DUBAI: The Middle East&#39;s largest annual contemporary art fair opened in Dubai on Friday, drawing fewer galleries and a more local crowd than usual.&nbsp;This year, in its 20th edition, Art Dubai opened a month late and in a scaled-down format after the regional conflict forced the organizers to revise their plans.&nbsp;&quot;When the conflict broke out, we were only a few weeks out from the fair, and so we had to make a decision as to whether to go ahead&quot; with the three-day event, its executive director Benedetta Ghione, told AFP.&nbsp;&quot;For us, the message is about resilience,&quot; she added.&nbsp;The organizers, who normally sell around 10,000 tickets, made admission free to attract visitors, and have so far received 16,000 registration requests on their website.&nbsp;The United Arab Emirates was the main target of Iranian missile and drone attacks during the regional war sparked by US and Israeli strikes on the Islamic republic in late February.&nbsp;The conflict has rocked the wealthy UAE, cutting off most oil exports and undercutting the safe-haven image that helped it become the region&#39;s financial hub.&nbsp;A ceasefire was agreed last month, but regional tensions remain high, disrupting air and sea transport, and tourists are still few and far between.&nbsp;Despite the climate of uncertainty, some international gallery owners made the trip to Dubai, including France&#39;s Frank Elbaz.&nbsp;&quot;Despite the situation, you can feel that things are bubbling here and that it&#39;s a place with a future,&quot; he said.&nbsp;Based in Lebanon, which has also been dragged into war, gallerist Saleh Barakat also felt it was important to attend the fair out of solidarity.&nbsp;&quot;We are all here this year in order to be present and to say life goes on,&quot; he said.

Middle East

Dubai’s annual Art Dubai fair opened in a smaller format amid ongoing regional tensions, attracting fewer international galleries but strong local interest, as organizers and artists emphasized resilience and solidarity despite uncertainty and disrupted tourism.

Dubai's annual art fair opens despite regional war

OSLO: More than half of drivers in Norway say their next car will be electric as a response to soaring fuel prices, the country&#39;s auto association said Wednesday.&nbsp;Norway is the largest oil producer in Europe, after Russia, but the Scandinavian country is already a champion of electric vehicles (EVs), which account for over 95 percent of new registrations.&nbsp;But the surge in fuel prices since war erupted in the Middle East in late February is convincing even more motorists to make the switch.&nbsp;In April, 51 percent of drivers surveyed said their next car would be electric, according to a study by the Norwegian Automobile Federation (NAF)&nbsp;In the same month last year, the figure was just 46 percent, and NAF described the increase as &quot;the biggest jump in several years&quot;.&nbsp;&quot;It&#39;s quite clear that high fuel prices and uncertainty about energy supplies are affecting people&#39;s choice of car,&quot; NAF spokesman Nils Sodal said in a statement.&nbsp;Following the US and Israeli attacks against Iran and the subsequent standoff in the Strait of Hormuz, the gateway for around a fifth of the world&#39;s oil and gas, soaring oil and gas prices have affected economies around the world.&nbsp;In March, Norway decided to temporarily reduce taxes on petrol and diesel, which nevertheless remain comparatively more expensive for motorists than charging electric vehicles at home, as household electricity is subsidised.

Europe

Rising fuel prices driven by Middle East conflict are boosting electric vehicle demand in Norway, where 51 percent of drivers plan EVs for their next car, up from 46 percent last year, according to NAF.

