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Zawya
22 minutes ago
- Zawya
Oil rises in choppy session as investors weigh up US strikes on Iran
LONDON - Oil prices rose on Monday in a volatile session following the United States' weekend move to join Israel in attacking Iran's nuclear facilities, as investors weigh the potential risks to oil supply disruptions as a result of the escalating conflict. Brent crude futures were up 78 cents, or 1.01%, to $77.79 a barrel as of 1000 GMT. U.S. West Texas Intermediate crude rose by 76 cents, or 1.03%, to $74.60. U.S. President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Israel carried out fresh strikes on Iran on Monday including on capital Tehran, and Iran's nuclear facility of Fordow which was also a target of the U.S. attack. Iran is OPEC's third-largest crude producer. Iran said on Monday that the U.S. attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called U.S. President Donald Trump a "gambler" for joining Israel's military campaign against the Islamic Republic. China meanwhile said the U.S. attack had damaged Washington's credibility and warned that the situation "may go out of control." Price were volatile in Monday's session. Both contracts touched fresh five-month highs earlier in the session of $81.40 and $78.40 respectively, before giving up their gains to turn negative during the European morning session and then recovering to a 1% gain. Prices have risen since the start of the conflict on June 13 amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. However, investors are weighing up the extent of the geopolitical risk premium in oil markets given the Middle Eastern crisis is yet to impact on supply. "The geopolitical risk premium is fading, as so far there has been no supply disruptions. But as it's unclear how the conflict might evolve, market participants are likely to maintain a risk premium for now. So prices are set to stay volatile in the near term," UBS analyst Giovanni Staunovo said. The geopolitical risk premium includes fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. "All eyes remain on the Strait of Hormuz ... and whether Iran will seek to disrupt tanker traffic," Saxo Bank analyst Ole Hansen said. Prices could spike in the short term even without full-scale disruption, if the threat of interference alone is enough to delay shipments through the Strait, Hansen added. Goldman Sachs said in a Sunday report that Brent could briefly peak at $110 per barrel if oil flows through the critical waterway were halved for a month, and remain down by 10% for the following 11 months. The bank still assumed no significant disruption to oil and natural gas supply, citing global incentives to try to prevent a sustained and very large disruption. Given the Strait of Hormuz is indispensable for Iran's own oil exports, which are a vital source of its national revenues, a sustained closure would inflict severe economic damage on Iran itself, making it a double-edged sword, said Sugandha Sachdeva, from research firm SS WealthStreet.
Gulf Business
an hour ago
- Gulf Business
How is Tesla expected to remotely control its robotaxis, and what are its limitations?
Image: Tesla/ X Tesla tiptoed into its long-awaited robotaxi service in Austin, Texas on Sunday with about 10 of its Model Y SUVs that will operate within strict limits. The rides were being offered on Sunday for a flat fee of $4.20, CEO Elon Musk said in an X post, and social media influencers were seen booking and taking rides in the robotaxis in several Austin locations, according to videos reposted by Musk. Remote access and control – known in the industry as 'teleoperation' – is used in varying degrees by the handful of robotaxi startups operating around the globe. The technology has clear advantages and important limitations. Super congratulations to the Culmination of a decade of hard work. Both the AI chip and software teams were built from scratch within Tesla. — Elon Musk (@elonmusk) Here are some details of how it works: What is teleoperation? Teleoperation is the control of machines by humans in a different location, usually over a wireless network. It is used to train robots to operate autonomously, monitor their autonomous activity, and take over when required. How do robotaxi operators use teleoperation? The global robotaxi industry is still in test mode, as companies deploy the vehicles in limited geographic areas and continually adjust the artificial intelligence software that controls them. Teleoperation is often used to intervene when a vehicle is unsure of what to do. Alphabet's Waymo, for example, has a team of human 'fleet response' agents who respond to questions from the Waymo Driver – its bot. 'Much like phone-a-friend, when the Waymo vehicle encounters a particular situation on the road, the autonomous driver can reach out to a human fleet response agent for additional information,' Waymo said in a blog post last year. Former Waymo CEO John Krafcik told Reuters, 'the cars aren't being actively monitored,' adding that the software is 'the ultimate decision-maker.' A Waymo video shows a car asking a remote operator whether a street with emergency response vehicles is open to traffic. When the human says yes, the vehicle proceeds. In contrast, other companies, such as Baidu's Apollo Go in China, have used fully remote backup drivers who can step in to virtually drive the vehicles. Baidu declined to comment. What are the limitations Driving vehicles remotely on public roads has a major potential problem: it relies on cellular data connections that can drop or operate with a lag, disconnecting the vehicle from the remote driver in dangerous situations. Philip Koopman, a Carnegie Mellon University engineering professor and autonomous-vehicle safety expert, said that approach could work for a small test deployment of 10 vehicles, such as Tesla's initial effort in Austin, but he called teleoperation 'inherently unreliable technology.' 