Front-month Brent futures contracts fell below $90 per barrel in mid-morning trading in London after US President Donald Trump said the conflict in the Middle East is “very complete.”

It marks a dramatic downturn after prices reached a four-year high of $119.50 per barrel during trading on March 9, as market participants suggest the “panic premium” has vanished.

The dramatic price moves since the Iran-US conflict have come from speculative and hedging flows rather than physical fundamentals.

While the Strait of Hormuz was effectively closed due to a lack of insurance options, oil prices were moved primarily by negative gamma and declining liquidity across petroleum futures as volatility increased.

An emergency meeting of G7 finance ministers yesterday is being followed by a meeting of energy ministers later today. A release of strategic petroleum reserves is anticipated, which could help alleviate supply shortages from reduced production in the Middle East.

Production cuts by Middle Eastern producers due to drone strikes and storage limits will take a minimum of weeks to return to previous levels.

In a further price-dampening move, the US administration said it will lift sanctions on oil transactions for “some countries.”

Market participants understand this to mean Russian oil, given that the US has already issued a 30-day waiver for India to resume purchases of Russian oil on March 6. Russian oil can avoid the Strait of Hormuz, and there is a large amount of Russian oil-on-water, making a relaxation of sanctions equivalent to a stock release, as it can quickly find buyers in key pricing centres.

Russian President Vladimir Putin said that Russia is increasing exports to “reliable partners.” This means buyers in Asia, as well as Slovakia and Hungary, which have continued to purchase Russian oil despite EU pressure to stop.

Discounts for Russian material versus dated Brent have been narrowing because of demand for non-Gulf oil and the relaxation of sanctions on Russia.

An Iran-linked vessel laden with 2 million barrels of crude oil crossed the Strait of Hormuz, heading toward China.

Two LPG vessels were also seen transiting the Strait from Iran to China, a sign that vessel traffic could continue. Most oil from the Gulf goes to Asia, while almost all Iranian oil goes to Chinese independent refiners.

Markets will look towards any evidence of shipping transiting the Strait of Hormuz, G7 stock releases, weekly US stock data, and the evolution of the conflict in order to determine where prices are headed in the next week.

Given mid-term elections in the US later this year, the administration will want to temper gasoline prices which play an outsized psychological role in US election given its visibility, particularly in a contest that will be defined by affordability concerns.

• Sasha Foss is an Energy Analyst for CSC Commodities, a division of Marex.

The UAE’s General Civil Aviation Authority (GCAA) has reaffirmed a total ban on the operation of all drones and light sport aircraft across the UAE, citing “exceptional circumstances”.

In a statement, the aviation regulator said the prohibition applies to all operators without exception and that compliance is mandatory.

“Due to the current exceptional circumstances, we reaffirm the total ban on all types of drones and light sports aircraft,” the authority said, warning that violations could lead to legal consequences.

Drones and light sport aircraft temporary ban aimed at public safety

The GCAA added that the measure is intended to safeguard public safety and ensure the security of the country’s airspace.

The directive follows a safety decision issued last week to temporarily suspend all approvals and authorisations for unmanned aircraft systems and light sport aircraft within the UAE’s airspace.

During the suspension period, the operation, launch or flight of drones and light sport aircraft is strictly prohibited, with authorities saying the measure may be amended or lifted following further assessment of the situation.

DP World has appointed Ahmad Yousef Al-Hassan as CEO and MD for the Gulf Cooperation Council (GCC), placing him in charge of operations across key regional markets.

In the role, Al-Hassan will oversee an integrated portfolio spanning ports and terminals, economic zones, digital platforms and logistics operations across the UAE, Saudi Arabia and Oman, as well as markets in the Upper Gulf.

The appointment comes as the Dubai-based ports and logistics group continues to expand integrated supply chain services in the region, with Al-Hassan tasked with leading strategy and operational performance across the GCC and strengthening end-to-end logistics connectivity.

“Trade is becoming more interconnected and complex than ever, and our priority is to keep cargo moving safely and efficiently for our customers,” Al-Hassan said.

“We are monitoring developments in the Arabian Gulf and the Strait of Hormuz closely and operating our Dubai ports and terminals with enhanced safety and security measures. Jebel Ali Port’s container and general cargo terminals remain fully operational, and we are working closely with the UAE authorities, shipping lines, logistics partners and other UAE ports to minimise disruption and support the continued movement of cargo for customers.”

