Trump promises insurance and protection for Gulf shipping
US President Donald Trump speaks during a meeting with Chancellor Merz (CDU) at the White House. Topics include the war in Iran, the tariff dispute between the EU and the USA, the Russian war of aggression against Ukraine and China policy.
Kay Nietfeld | Picture Alliance | Getty Images
What you need to know today
Trump said the U.S. will offer insurance for “ALL Maritime Trade” in the Middle East, adding that the U.S. Navy would escort ships through the Strait of Hormuz, if necessary.
U.S. markets pared losses after Trump’s post, with the Dow Jones Industrial Average ending down 403.51 points, or 0.83%. At its lowest, the Dow was down more than 1,200 points. The S&P 500 slipped 0.94%, while the Nasdaq Composite shed 1.02%.
Europe and Asian economies could be hit by a prolonged surge in natural gas prices triggered by the ongoing war in the Middle East, analysts have warned. Both regions are more heavily exposed to potential gas price shocks than the U.S., which benefits from both domestic shale and LNG production.
Outages in apps and digital services in the United Arab Emirates are being reported following drone strikes on Amazon Web Services’ data centers in the country. AWS said late Monday that two of its data centers in the UAE and a facility in Bahrain were damaged by drone strikes, taking the facilities offline.
And finally…
My Emirates flight to Dubai turned around because of Iranian missiles: CNBC bureau chief
CNBC Middle East bureau chief Emma Graham was on one of the first repatriation flights back to the United Arab Emirates after U.S. and Israeli strikes on Iran grew into a wider regional war.
On Monday, Emirates and Etihad announced a small number of flights to and from Dubai: repatriation flights for Emirati nationals and residents, and others to evacuate tourists stranded in the country.
But with around just 30 minutes left of the 3.5-hour journey from Mumbai to Dubai, the captain of Graham’s Emirates flight informed passengers they would have to turn around due to missiles fired by Iran at the UAE.
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