EV interest surges in Norway as fuel prices bite

Web Desk

Americas

Day 74: All you need to know about US-Israel war on Iran

ISLAMABAD: Pakistan&rsquo;s Permanent Representative to the United Nations Asim Iftikhar Ahmad called for reforms to the&nbsp;<a href="https://www.pakistantv.com/article/un-security-council-demands-iran-halt-attacks-on-gulf-states" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">UN Security Council</a>&nbsp;and urged stronger multilateral cooperation during a briefing with a visiting US Army War College delegation, according to a statement released Tuesday by Pakistan&rsquo;s Mission to the UN. According to the statement posted on X, a 40-member delegation from the United States Army War College, led by Colonel Stephan Walters and including five female officers, visited Pakistan&rsquo;s mission to the United Nations for a country briefing. UN reform push Asim Iftikhar told participants the United Nations remained the central platform for addressing&nbsp;<a href="https://www.pakistantv.com/article/world-must-to-unite-hold-us-accountable-for-normalizing-the-proliferation-of-nukes-iran-fm" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">international peace</a>&nbsp;and security, development, human rights, climate change and emerging challenges such as artificial intelligence and information technology. He said global challenges were too interconnected for any country to address alone and called for stronger multilateral cooperation through the UN framework. The ambassador also discussed ongoing UN reform efforts, including changes to the Security Council and revitalization of the General Assembly. He said Pakistan supports &ldquo;democratic, transparent, and accountable&rdquo; reform of the Security Council while opposing the creation of new permanent seats. Pakistan&rsquo;s UNSC role Asim Iftikhar pointed to Pakistan&rsquo;s role as a current member of the UN Security Council in peacekeeping,&nbsp;<a href="https://www.pakistantv.com/article/pakistan-sri-lanka-conclude-twoweek-joint-counterterrorism-drills" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">counterterrorism</a>, regional stability and promoting peaceful settlement of disputes. He also referred to the recent adoption of a Security Council resolution during Pakistan&rsquo;s council presidency that committed to peaceful dispute resolution under Chapter VI of the UN Charter. US-Iran tensions The discussions also focused on tensions involving the United States and Iran, the evolving security situation in the&nbsp;<a href="https://www.pakistantv.com/article/us-israel-war-on-iran-day-74" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Middle East</a>, demographic change, artificial intelligence and Islamophobia. The Pakistani ambassador warned that instability linked to US-Iran tensions had affected global energy markets, oil and gas supplies, fertilizer availability, food security, inflation, maritime trade and global economic growth. Regional diplomacy Asim Iftikhar said disruption in the Strait of Hormuz carried serious implications for global energy flows and trade routes. He stated that the United Nations had examined several scenarios linked to a prolonged crisis and said Pakistan had also experienced economic effects from the regional instability. He described Pakistan&rsquo;s relationship with the United States as broad-based, covering security, defense, counterterrorism, economic cooperation and trade. He also said Pakistan had engaged with the United States, Iran, Gulf countries, Egypt, China and Turkiye to support de-escalation, dialogue and diplomacy. AI and Islamophobia On artificial intelligence, Ahmad said growing use of AI in policy-making and institutional decision-making would raise human rights concerns and become a larger issue within the United Nations system. Addressing&nbsp;<a href="https://www.pakistantv.com/article/international-day-to-combat-islamophobia-data-shows-antimuslim-hate-rising-in-india-other-countries" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Islamophobia</a>, the Pakistani envoy said freedom of religion and belief remained a fundamental human right. He noted Pakistan&rsquo;s support for efforts at the United Nations to establish a special envoy to combat Islamophobia. The delegation included 33 American participants, two from Pakistan and one each from T&uuml;rkiye, Sri Lanka, Moldova, Guatemala and Ecuador.

Pakistan’s Ambassador to the United Nations Asim Iftikhar Ahmad speaks during a May 11 briefing with a visiting US Army War College delegation at Pakistan’s UN mission in New York. (Permanent Mission of Pakistan to the UN)

Foreign Affairs

Pakistan says it supports UN reform, multilateral diplomacy and dialogue on global security issues, including Middle East tensions, artificial intelligence and Islamophobia.

