World Bank sees commodity prices up 23% in 2026 due to Middle East war, other shocks

Dubai: Amid Israel's inconclusive election and potential partnership with US President Donald Trump, the Middle East faces ongoing uncertainty. Diplomatic efforts persist as Qatar proposes peace with Iran, and the US enforces a blockade on Iranian ports and the Strait of Hormuz. Here are ten crucial developments UAE residents should be aware of today, October 28.

1. Israel's election resulted in no clear winner, with Benjamin Netanyahu and opposition leader Gadi Eisenkot vying for enough support to form a government. The coalition negotiations could take weeks, leaving Israel in a precarious situation.

2. Qatar presented Iran with a new peace proposal to prevent further conflict, as US President Trump continues to leave open the possibility of additional strikes against Iran.

3. The United States is enforcing a blockade on Iranian ports and vessels, subjecting neutrals ships traveling between the Gulf of Oman and the Strait of Hormuz to questioning, boarding, or searching by US forces.

4. The Pentagon estimates US military operations related to the Iran war have cost $47.1 billion as of October 16, a significant increase from earlier projections and a 25% rise since early September.

5. Talks in Tehran involving Iran, Saudi Arabia, Turkey, and Pakistan ended without any announced agreement on the war, the Strait of Hormuz, or Iran's nuclear program. The countries agreed to continue discussions.

6. Iran warned South Korean shipping firm Sinokor that its vessels could face legal action if they continue violating restrictions in the Strait of Hormuz, citing the company's high record of crossing violations.

7. Oil prices climbed above $115 a barrel as traders monitored developments in the Middle East and regional shipping risks, with Brent crude futures increasing by 1.3% to $115.36 a barrel and US West Texas Intermediate crude rising by 1.22% to $101.12 a barrel.

8. Syria reopened its main border crossing with Jordan after diplomatic efforts aimed at easing tensions following Jordanian air strikes in southern Syria.

9. Dr Anwar Mohammed Gargash, Diplomatic Adviser to the UAE President, emphasized the country's commitment to dialogue and political solutions amid the ongoing Middle East turmoil.