Al-Hassan previously served as CFO of DP World GCC

The leadership change follows the appointment of Abdulla Bin Damithan as chairman of the Ports, Customs and Free Zone Corporation in February, a move aimed at strengthening coordination across Dubai’s trade and logistics ecosystem.

Al-Hassan previously served as CFO of DP World GCC from 2021 to 2026. He joined the company in 2010 and has held several senior roles, including positions in group treasury and business development, as well as deputy CFO at London Gateway in the UK.

He also served as CFO for DP World’s Asia-Pacific operations in Hong Kong.

Al-Hassan has more than 23 years of international experience across Dubai, Washington DC, London and Hong Kong, covering logistics, treasury, real estate and banking, and currently serves on the boards of several companies in the UAE and Oman.

Read: AD Ports Group, DP World report normal operations at UAE ports amid regional developments

Saudi Arabia’s Aramco, the world’s top oil exporter, reported a 12 per cent drop in annual profit mainly due to lower crude prices, but announced it would repurchase up to $3bn worth of shares in its first-ever buyback.

The buyback programme will be conducted over the next 18 months. Until now, the company has relied on its massive dividend payouts to reward shareholders.

The results come at a highly volatile time for global oil markets as the US-Israeli tensions with Iran has led to a near-closure of the Strait of Hormuz and has forced several regional producers to curb output.

Brent crude, which surged to near $120 on Monday, is trading around $93 on Tuesday.

Read more-Saudi Arabia cuts oil output, IEA considers stocks release

Aramco reported $93.4bn in net income for 2025, below an LSEG consensus estimate of $95.6 billion.

For the fourth quarter, net profit tumbled 20.5 per cent to nearly $17.8bn on higher operating costs, marking its 12th consecutive quarter of year-on-year profit decline.

Aramco confirmed paying a base dividend of $21.1bn for the fourth quarter and $219m in performance-linked dividends, a mechanism calculated based on free cash flow introduced following bumper profits in 2022 following the Ukraine tensions.

Total dividends paid for the year were $85.5bn, down from $124bn in 2024.

Aramco has long been a cash cow for the Saudi state, which relies on fossil fuels for more than half of government revenues. The kingdom directly holds nearly 81.5 per cent of the company and its sovereign investor, the Public Investment Fund, holds another 16 per cent.

Total revenue for the year fell 7.2 per cent to $415.8bn, on weaker prices for crude oil, as well as refined and chemical products.

The company’s gearing ratio, a measure of indebtedness, dropped to 3.8 per cent at the end of 2025, down from 4.5 per cent at the end of 2024.

Swiss chocolatier Lindt & Spruengli reported a roughly 10 per cent rise in its annual operating profit on Tuesday, beating market estimates, as it successfully passed on higher cocoa prices to customers.

The premium chocolate teddy bear producer’s earnings before interest and taxes were CHF971m ($1.25bn) in 2025, above analysts’ average forecast of CHF968.9m, based on data compiled by LSEG.

The company, based in Kilchberg on Lake Zurich, had previously reported 2025 sales growth slightly ahead of expectations, with a 12.4 per cent organic rise, helped by a 19 per cent hike in selling prices aimed at passing higher cocoa costs on to customers.

Read more-Fake Dubai-inspired chocolate bar recalled in UK over safety risk

Cocoa prices, which soared over 2024 and 2025, have been on a prolonged slide this year, dipping to three-year lows. But London cocoa dealers said last week they had seen early signs of market stabilisation.

Falling raw material costs should provide a tailwind for Lindt this year, analysts said ahead of the earnings release.

The maker of Excellence chocolate bars also announced a share buyback programme of CHF1bn, set to replace an existing buyback of up to CHF500m which it plans to terminate ahead of schedule in the coming months.

Lindt said it would propose a dividend of CHF1,800 for its registered shares, which carry voting rights, and 180 francs per participation certificate.

The company, which in January said its EBIT margin expansion would be at the lower end of its medium- to long-term target of 20-40 basis points, reported a 20-bps jump in its annual margin to 16.4 per cent.

In January, it forecast organic sales growth of 6 per cent to 8 per cent for 2026 and beyond. However, it said on Tuesday 2026 growth would come between 4 per cent and 6 per cent.