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Dubai Financial Services Authority’s Mark Steward on the regulatory blueprint behind DIFC’s success

The chief executive of Dubai Financial Services Authority (DFSA) on why international firms choose DIFC

Neesha Salian
Neesha Salian

08 July, 2026

Dubai Financial Services Authority’s Mark Steward on the regulatory blueprint behind DIFC’s success

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Dubai’s ascent as a global financial centre reached new heights in 2025. The Dubai International Financial Centre welcomed 182 new regulated entities, pushing the total past 1,000 for the first time, while the city broke into the top ten of the Global Financial Centres Index, rising to seventh.

Behind this momentum sits the Dubai Financial Services Authority, the independent regulator of financial services conducted in and from the DIFC, whose remit now includes a formal mandate to support the sector’s growth alongside its core duties of market integrity, consumer protection and financial crime prevention.

In this interview, Mark Steward, who joined the DFSA last year as chief executive, reflects on a landmark year: record banking assets of $251bn, DIFC’s emergence as a top-five global hedge fund hub, $30.6bn in new debt listings, and the regulatory philosophy underpinning it all. From new crypto token rules to early intervention on AI oversight gaps, he makes the case that Dubai’s rise rests not on light-touch regulation, but on clear, consistently applied rules shaped by a regulator that knows its market, and intends to keep it that way as Dubai targets a place among the world’s top four financial centres by 2033.

You joined DFSA last year, at a moment of strong momentum for DIFC. What struck you most when you arrived?

What struck me immediately was the force of the DFSA‘s unique circumstances: overseeing the world’s fastest growing international financial centre, with a deep commitment to innovation and expertise, underpinned by high, international regulatory standards. The velocity of DIFC’s growth is extraordinary. In 2025, DIFC welcomed 182 new regulated entities, taking the total past 1,000 for the first time, a 16 percent increase in a single year and the third consecutive year of double digit growth. DIFC is now home to the vast majority of the world’s global systemically important banks, alongside an extensive network of asset managers, insurers and professional firms.

In March, Dubai entered the global top ten of the Global Financial Centres Index for the first time, rising from eleventh to seventh. What is persuading international firms to come here, and to stay?

People often ask me that question. Dubai‘s position at the centre of the world’s day, connecting the trading hours of Asia, Europe and the Americas, is a genuine part of the answer. But the more durable reason is a regulator that understands, and actively engages with, the markets it oversees, that is proportionate and risk-based, and that is built to help high-quality firms grow. It is worth noting that the same index identified Dubai as the centre most poised for significant growth over the next two to three years.

How does the DFSA’s work fit into Dubai’s wider ambitions under the D33 agenda and the DIFC 2030 strategy?

Our work is guided by the Dubai Economic Agenda, D33, and the DIFC 2030 strategy, which aim to make Dubai one of the world’s top four financial centres by 2033. That ambition calls for better regulation, not lighter regulation. In my experience, good regulation depends as much on knowing our firms well, and understanding how they are growing, as it does on setting high standards.

The 2025 numbers show growth across the board. Can you take us through the performance of DIFC’s four focus sectors?

DIFC’s strength is its breadth: high-quality growth across all four focus areas, banking, wealth and asset management, capital markets, and insurance. In banking, the combined assets of DIFC banks reached $251bn, up 19 per cent in a single year and 195 percent over the decade. The centre now hosts 27 of the 29 globally systemically important banks and the five leading Chinese banks, reflecting Dubai’s growing role connecting East and West. In wealth and asset management, assets under advisory reached $220bn and the number of firms grew by 22 per cent.

DIFC is now also a top-five global hub for hedge funds with two of the world’s largest operating from the Centre. Activity deepened as well as widened: trading in DIFC’s over-the-counter market grew strongly through the year, reaching $13tn in the final quarter of 2025, most of it in derivatives. Capital markets attracted $30.6bn in new debt listings, up 21 percent year on year, reinforcing DIFC’s position as a leading venue for sukuk and sustainable finance. And in insurance, gross written premiums hit record highs while the number of insurance-related entities grew by 15 per cent.

Rapid growth can bring rising risk. How confident are you in the quality of this expansion?

That is exactly the right question, because growth alone is not hard to attract. Growth without rising bad debts or thinning capital is harder, and a better sign that it will last. This growth came with discipline: the non-performing loan ratio in banking fell to a record low of 1.76 percent, and capital and liquidity buffers stayed well above what we require.

