UAE OilMin hopes for de-escalation, says oil market well supplied

Amid no retaliatory response from the US and increased calls for de-escalation following Iran’s attacks on US airbases in Iraq, the UAE Energy Minister Al Mazroui said that he hopes for de-escalation.

He further added that the oil market is well supplied.

Earlier today, reports hit the wires that Iran threatens to strike Hafia in Israel and Dubai in UAE. Although there was no confirmation and instead the Iranian Foreign Minister Zarif said that Iran does not seek escalation or war.

• Oil trims gains on reports stating no US casualties in Iran attack