Pakistan ambassador calls for UN reform during US military delegation visit

ISLAMABAD: Pakistan Foreign Minister Ishaq Dar on Monday met with the US Charg&eacute; d&rsquo;Affaires Natalie Baker in Islamabad to discuss the evolving regional situation. During the meeting, the two sides discussed broader bilateral ties between Pakistan and the United States, according to a statement from the foreign office. FM Dar expressed hope that the &ldquo;ongoing diplomatic efforts would contribute to peace and stability&rdquo; in the region, which has been impacted by the US-Israel war on Iran. The foreign minister also appreciated Washington&rsquo;s assistance in the &ldquo;repatriation of Pakistani and Iranian seafarers through Singapore,&rdquo; said the statement. Later the same day, Dar also spoke with the Saudi Foreign Minister Prince Faisal bin Farhan Al Saud on the regional situation and matters of mutual interest. The Saudi Foreign Minister appreciated Pakistan&rsquo;s constructive role and reiterated support for Islamabad&rsquo;s efforts aimed at promoting regional peace and stability. &ldquo;Both leaders also exchanged views on the importance of safeguarding maritime security, including in the Strait of Hormuz, and agreed to remain in close contact on regional and international developments,&rdquo; the statement added. Pakistan continues to facilitate and mediate diplomatic efforts between US and Iran as which stands on a ceasefire at the request of Islamabad. UN envoy meets Pakistan FM in Islamabad Meanwhile, the United Nations Secretary-General&rsquo;s Special Envoy for the Middle East Conflict, Jean Arnault, called on Pakistan&rsquo;s foreign minister. In a statement on X (Twitter), the Ministry of Foreign Affairs stated that Arnault commended Pakistan&rsquo;s diplomatic efforts aimed at promoting peace and stability in the region. He reiterated continued United Nations support for such engagement. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-2" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 672px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2053848103925821598&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F5818%2F&sessionId=4ec4793f203495461cdeb832f47a76ae2165f7b3&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px" data-tweet-id="2053848103925821598"></iframe></div></div> The two leaders also exchanged views on recent regional developments. Dar outlined Pakistan&rsquo;s ongoing contacts with relevant parties and expressed appreciation for the UN secretary-general&rsquo;s support and contributions over the years.

Pakistan Foreign Minister Ishaq Dar and US Chargé d’Affaires Natalie Baker discuss regional tensions, bilateral ties, and diplomatic efforts linked to the Iran ceasefire.

FM Dar expresses hope for a ‘peaceful and stable’ region

TOKYO: Oil prices rose on Monday after US President Donald Trump rejected Iran&#39;s terms for ending the war in the Middle East, while stocks were mixed. Trump&#39;s repudiation of Iran&#39;s response to his latest peace proposal raised the likelihood of further violence and disruptions to oil supplies through the Strait of Hormuz. &quot;I have just read the response from Iran&#39;s so-called &#39;Representatives.&#39; I don&#39;t like it &mdash; TOTALLY UNACCEPTABLE!&quot; said Trump, who is due in China this week where the war will likely loom large in discussions. &quot;We did not demand any concessions. The only thing we demanded was Iran&#39;s legitimate rights,&quot; Iranian foreign ministry spokesman Esmaeil Baqaei said Monday. Iran wants &quot;an end to the war&quot; and to the US naval blockade, and the &quot;release of assets belonging to the Iranian people, which have for years been unjustly trapped in foreign banks&quot;, he said. &quot;President Trump&#39;s swift rejection of these counter-demands underscores the wide gulf between both sides, pointing to a risk of prolonged uncertainty rather than rapid de-escalation,&quot; said Lloyd Chan at Japanese bank MUFG. &quot;For oil markets, this suggests a persistent geopolitical risk premium as Hormuz disruptions drag on,&quot; Chan said. Oil came off earlier highs and Asian stocks were mixed, with Tokyo closing half a percent lower and Hong Kong little changed but Seoul was up 4.3%, boosted by tech stocks. In Tokyo, Nintendo shares plunged almost 10% after the Japanese gaming giant warned Friday of lower profits this year and said it would hike the price of its Switch 2 console. In Europe Frankfurt and Paris started lower but London eked out early gains. US Treasury Secretary Scott Bessent was due in Japan and South Korea before heading to China for Trump&#39;s high-stakes summit with President Xi Jinping. &quot;China is willing to work with the United States in the spirit of equality, respect, and mutual benefit, to expand cooperation, manage differences, and inject more stability and certainty into a volatile and intertwined world,&quot; China&#39;s foreign ministry said Monday.

A man walks past an electronic quotation board displaying the Nikkei 225 stock prices on the Tokyo Stock Exchange along a street in Tokyo on May 11, 2026. (AFP)

Banking

Oil prices rise after President Donald Trump rejects Iran’s conditions to end the Middle East conflict, increasing fears of prolonged instability and possible disruptions to crude shipments through the Strait of Hormuz.

