The petrodollar system, which has anchored the U.S. dollar’s dominance in global energy markets for five decades, is showing clear signs of strain. Pressures from geopolitical tensions and shifting trade practices are accelerating moves away from dollar-based oil transactions.
Comments by U.S. Ambassador to Israel Mike Huckabee suggesting that Israel had a biblical right to much of the Middle East drew condemnation over the weekend from countries across the region, which described the remarks as “dangerous and inflammatory”.
Dubai-based global ports operator DP World said on Friday that its long-serving chairman and chief executive, Sultan Ahmed Bin Sulayem, has stepped down following mounting pressure linked to alleged ties to disgraced financier Jeffrey Epstein.
In recent years, Abu Dhabi has emerged as a venue for high-stakes diplomacy, hosting sensitive talks on conflicts ranging from Ukraine-Russia to Armenia-Azerbaijan, as the United Arab Emirates positions itself as a neutral platform amid deepening global divisions.
Armed boats tried to intercept a vessel north of Oman on Tuesday in waters near the Strait of Hormuz, where heightened military activity and U.S.–Iran tensions are fuelling maritime security concerns.
Azerbaijan’s Foreign Minister Jeyhun Bayramov and Iran’s Foreign Minister Seyed Abbas Araghchi held a phone call to discuss the situation surrounding Iran and rising regional tensions, the Azerbaijani Foreign Ministry said.
The Saudi-backed Yemeni government has accused the United Arab Emirates of operating a secret prison at an airbase near the southern port city of Mukalla, escalating tensions between the two Gulf powers. The allegations were made on Monday by Salem Al-Khanbashi, governor of Hadramout province.
The head of the United Arab Emirates‑backed Southern Transitional Council (STC) of Yemen, Aidarous al-Zubaidi, has fled to an unknown location on Wednesday (7 January), skipping a scheduled flight to Riyadh for crisis talks, according to Saudi‑backed coalition officials.
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