00:00Well, let's cross over to the Middle East now, where authorities have suspended flights at Dubai International Airport.
00:06This is just hours after a drone strike targeted facilities near the airfield.
00:10Let's get the latest from Bloomberg's Jumana Beseche.
00:14So, Jumana, what's the latest from the ground there?
00:16And, of course, we did have this strike on Karg as well, the island which is responsible for 90%
00:22of Iran's oil exports,
00:24although it seems like oil infrastructure was spared.
00:27Yes. So, let me just bring you up to speed.
00:30It is day 17 of the war now, so entering into the third week of the Iran war.
00:34Let's just start with Dubai International Airport, because a short while ago we had an update from the Dubai Media
00:39Office
00:40now saying that their defense teams have successfully contained the fire,
00:45resulting from impact to one of the fuel tanks in the vicinity.
00:49No injuries have been purported, is what they are citing.
00:52But, of course, earlier on, the Dubai Civil Aviation Authority did say that they had temporarily halted and suspended flights
00:59in light of the situation and in light of the fuel depot being hit.
01:03So, that is the update there.
01:05Now, more broadly, what has happened over the course of the weekend,
01:08on Saturday morning we woke up to news that the U.S. had targeted Karg Island,
01:13key island for Iran, about 90% of the oil that it exports is processed through Karg Island,
01:21but the U.S. said that they had specifically targeted military infrastructure, not oil infrastructure,
01:26in response to the Iranians saying that any Gulf state harboring U.S. assets
01:32with a U.S. presence in ports, in decks, could be a target.
01:37And, indeed, over the course of the weekend, we've continued to see some key attempted strikes at some strategic depots.
01:44We talked about the fuel depot near the Dubai airport this morning, but also Fujaira,
01:49one of the key terminals, one of the port terminals in the UAE, was also targeted over the weekend.
01:55And it has resumed operations, but just signals that there's no letting up in sight.
02:01And Iran, for the time being, continue to vow to retaliate.
02:06And, of course, U.S. President Trump saying that they're looking to press on,
02:10with all the indications pointing to a few more weeks of this conflict.
02:16Jumana, can you update us on the situation in the Strait of Hormuz?
02:20Because, on the one hand, we have Iran saying it's only going to target enemy vessels,
02:23and on the other, we've got President Trump saying, well, he wants help from allies and other countries
02:28and securing the strait. So, how secure is the strait at the moment?
02:32Yeah, well, the answer to the question is, there's almost no activity.
02:37There's no passage of vessels going through the strait because of security concerns
02:41and real concerns to risk of the vessels themselves being attacked and also to crew members.
02:48So, activity has essentially grounded to a halt, even though the Iranians say that they maintain,
02:53that they keep it open to the allies or to customers who are not involved in the conflict, I should
03:01say.
03:01President Trump proceeding with a different approach of the weekend
03:04and urging some key countries around the world to help them secure the passage.
03:11So, he's talked directly to China, saying that China should be involved with securing the safe passage of ships,
03:20namely because the lion's share of the oil that passes through the strait is directed towards China.
03:26About 90% of Iranian exports go to China as well.
03:29And he's saying that because they are such a beneficiary of the oil that comes through the strait,
03:33they should also be responsible for its security.
03:35He's also dangled, postponing the meeting, the summit between himself and Xi in case China do not subscribe to that.
03:46So, we're waiting to hear a China response.
03:48But he's also called on other key NATO allies as well, including UK and France, to be involved as well.
03:56And I think the purpose here is to put together sort of a coalition of global allies
04:02that can work in conjunction to help secure the safe passage of vessels.
04:06But at the same time, there's some question marks as to how effective this is going to be
04:11and whether Iran on their side would actually be open to that.
04:16And one thing that the Iranians have signaled over the past couple of days
04:19is that they may be willing to cut deals with willing buyers.
04:23The reports that over the weekend, a couple of Indian vessels managed to traverse the strait unharmed
04:29because of a deal that was cut with the Iranians.
04:32Perhaps they're laying the foundation for these sort of bilateral deals
04:35where Iran effectively maintained control of the strait,
04:40which is something that, of course, the U.S. administration are opposed to.
04:44So, shut down.
04:44Here it is, I'm going to have a jar here.
04:44So, that's great.
04:44Then I have to ask some questions to see if you can raise or Watson won't leave them.
04:44So, do this thing?
04:44If you guys aren't going in the other hand, I would like to receive an air
04:44You can try ahead with them.
04:44You can stop after shares a way you can be even more.
Comments