In October, the DFSA was given a secondary objective to support the growth of the financial services sector. Does that change how you regulate?

It formalised an approach we have long taken, that regulation is a catalyst for sustainable, high-quality growth, not a constraint. The objective is explicitly secondary and cannot override our primary duties to maintain market confidence, protect consumers and prevent financial crime. However, it lets us weigh the impact of our decisions on market development and competitiveness, while keeping our regulation risk-based and proportionate. In practice, that means giving firms greater regulatory certainty, reducing friction, and engaging more closely with the firms we supervise.

In 2025, we created a dedicated market engagement function, ran a supervisory outreach for more than 500 market participants, and launched DFSA Connect, a platform that made authorisation more streamlined and efficient.

How do you balance that closeness to the market with keeping standards high?

Our proximity to the markets we serve is precisely how we keep standards high. Over the year we carried out 79 risk assessments of authorised firms, published eight thematic reviews covering areas such as whistleblowing, fund management self-custody and high-growth firms, and shared 94 reports of suspicious trading with regulators in other jurisdictions.

We can give firms room to grow because we understand how they operate and can act early when there are challenges.

Technology is moving quickly, from crypto to AI. How is the DFSA keeping pace?

The rapid development of technology is a sharp test of regulation, and throughout 2025 we continued to refresh our regulatory approach with proportionate reforms across our regimes. Our updated crypto token rules, effective in January, are one example, where we shifted suitability assessments to firms within a framework we set and supervise.

On AI, our annual survey found that AI use among DIFC firms rose to 52 percent in a year, with generative AI use up 166 percent, yet one in five firms using AI in critical functions lacked proper oversight of it. A regulator should catch that kind of gap early. We did, and published our findings on cyber and AI as a systemic risk. It is with this same logic that DIFC’s Zabeel District will house the world’s first purpose-built AI campus within a financial centre. Firms will keep innovating at that pace only if the rules are strong enough to manage the risks and clear enough to build on.

What role do you see the DFSA playing in DIFC’s next phase of growth?

This is the role we intend to keep playing: a global super-connector, providing the regulatory rails and best practices that let capital, ideas and talent move freely while protecting the system they rely on. International firms choose DIFC, and stay, not because the rules are light, but because they are clear, consistently applied, and shaped by a regulator that engages with the market and helps good firms grow. That is what builds a financial centre that will continue to grow and sustain.

All figures drawn from the DFSA Annual Report 2025: Shaping the Financial Markets of the Future.

Blockmaze: AI and tokenisation will power the foundational layers of future finance

Artificial intelligence will drive financial decisions while tokenisation provides the programmable infrastructure for autonomous, compliant markets, says Tajinder Virk of Finvasia Group and Blockmaze

Neesha Salian
Neesha Salian

07 July, 2026

Blockmaze: AI and tokenisation will power the foundational layers of future finance
Image: Supplied

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The financial industry has fixed its attention on artificial intelligence, yet AI alone cannot reshape global markets. Machine intelligence is advancing quickly, but the infrastructure beneath it was built for an earlier era. The future of finance will instead rest on two foundational layers, with AI serving as the intelligence layer and tokenisation serving as the infrastructure layer.

AI is already creating a new class of market participant. Autonomous agents now research opportunities, allocate capital, rebalance portfolios and execute trades with limited human involvement. The scale of that shift is already measurable. Wolters Kluwer reports that 44 per cent of finance teams will use agentic AI in 2026, an increase of more than 600 per cent on the previous year, while McKinsey records 50 of the world’s largest banks announcing more than 160 agentic AI use cases in 2025 alone.

“The next generation of investors may not always be human. Increasingly, they will be AI-powered systems acting on behalf of individuals, institutions, and businesses. Such systems hold an advantage in speed and scale, acting far faster than any human trading desk. Markets that serve them continuously, across borders and without manual intervention will capture that activity first,” said Tajinder Virk, co-founder and CEO of Finvasia Group and Blockmaze.

Yet that intelligence is being asked to operate on infrastructure that was never designed for it. Legacy markets depend on fragmented intermediaries, manual reconciliation, limited trading windows and jurisdictional barriers. Each handoff adds cost, delay and risk of error, frictions a machine operating at scale cannot absorb. AI can make intelligent decisions in milliseconds, yet it cannot operate efficiently on plumbing assembled decades ago.

