Will Cunliffe
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UAE sends letter to the US, Silver posts the highest daily move in 18 years, while Henry Hub jumped nearly 40% intraday! Meanwhile, freight remains elevated!
The pushback has started, and it is public! Today, the UAE Ministry of Foreign Affairs issued a formal statement reaffirming that the Emirates will not allow its “airspace, territory, or waters to be used in any hostile military actions against Iran”. Essentially, the government is signalling to the US, whatever the wider regional temperature, the UAE does not want to be treated as a launchpad for strikes on Iran.
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