UAE Stocks in Green as Oil Gains Amid Fresh US-Iran Threats

Shares in the United Arab Emirates remained in the green as the FTSE ADX General Index added 0.189% and the DFM General Index gained 0.055% at the close of Tuesday trading. Iranian Foreign Minister Seyed Abbas Araghchi said in a social media post that negotiations with the US on a final deal will not start if threats continue. Araghchi's statement came after US President Donald Trump threatened to either reach a deal with Iran or "finish the job". Oil prices also rose on reports of at least two Iranian missile attacks on commercial ships navigating the Strait of Hormuz, causing damage to the tankers without any casualties, Brent crude oil futures stood at nearly $72.667 per barrel as of 3:45 pm UAE time, up 0.94% from the previous day. Zooming in at home, Abu Dhabi National Oil Co., d/b/a Adnoc, secured a 15-year sales and purchase agreement to supply 1 million tonnes of liquefied natural gas annually from its Ruwais LNG project in Abu Dhabi to Japan's Inpex Corp. On the corporate side, Abu Dhabi National Oil Co. For Distribution (ADX:ADNOCDIST), d/b/a Adnoc Distribution, gained 1.28% as it agreed to purchase Shell Downstream South.