Tokenisation closes that gap, as tokenised stocks and real-world assets create programmable, machine-readable ownership that AI systems can verify, settle and transfer instantly. Settlement that once took days can complete in seconds, and compliance rules can be written directly into the asset itself. Ownership becomes something software can read and act upon directly, rather than a record locked inside incompatible systems. AI supplies the intelligence, tokenisation supplies the infrastructure that allows autonomous markets to function securely and compliantly.

The rise of AI investing strengthens the case for tokenised equities. Investors are allocating more capital towards AI companies and AI-powered sectors, and tokenised stocks make those opportunities more globally accessible through fractional ownership, seamless cross-border investing and continuous digital infrastructure.

Forecasts for that transition are substantial. Boston Consulting Group estimates tokenised assets could reach around $16tn by 2030, close to 10 per cent of global GDP, while a more recent projection produced with Ripple points to almost $19tn by 2033. Each trend reinforces the other. Growth in AI investing increases demand for assets that machines can hold and move, while tokenised equities give AI systems the rails they need to act.

Trust will determine which infrastructure prevails. Autonomous agents cannot be allowed to transact on rails that lack verifiable ownership, regulatory recognition and built-in compliance. Regulators will not permit autonomous systems to move capital through markets that cannot prove who owns what, and institutions will not commit volume to rails that sit outside established legal frameworks. Compliance, rather than slowing this transition, is its precondition. The convergence of AI, tokenisation and regulated digital markets therefore depends on a foundation that institutions and regulators can rely on.

“Artificial intelligence is transforming how investment decisions get made, but intelligence on its own has nowhere to act without trusted infrastructure beneath it. Tokenisation provides that foundation, recording, transferring and governing ownership in a form machines can verify and act on directly. The firms that lead the next decade will treat AI and tokenisation not as competing trends but as two layers of a single system, intelligence on top and infrastructure underneath,” added Virk.

Blockmaze positions itself at exactly this convergence, as a compliance-first infrastructure layer for the next generation of finance. The company is building regulated, tokenised rails where AI, tokenisation and digital markets meet, allowing autonomous and human investors alike to own and exchange assets with confidence. Blockmaze’s regulatory alignment gives banks, asset managers and digital-native investors a single venue they can trust. The future, on this view, belongs not simply to AI, but to AI operating on trusted, tokenised financial infrastructure.

Saudi Arabia pilots Package Visa to simplify tourist arrivals

The Package Visa allows travellers to complete their visa application alongside booking return flights and accommodation at licensed hospitality establishments through a single platform

Rajiv Pillai
Rajiv Pillai

07 July, 2026

Saudi Arabia pilots Package Visa to simplify tourist arrivals
Image: Getty Images

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Saudi Arabia has launched a pilot programme for its new Package Visa, allowing eligible international visitors to obtain a tourist visa as part of an integrated travel package, in the latest move to simplify entry procedures and accelerate tourism growth under Vision 2030.

According to Saudi Press Agency, the initiative, currently available through approved general travel and tourism service providers in selected pilot markets, has been developed through a joint effort by the Ministry of Tourism, the Ministry of Foreign Affairs, the Ministry of Interior and the Insurance Authority.

The Package Visa allows travellers to complete their visa application alongside booking return flights and accommodation at licensed hospitality establishments through a single platform. Packages can also include events, activities and tourism experiences, creating a more streamlined visitor journey.

The launch builds on Saudi Arabia’s broader tourism liberalisation strategy, following the introduction of the tourist e-Visa, visa on arrival and the Stopover Transit Visa. Together, these initiatives helped the Kingdom welcome more than 29 million inbound visitors in 2025, highlighting the rapid expansion of its tourism sector.

Minister of Tourism Ahmed Al-Khateeb stated: “Saudi Arabia’s tourism story has always been about ambition, openness, and continuous progress. With the Package Visa, we are taking the next step: empowering our travel and tourism partners, simplifying the journey for visitors, and creating a smarter, more seamless way to experience Saudi Arabia. This pilot is a glimpse of what comes next, and we invite our partners and future visitors to be part of it.”

For travel providers, the programme creates an opportunity to integrate visa processing directly into travel packages, helping reduce friction in the booking process while encouraging longer stays and higher visitor spending through more comprehensive itineraries.

To participate in the programme, travel and tourism service providers must meet specific operational requirements, including operating digital booking platforms and providing 24/7 technical support and customer service.

