Oil prices plummeted while Gulf stocks rallied with Asian equities after US President Donald Trump announced that Israel and Iran had agreed to a ceasefire.
Brent, the benchmark for about a third of global crude, fell 4.34 per cent to $68.38 a barrel at 5.56pm UAE time. The slide comes after it closed 7 per cent lower on Monday following Iran's attack on a US airbase in Qatar, a more restrained response than previously feared in retaliation against US strikes on its nuclear sites.
West Texas Intermediate, the gauge for US crude, fell about 4.42 per cent to $65.48 a barrel after losing more than 8 per cent in Monday’s trading.
"The geopolitical risks that have loomed over the Middle East for months have now fully materialised, prompting a rapid repricing in the oil market," said Janiv Shah, vice president, oil markets analysis at consultancy Rystad Energy.
US President Donald Trump said overnight in a social media post that Israel and Iran had agreed to a "complete and total ceasefire".
An official end to the 12-day war was soon to be followed, he said in a social media post.
Although Iran launched waves of missiles on Israeli targets after Mr Trump's announcement, the Israeli government agreed to the ceasefire on Tuesday after “achieving the objectives” of its attacks on Iran.
A statement from the office of Prime Minister Benjamin Netanyahu said Israel has now “removed a dual immediate existential threat – both in the nuclear and ballistic missile fields”.
Iran had said earlier that it would agree to stop attacking Israel only if it did the same. Iran's Foreign Minister Abbas Araghchi posted on X: “As Iran has repeatedly made clear: Israel launched war on Iran, not the other way around.”
However, Mr Trump again had to intervene and said the cease fire is holding after both Iran and Israel launched counter strikes.
"I don't like the fact that Israel went out this morning at all. And I'm going to see if I can stop it," he said before heading to a Nato meeting "Israel will not attack Iran," he said in a sperate social media post.
The war has threatened to disrupt energy supplies from the region and stoked fears of Iran closing the Strait of Hormuz, a vital water way for global crude flows.
The conflict has rattled global equities markets as well, adding to the already heightened volatility due to tariff concerns.
Stocks rally
Shares in Gulf equity markets rallied on Tuesday, led by the Dubai Financial Market. The DFM General Index surged 3.35 per cent, while benchmark gauge of the Abu Dhabi Securities Market advanced 2.48 per cent.
Saud Arabia's Tadawul, the biggest Arab bourse by market capitalisation, climbed 2.37 per cent. Main index of Doha Securities Market rallied 1.93 per cent, while main Market in Kuwait added 1.25 per cent.
Bourse in Bahrain rose 1.49 per cent, and main equities index in Oman added 0.38 per cent.
"A ceasefire between Israel and Iran ... improved market sentiment and helped investors regain their risk appetite," Osama Al Saifi, managing director for Mena at online trading platform Traze, said.
"Most markets erased the losses experienced during the last two weeks."
Shares in Asia also advanced, with Japan’s Nikkei index gaining 1.14 per cent and China’s Hang Seng rising 2.18 per cent. Stocks in Mumbai also gained 1.2 per cent.
Stocks in Europe also took a positive start, with FTSE 100 Index trading 0.4 per cent at 4:44pm UAE time, while equities in Germany and Paris adding 1.83 per cent and 1.21 per cent respectively.
Futures of S&P and Nasdaq also advanced 0.72 per cent and 0.98 per cent respectively.
S&P 500 on Monday closed 0.96 per cent higher, the Nasdaq Composite Index rose 0.94 per cent and the Dow Jones Industrial Average Index ended 0.89 per cent higher.
While the conflict in the Middle East is dominating headlines, sell-offs caused by geopolitical events tend to be brief, Bloomberg cited Morgan Stanley’s strategists led by Michael Wilson as saying in a note.
According to the Morgan Stanley team, prior geopolitical risk events have led to some volatility for equities in the short term, but one, three and 12 months after the events, the S&P 500 has been up 2 per cent, 3 per cent, and 9 per cent, on average, respectively.
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
The five pillars of Islam
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Various artists, Sony Music Turkey
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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
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
