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Saudi Arabia
The 10-year US Treasury yield reached 5.02 per cent on Tuesday, marking its highest level since 2007 amid rising oil prices. Global bond yields are also climbing, with Germany’s 10-year yield hitting 3.554 per cent, as markets react to ongoing geopolitical tensions affecting energy supply.
Bahrain has announced it will not attend a proposed meeting in Oman with Iran and other regional nations regarding shipping safety in the Strait of Hormuz. The Bahraini Foreign Ministry cited concerns over regional security and reiterated its readiness for dialogue only after restoration of diplomatic relations with Iran, severed in 2016.
The United Arab Emirates intercepted a drone from Iran over its territorial waters, denying claims of an attack on the Al Menhad airbase. The incident follows renewed hostilities between the US and Iran, with Iran’s army stating that multiple drones targeted US assets in the region.
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The 21 Arab and Muslim-majority countries collectively condemned Israel’s recent attacks on Iran, expressing concern over escalating tensions in the region.
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President Donald Trump has declared the United States has “no stronger partner” than Saudi Arabia during the first stop of a whirlwind Gulf tour focused on investment and defence.
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