Oil prices rise as Trump rejects Iran’s Middle East peace proposal

TEHRAN: The president of the Iranian Football Federation said late Saturday that if Iran dropped out of the World Cup, it would deprive the country of a &quot;major diplomatic asset.&quot; Mehdi Taj was speaking after the Football Federation Islamic Republic of Iran (FFIRI) said on Saturday that Iran would take part in the men&#39;s football showpiece this summer despite the&nbsp;<a href="https://www.pakistantv.com/article/usisrael-war-on-iran-day-11" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Middle East War</a>, but demanded that joint hosts the United States, Mexico and Canada agree to its conditions. &quot;If we do not participate in the World Cup, we will lose a major diplomatic asset,&quot; Taj said in an interview broadcast late Saturday on state television. Iran&#39;s participation in the tournament has been surrounded by uncertainty since the outbreak of war in February, following&nbsp;<a href="https://www.pakistantv.com/article/state-funeral-for-ayatollah-khamenei-to-begin-wednesday-evening" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">strikes</a>&nbsp;carried out by the United States and Israel against the Middle Eastern country. But on Saturday, the FFIRI said on its official website: &quot;We will definitely participate in the 2026 World Cup, but the hosts must take our concerns into account. &quot;We will participate in the World Cup tournament, but without any retreat from our beliefs, culture, and convictions.&quot; Taj has set&nbsp;<a href="https://www.pakistantv.com/article/iran-says-will-play-in-world-cup-demands-hosts-accept-conditions" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">10 conditions</a>&nbsp;for attending the global spectacle, seeking assurances over the country&#39;s treatment. The conditions include visas being granted and respect for the national team staff, the team&#39;s flag and its national anthem during the tournament, as well as demands for elevated security at airports, hotels and routes to the stadiums where they will play. World football&#39;s governing body FIFA has insisted for weeks that Iran will take part. Iran, who are due to be based in Tucson, Arizona, during the World Cup, face New Zealand, Belgium and Egypt in Group G. The Iranians open their World Cup campaign against New Zealand in Los Angeles on June 15.

Iran's flag is displayed on a screen during the draw for the 2026 FIFA Football World Cup taking place in the US, Canada and Mexico, at the Kennedy Center, in Washington, DC, on December 5, 2025. (AFP)

Football

Iran says it will participate in the 2026 World Cup despite the on-going Middle East War, while seeking guarantees, visa access and respect for its flag, anthem and staff from United States, Mexico and Canada

Iran at the World Cup a 'major diplomatic asset': Football chief

LONDON: Isolated and traumatized by drones and missiles, seafarers in the Gulf face grave mental suffering after more than two months stuck on board in the Middle East war, maritime charities warn. From captains to cooks, engineers and other officers, the workers who keep global freight flowing have found themselves not just <a href="https://www.pakistantv.com/article/islamabad-seeks-singapores-support-for-repatriation-of-pakistani-iranian-seafarers" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">stranded</a> but in some cases right in the firing line of the US-Israel war on Iran. &quot;We hear stories of how frightened they are. It&#39;s pretty scary,&quot; said Gavin Lim, head of the Crisis Response Network for the Sailors&#39; Society, a UK-based seafarers&#39; charity, who spoke with one crew whose vessel was hit. &quot;They thought: &#39;We were going to die&#39;.&quot; At least 11 seafarers have been killed, according to the International Maritime Organization. &quot;They see drones flying, they see missiles flying, and then we see instances where the ships get hit,&quot; said Lim.&nbsp;&lsquo;Anxiety and fear&rsquo;&quot;You can imagine that anxiety and fear building up. &#39;Are we just bait? Are we going to be a victim so that someone can make a point?&#39;&quot; The Seafarers&#39; Charity cites hypervigilance, burnout, fatigue, loneliness, depression and anxiety as some of the mental strains facing the 20,000 seafarers stranded by blockade of the Strait of Hormuz since Feb. 28. Like the Sailors&#39; Society, another sailors&#39; helpline charity, the International Seafarers&#39; Welfare and Assistance Network (ISWAN), fields calls from trapped workers and offers them practical and psychological support. &quot;Most of the calls are around repatriation -- what are their rights, how to go about it -- and also obviously the sort of the stress and the worry about being in a conflict zone and not being trained or prepared for it,&quot; said ISWAN&#39;s chief executive, Simon Grainge.&nbsp;Training to cope&nbsp;Some charities are working with shipping companies to strengthen support for seafarers under unprecedented strain. &quot;One of the things that quite a few organizations are now calling for is really up-to-date guidance on how to deal with wartime issues,&quot; Deborah Layde, chief executive of the Seafarers&#39; Charity, said. &quot;This isn&#39;t something that a lot of shipping companies are ready for.&quot;&nbsp;To that end, the charity has turned to mental health professionals to help provide guidelines and a webinar to guide seafarers to cope with the stress of the situation.&nbsp;&lsquo;There&#39;s exhaustion&rsquo;&quot;There&#39;s this constant higher level of stress and hypervigilance without that ability to reset as they might normally do. There&#39;s exhaustion,&quot; said Rachel Glynn-Williams, a psychologist working with seafarers who is involved in developing the webinar. &quot;At the point I pick up crew conversations, they will have been on hyper-alert for a sustained amount of time, so their nervous system will be heightened and it&#39;s going to take a little time, depending on the individual, for that nervous system to reset,&quot; she told AFP. &quot;For some people, it might be fairly soon afterwards, within a matter of days, if not hours. For others, it might take a little longer.&quot;

