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Gulf on Edge as UAE Oil Hub Blaze Fuels Iran–US Tensions

  Smoke rises in the Fujairah oil industry zone, caused by debris after interception of a drone by air defences. A surge in regional tensions has followed a major fire at a UAE oil hub, sparked by debris from intercepted drones, as Iran vows retaliation for a recent U.S. strike on its Kharg Island oil facilities. The incident has intensified fears of broader conflict across the Gulf, with Iran warning that parts of the UAE could be considered legitimate targets.  A significant fire erupted at a major oil hub in Fujairah, United Arab Emirates, after debris from intercepted drones fell onto the facility, disrupting operations and sending plumes of smoke across the region. The blaze occurred amid escalating hostilities following a U.S. strike on Iran’s Kharg Island—Tehran’s primary oil export terminal. Iran responded with sharp warnings, declaring that U.S. “hideouts” within the UAE could be targeted as legitimate military sites. The threat came as Iran continued missile and d...
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Wall Street Pauses Near Record Highs as Investors Await Powell’s Remarks


U.S. stock futures hovered close to record levels on Tuesday, with traders showing restraint ahead of a highly anticipated speech from Federal Reserve Chair Jerome Powell.

Dow Jones Industrial Average futures edged up about 0.2%, while contracts tied to the S&P 500 and Nasdaq 100 were little changed. The muted moves come after Wall Street notched a third straight day of record closes on Monday, fueled by optimism over artificial intelligence investments and expectations of further Fed policy easing.

Tech stocks remain in focus, with Nvidia’s $100 billion investment in OpenAI continuing to energize the sector. Meanwhile, Micron Technology is set to report earnings later today, offering fresh insight into AI-driven demand for semiconductors.

Investors are also eyeing Friday’s release of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, which could shape expectations for additional rate cuts before year-end. Gold prices, reflecting those bets, climbed to fresh all-time highs.

Powell’s midday comments are expected to provide clarity on the central bank’s outlook following its first rate cut of 2025. Markets are eager for signals on whether more easing lies ahead, a key factor underpinning the recent rally.


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