The Package Visa forms part of Saudi Arabia’s continued efforts to strengthen private sector participation in tourism while making the Kingdom more accessible to international travellers. Officials said the initiative reflects a broader shift towards integrated travel services designed to enhance visitor experience, support tourism businesses and reinforce Saudi Arabia’s position as one of the world’s fastest-growing tourism destinations.

Mayo Clinic psychologist Craig N Sawchuk unpacks doomscrolling and the attention trap

Doomscrolling is often framed as a modern habit problem, but clinical research increasingly suggests it is driven by the brain’s attention, reward and emotional regulation systems

Neesha Salian
Neesha Salian

07 July, 2026

Mayo Clinic psychologist Craig N Sawchuk unpacks doomscrolling and the attention trap
Image: Supplied

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We live in a digitally connected world, where technology has become the infrastructure of work, family, and social life. This connectivity often creates a psychological challenge: doomscrolling, the compulsive consumption of news and content on social media, despite knowing it damages your mood, sleep, and relationships.

Doomscrolling is often framed as a modern habit problem, but clinical research increasingly suggests it is driven by the brain’s attention, reward and emotional regulation systems. The concern is not simply how much time people spend online, but the compulsion to continue consuming negative or emotionally charged content even when it begins to affect mood, sleep and daily functioning.

The scale of the problem is becoming clearer. An August 2024 study of 800 university students published in Computers in Human Behavior Reports found that doomscrolling triggers elevated levels of existential anxiety, a pervasive sense of dread when confronting life’s limitations. Earlier research published in Applied Research in Quality of Life (April 2023) analysed three separate studies involving approximately 1,257 adults and found doomscrolling is directly linked to worse mental wellbeing.

A 2025 longitudinal study published in the Journal of Addictive Diseases, which followed 301 adolescents over two months, found a significant relationship between social media addiction and doomscrolling. The researchers concluded that higher levels of social media addiction increased the risk of doomscrolling over time, underscoring the importance of promoting healthier digital habits to help prevent the behaviour.

In fast-connected societies such as the UAE, where work, news and social platforms blend into continuous digital engagement, the question is no longer whether people are online, but how that connectivity is shaping attention, mood and recovery time.

Here, Craig N Sawchuk, PhD, a psychologist at the Mayo Clinic in Rochester, explains what separates healthy social media use from harmful patterns, why the brain is naturally drawn to negative content, and what practical steps can help people regain control without disconnecting from the digital world entirely.

Doomscrolling has become a widely used term, but from a clinical psychology perspective, what actually distinguishes normal social media use from behavior that starts becoming harmful to mental health?

The key difference is not just the amount of time spent online, but whether it interferes with responsibilities, relationships, and overall well-being. Harmful use begins when people cannot easily disengage from spending time online, neglect work or home responsibilities, or withdraw from family and friends. It is also important to monitor mood changes: if social media consistently increases anger, anxiety, sadness, pessimism, or irritability with use, it may be negatively affecting mental health. Healthy use of social media is associated with being able to step away, shift attention elsewhere, and maintain balance in daily life.

Why are people so psychologically drawn to negative headlines, crisis-driven news, and endless social media feeds, even when they know it is affecting their mood or productivity?

The brain is naturally hardwired for threat and novelty, making humans automatically attentive to dangerous or unusual information. This is an adaptive function of our brain that has helped with our survival over time.

People also have a strong drive to “need to know” about current events and a natural human curiosity that keeps people checking for updates. Because news is now constantly accessible through portable devices, people are exposed to nonstop “breaking news,” which can reinforce the impulse to know. Doomscrolling engages reinforcement centers of our brain, which can reinforce repeated engagement with social media, even when it is not helpful for our health.

In fast-paced markets like the UAE, where many residents are highly connected through work, news, and social platforms, are there unique lifestyle factors making people more vulnerable to doomscrolling?

One of the biggest factors is the portability of technology, such as phones and tablets, and a constant electronic connection with us. People often multitask across phones, tablets, and computers throughout the day, then continue using devices at home, when out socially, and late into the evening. This continuous electronic connection can disrupt sleep and other healthy habits, as well as create a more sedentary lifestyle. The Covid-19 pandemic accelerated this pattern by increasing digital communication, and people connected digitally to manage the isolation of social distancing.

