The United Arab Emirates has come under attack from Iranian missiles and drones for the second day in a row, according to its Defence Ministry. Tuesday's attack came a day after at least three people were injured in strikes the day before, and a drone sparked a fire at a key oil facility in the eastern emirate of Fujairah.
The breakdown of talks between the U.S. and Iran, along with President Trump reportedly rejecting Iran's proposal for a reopening of the Strait of Hormuz, has the market losing hope for any quick resumption in oil flows.
US President Donald Trump acknowledged the role of Pakistan's defence forces chief, Asim Munir, in mediating a ceasefire between the US and Iran, highlighting Munir's influence in international diplomacy.