From captains to cooks, engineers and other officers, the workers who keep global freight flowing have found themselves not just stranded but in some cases right in the firing line of the US-Israel war on Iran.

Trapped seafarers traumatized by Gulf fighting: Charities

ISLAMABAD: President Donald Trump declared Monday that US strikes have wiped out Iran&#39;s navy, air force, anti-aircraft systems, radar, and military leadership. He called the conflict &quot;a skirmish&quot; and said Tehran never had a chance. Trump was speaking to the media after signing a memorandum in the Oval Office to reinstate a presidential fitness award for children. He was joined by Secretary of Health and Human Services Robert F. Kennedy Jr. and Defense Secretary Pete Hegseth. &quot;They [Iran] have no navy, totally wiped out. They have no air force, totally wiped out. They have no anti-aircraft capability, totally wiped out. No radar. They have no leaders &ndash; the leaders are wiped out,&quot; Trump said. He said Iran&#39;s fleet of 159 ships has been reduced to &quot;little boats with a machine gun on the front &ndash; every little ship at the bottom of the sea.&quot; Iranian state media has previously rejected similar US military assessments. The Tehran Times earlier reported that the IRGC Navy seized two vessels (the MSC Francesca and the Epaminondas) in late April for what it called &quot;maritime violations,&quot; presenting the interdictions as evidence of continued Iranian naval capacity. Iranian Foreign Ministry spokesperson Esmaeil Baghaei had previously called US claims of successful merchant transits through the strait &quot;baseless and outright false,&quot; saying commercial traffic had collapsed by more than 95% since hostilities began on Feb. 28, according to Tasnim News Agency. Speaking about Iran&#39;s nuclear program, Trump said a US B-2 bomber strike destroyed Tehran&#39;s nuclear facilities before it could develop a weapon. &quot;They would have had a nuclear weapon within two weeks,&quot; he said. &quot;We blew up their nuclear potential &ndash; it was obliterated.&quot; Iranian officials had previously acknowledged damage to facilities at Fordow, Natanz, and Isfahan while denying that the program had been neutralized. Foreign Minister Abbas Araghchi said Iran&#39;s nuclear rights as a Non-Proliferation Treaty signatory were &quot;inalienable&quot; and could not be eliminated by aerial bombardment, according to Iranian news agency IRNA. In the Oval Office interaction with the media, President Trump said, &quot;We can&#39;t let Iran have nuclear weapons. You can&#39;t let a bunch of lunatics have nuclear weapons or the world would be in trouble.&quot; He said the consequences of inaction would have been catastrophic. &quot;The Middle East would have been gone. Israel would have been gone. They would have trained their sights on Europe first, and then us,&quot; he said. Trump also claimed credit for ending eight armed conflicts, including what he described as a near-nuclear war between India and Pakistan. &quot;I ended eight wars &ndash; &nbsp;nobody else ever ended a war,&quot; he said. He also cited the 2025 Nobel Peace Prize recipient Mar&iacute;a Machado, recounting her as saying that the US president was more deserving of the prize than she was.&nbsp; &quot;She said, &#39;I don&#39;t deserve this &ndash; President Trump deserves it. There&#39;s never been a man that deserves it more,&#39;&quot; Trump said. &quot;We are doing well,&quot; he said.

