Oil prices settled more than 3 per cent higher on Thursday, posting the first weekly gain in three weeks on hopes of a potential trade deal between the US and the EU and new sanctions on Iran's oil exports.
Brent, the benchmark for two thirds of the world's oil, jumped 3.2 per cent to $67.96 a barrel. West Texas Intermediate, the gauge that tracks US crude, leapt 3.54 per cent to $64.68 per barrel.
Thursday was the last settlement day this week because markets were closed on Friday ahead of the Easter weekend.
"US pressure on Iran and some covering of shorts prior to the long weekend saw a robust rise in global oil prices yesterday," Daniel Richards, senior economist at Emirates NBD, wrote in a note on Friday.
Crude prices have now recovered by more than 15 per cent since they slid below the $60 level after the sweeping tariffs announced by US President Donald Trump. However, from its recent peak on April 2, Brent is down by 9.3 per cent, while WTI has shed 9.8 per cent. This year, Brent is down by about 9 per cent, while WTI has lost nearly 10 per cent.
"Fresh US sanctions on Iranian oil exports raise supply concerns, boosting prices. Mr Trump’s optimism on US-EU trade talks supports global demand expectations," said analysts at Moneta Markets, a Johannesburg-based broker.
Countries around the world have pushed back against the tariffs imposed by Mr Trump, although many are also holding negotiations.
The EU, one of America's key trading partners, has been one of the most critical. But talks have progressed and Mr Trump on Thursday said he was "100 per cent" confident that a deal would be struck, but with no timeline in sight.
Oil prices were also lifted by new sanctions imposed on Wednesday by the US on Iran to curb its exports, including against a "teapot" refinery – or small independent oil refiner – based in China.
Washington and Tehran have held negotiations, with the next round of talks to take place this weekend. The countries are expected to set out a framework for negotiations on Iran's nuclear programme, a senior US official said on Wednesday.
Discussions have taken place against the backdrop of Mr Trump's renewed policy of “maximum pressure” on Iran, while Tehran is seeking much-needed sanctions relief.
This week, the Opec slashed its oil demand forecast for 2025 amid the market uncertainty stemming from the tariffs. Oil demand growth was revised down to 1.3 million barrels per day, with the "minor adjustment" mainly based on the expected impact of tariffs on the market, the group said. Demand is expected to grow by 40,000 bpd. For 2026, Opec revised its global demand growth forecast slightly to about 1.3 million bpd.
The International Energy Agency this week also lowered its forecast for oil demand growth in 2025, revising it down by 300,000 bpd to 730,000 bpd, similarly citing the escalating trade tensions that have negatively affected the economic outlook. The downgrade comes after robust oil consumption in the first quarter of 2025, which rose by 1.2 million bpd – its strongest rate since 2023, it said.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
More on animal trafficking
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
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COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