What are some of the early warning signs that someone’s scrolling habits are beginning to impact their anxiety levels, sleep quality, relationships, or overall mental wellbeing?

There are several warning signs that can turn into bigger problems. One common sign is ‘time blindness,’ where people intend to check their phones briefly but lose track of time and spend hours online without realising it. Other signs include forgetting responsibilities, worsening mood, and sleep disruption. “Sleep procrastination” is when people delay their sleep schedule to spend time online late at night, which delays bedtime and can lead to fatigue the next day. Over time, accumulated fatigue can create a negative cycle that affects focus, efficiency, work, and other responsibilities.

Self-monitoring can be a very helpful tool to recognise when excessive device use is starting to cause problems. I encourage people to have time-point check-ins when they use their devices to pay attention to their mood and notice any changes in stress, anger, anxiety, or irritability. For example, assess your mood just before you start using your device and keep re-checking on your mood every 10-15 minutes. If your mood is declining, it would be good to distance yourself from the device and choose another activity. Increasing a person’s awareness around time and mood association with their device use can be helpful. Friends or partners can also notice and comment on excessive device use before an individual fully recognises the problem.

For people who rely on their phones for work and communication and can’t simply ‘switch off’, what practical, realistic steps can they take to build healthier digital habits without disconnecting completely?

Since digital technology is often essential for work and communication, the goal is to reduce its excessive use and practice healthy habits. I recommend identifying what technology is truly necessary for work and setting firmer boundaries outside work hours.

Some ideas that may work include removing work email from phones during vacation time, creating device-free periods, and keeping phones or tablets out of the bedroom at night. I encourage trying to run “experiments,” such as testing short periods away from devices and evaluating what actually happens, rather than assuming negative effects. These experiments help people gradually build healthier habits and reduce anxiety around online disconnection.

Read: Staying calm in uncertain times: Here’s what UAE mental health professionals advise

Expo City awards first Green Licences to six sustainability firms

The Expo Green Licence introduces a dedicated qualification framework requiring businesses to demonstrate established environmental, social and governance (ESG) credentials or provide evidence of scalable sustainability-focused products and services

Rajiv Pillai
Rajiv Pillai

07 July, 2026

Expo City awards first Green Licences to six sustainability firms

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Expo City Dubai has issued the first Expo Green Licences to six businesses, marking a key milestone in the development of the UAE’s first Green Innovation District and strengthening the country’s ambitions to become a hub for sustainable business and climate-focused innovation.

Developed by Expo City Dubai in partnership with the UAE Ministry of Economy and Tourism, the Expo Green Licence is designed to support sustainability-led businesses by providing a dedicated licensing framework and access to incentives that encourage innovation, growth and collaboration.

The first cohort of licensees spans sectors including climate technology, waste management, circular economy and environmental services, with the initiative forming part of a broader pipeline of local and international companies seeking to establish operations within the Green Innovation District.

Reem Al Hashimy, UAE minister of state for international cooperation and CEO of Expo City Dubai Authority, said: “Attracting, enabling and scaling sustainability-focused business, innovation and talent is integral to the Green Innovation District’s mission to deliver measurable environmental, economic and social impact and directly aligns with an enhanced nationwide focus on strengthening local industry. We are proud to advance the District’s mission as we grant the first green licences – entrusted to these pioneering organisations that now form part of a collaborative, solutions-driven ecosystem that will contribute to UAE’s net zero and economic diversification ambitions, helping to create a brighter future for generations to come.”

Abdulla Bin Touq Al Marri, UAE minister of economy and tourism and chairman of the UAE Circular Economy Council, said the initiative supports the country’s long-term economic diversification and sustainability goals by encouraging innovation-led green businesses.

The first companies to receive Expo Green Licences include AirJoule, which develops atmospheric water harvesting technology; WAT (We Are Tech), a Dubai-based electronic waste management company; and Polygreen, a provider of circular economy and waste management solutions.

The inaugural group also includes Carbon Assurance, the first UAE-established organisation accredited by the Emirates International Accreditation Centre (EIAC) for greenhouse gas validation and verification; Carbon Standard, which supports governments and businesses with emissions measurement and sustainability strategies; and RBT Collective, a long-standing Expo City partner focused on food rescue and circular food systems.

The Expo Green Licence introduces a dedicated qualification framework requiring businesses to demonstrate established environmental, social and governance (ESG) credentials or provide evidence of scalable sustainability-focused products and services. Smaller companies are assessed individually by Expo City’s in-house sustainability specialists.