US President Donald Trump speaks during a signing ceremony in the Oval Office at the White House on Tuesday, May 5, 2026, calling the conflict with Iran a “skirmish”. (White House)

Trump claims US strikes destroyed Iran’s military capabilities, including navy, air defenses, and leadership, and says its nuclear facilities were “obliterated,” while calling the conflict a “skirmish” and saying Iran never had a chance.

Trump calls conflict a 'skirmish,' says Iran military 'totally wiped out'

ISLAMABAD: UAE&rsquo;s OPEC exit ends a 58-year membership and challenges the group&rsquo;s unity, founded in 1960 to counter Western oil giants, OPEC later expanded into OPEC+ but now faces weaker control over supply and prices. On April 28, the UAE announced it would withdraw from both OPEC and OPEC+, effective May 1, ending its 58-year membership. Analysts say the move reflects Abu Dhabi&#39;s frustration with production quotas it felt were holding it back. Before the exit, the UAE contributed roughly 15% of total OPEC+ output. Experts cited by ABC News say it could now aim to increase production to 5 million barrels per day by 2027, up from its former quota of 3.4 million barrels per day. OPEC: The beginningBefore OPEC existed, global oil was controlled by the &quot;Seven Sisters&quot; &mdash; major Western companies including Exxon, Shell, BP, and Chevron&#39;s predecessors.&nbsp; They dominated production, pricing, and distribution, leaving oil-producing nations with little say over their own resources. In 1960, five countries; Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela founded the Organization of the Petroleum Exporting Countries in Baghdad to take back control over output, prices, and revenues. The UAE joined in 1967.&nbsp; Over the following decades, OPEC grew into a central force in global energy markets, especially after the oil shocks of the 1970s. Its influence gradually weakened, however, as the US, Russia, and others increased their own output.&nbsp; To compensate, OPEC formed the broader OPEC+ alliance with non-OPEC producers, most notably Russia, to better manage global supply. This cooperation helped the group enforce production cuts and stabilize prices.&nbsp; Today, OPEC has 12 members, with OPEC+ playing an increasingly important role alongside it. What the UAE departure meansThe departure carries real risks for OPEC.&nbsp; It could affect Saudi Arabia&#39;s leadership within the group and erode the unity that keeps quota agreements in place.&nbsp; If other members follow suit or exceed their own limits, OPEC+ could find it harder to control supply and support prices. HSBC noted, however, that the near-term market impact may be limited, partly due to disruptions around the Strait of Hormuz.&nbsp; In the longer term, though, a significant rise in UAE output could put downward pressure on prices: good news for consumers, but a challenge for OPEC&#39;s cohesion and influence.

Business

UAE’s OPEC exit ends a 58-year membership and challenges the group’s unity, founded in 1960 to counter Western oil giants, OPEC later expanded into OPEC+ but now faces weaker control over supply and prices.

Articles tagged with "Middle East War"

Dubai's annual art fair opens despite regional war

EV interest surges in Norway as fuel prices bite

Day 74: All you need to know about US-Israel war on Iran

Pakistan ambassador calls for UN reform during US military delegation visit

FM Dar expresses hope for a ‘peaceful and stable’ region

Oil prices rise as Trump rejects Iran’s Middle East peace proposal

Iran at the World Cup a 'major diplomatic asset': Football chief

Trapped seafarers traumatized by Gulf fighting: Charities

Trump calls conflict a 'skirmish,' says Iran military 'totally wiped out'

UAE exits OPEC, signaling a new era for oil politics

Dubai's annual art fair opens despite regional war