

UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

 

 

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.9-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E536hp%20(including%20138hp%20e-motor)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%20(including%20400Nm%20e-motor)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C380%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

Updated: October 30, 2023, 11:00 AM