Successful applicants receive a support package valued at more than Dhs400,000, including discounted business setup costs, sustainability advisory services, collaboration opportunities and promotional support.

Licence holders will also gain access to local and international business missions through the Ministry of Economy and Tourism, collaboration opportunities with the UAE’s sustainability platform MAJRA, participation in the Green Majlis leadership forum and future fast-track intellectual property support through the ministry’s planned on-site Green IP office.

Expo City said the licensing initiative forms a key component of the Green Innovation District, which combines sustainable infrastructure, research and development facilities, light manufacturing capabilities and access to funding networks to accelerate the commercialisation of climate technologies, circular economy solutions and clean-tech innovation.

Qatar LNG vessel hit and damaged while transiting Strait of Hormuz

The vessel, Al Rekayyat, was loaded with liquefied natural gas and sent out distress signals seeking assistance after it was hit on its port side

Reuters
Reuters

07 July, 2026

Qatar LNG vessel hit and damaged while transiting Strait of Hormuz

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A Qatari LNG tanker suffered significant damage after the vessel was hit as it travelled through the Omani side of the Strait of Hormuz, four sources with knowledge of the matter said on Tuesday, after reports that Iran’s Revolutionary Guards fired missiles at ships transiting the waterway overnight.

It is the first time an LNG ship from Qatar, which is a mediator in the talks between Washington and Tehran, has been struck since the start of the Iran war at the end of February.

The vessel, Al Rekayyat, was loaded with liquefied natural gas and sent out distress signals seeking assistance after it was hit on its port side, one of the sources said, adding the crew were safe. The engine room was on fire and filled with smoke and the crew was unable to assess further damage, they added.

The reports underscored the persistent risks to shipping around the Strait of Hormuz despite the safe passage provisions included in an interim agreement between Washington and Tehran. Iran’s assertion of control over the narrow waterway between it and Oman, through which about a fifth of global oil shipments passed before the conflict, has emerged as one of the most contentious consequences of the US-Israeli war with Iran.

“Now if we use the 100 per cent safe Iranian waters, it means we are dealing with Iranians and admitting the SOH is under their control. If we pass through US/Oman, then you get hit,” one of the sources said.

“The US gives you permission to pass but if something happens on the way, they then say, ‘It is your decision to keep moving or go back’.”

The sources declined to be named because they were not authorised to speak with the media.

The Al Rekayyat is owned and managed by Nakilat, also known as Qatar Gas Transport Company Ltd, which operates one of the world’s largest LNG shipping fleets. LSEG shipping data showed it last transmitted its location on June 18, indicating it was travelling with its transponders switched off.

Renewed US threats

Axios earlier reported the IRGC fired at least two missiles at commercial ships transiting through the Strait of Hormuz on Monday night, citing two US officials. Two commercial ships suffered significant damage but there were no casualties, the report said, citing a US official.

The Al Rekayyat’s location at the time it was hit, given by one of the sources, matches the position described in an advisory from Britain’s maritime security agency, indicating it was the tanker involved in that incident. The United Kingdom Maritime Trade Operations agency (UKMTO) said the tanker was struck on its port side by an unknown projectile while travelling southbound about 8 nautical miles (15 km) east of Oman’s Limah, causing a fire. No casualties or environmental impact had been reported, UKMTO said.

Reuters could not immediately verify the Axios report, and could not determine whether the Al Rekayyat was among the two ships it described.

Nakilat, QatarEnergy, Qatar’s International Media Office and US Central Command did not immediately respond to requests for comment.

Indirect US-Iran talks ​ended last week without any public sign of headway toward ​a lasting peace, despite a 60-day ceasefire intended to ⁠create space for diplomacy to end the conflict.

President Donald Trump said on Monday the US would either reach a deal with Iran or “finish the job,” renewing his threat of military action as Tehran projects defiance following the funeral of Supreme Leader Ayatollah Ali Khamenei, who was killed in the initial US-Israeli attacks.

Iran’s Revolutionary Guards warned ships via maritime radio over the weekend that “our missiles and drones are ready to fire at you,” the Wall Street Journal reported on Monday, quoting from a recording it obtained.

Investors have been keeping a close eye on talks between the US and Iran over the fate of shipping through the Strait of Hormuz while tracking the recovery in Gulf oil exports.

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