'Eventually you will lose connection at exactly the worst time,' he said. 'If they've done their homework, this won't ever happen for 10 cars. With a million cars, it's going to happen every day.' Former Waymo CEO Krafcik agreed, adding that the time delay in cell signal makes remote driving 'very risky.' On the other hand, relying on the vehicle to reach out for help and allowing the vehicle to be the decision-maker are risky as well, Koopman said, as it does not guarantee the vehicle will make the right decision. Waymo declined to comment on the limitations of its approach. Koopman also noted there are limits to how many vehicles one person can safely monitor. A group of Democratic Texas lawmakers had asked Tesla on Wednesday to delay its robotaxi launch until September, when a new autonomous-driving law is scheduled to take effect. The Austin-area lawmakers said in a letter that delaying the launch 'is in the best interest of both public safety and building public trust in Tesla's operations.' Robotaxis: What is Tesla's approach? Musk for years has promised, without delivering, that its Full Self-Driving (Supervised) advanced driver assistance software would graduate to completely self-driving and control robotaxis. This year, he said Tesla would roll out a paid service in Austin underpinned by an 'unsupervised' version of the software. 'Teslas will be in the wild, with no one in them, in June, in Austin,' Musk told analysts and investors in January. In May, he told CNBC that the robotaxi would only operate in parts of intersections, and would use humans to monitor the vehicles. What those teleoperators are doing is not clear. For years inside Tesla, company executives have expected to use teleoperators who could take over in case of trouble, said one person familiar with the matter. For instance, if a robotaxi were stuck in a crowded pedestrian area and confused about what to do next, a human teleoperator could take over and guide it, the source said. Tesla advertised for teleoperation positions, saying the company needs the ability to 'access and control' autonomous vehicles and humanoid robots remotely. Such employees can 'remotely perform complex and intricate tasks,' it said in the advertisements. Tesla did not respond to a request for comment. 'We are being super paranoid about safety,' Musk said in a post ahead of the launch.
Gulf Business
an hour ago
- Gulf Business
Sheikh Mohammed's Executive Office turns 25: What you need to know
Image credit: Dubai Media Office/Website Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, attended a ceremony marking the 25th anniversary of The Executive Office of Sheikh Mohammed. Sheikh Mohammed praised the work of The Executive Office in setting a benchmark for leadership and innovation over the past quarter century. He highlighted its pivotal role in realizing his vision of Dubai as a global pioneer committed to excellence and future readiness. Read- 'For 25 years, The Executive Office has fostered teamwork and effectively implemented our development vision,' Sheikh Mohammed said. 'Today, we witness the outcomes of an integrated government work ecosystem led by The Executive Office, which has contributed significantly to Dubai's global prominence. 'The Executive Office is a wellspring of exceptional ideas, a catalyst for change, and a launchpad for forward-looking projects and initiatives that have underpinned our economic and social progress.' Image credit: Dubai Media Office/Website Sheikh Mohammed added: 'The Executive Office will remain central to advancing Dubai's strategic vision for global leadership. These 25 years of achievements inspire our continued drive toward transformation and progress.' The Executive Office represents a distinctive model of governance, rooted in a forward-thinking vision and a proactive leadership approach. Tasked with translating the vision of Dubai's ruler into actionable strategies, the office plays a central role in shaping the emirate's future. Established by decree, the Executive Office acts as the strategic arm of Sheikh Mohammed, leading initiatives that drive economic, social, and developmental progress across Dubai. With a foundation built on meticulous analysis and long-term planning, the Office supports decision-making processes that align with Dubai's aspirations for global leadership. Image credit: Dubai Media Office/Website A strategic think tank Functioning as a specialised think tank, the Executive Office conducts comprehensive analytical studies across economic, political, cultural, and developmental sectors. These insights directly inform key directives and decisions issued by Sheikh Mohammed. The office not only advises government entities but also monitors the execution of projects initiated under the leadership's guidance. It tracks performance across sectors, producing regular reports to ensure alignment with Dubai's strategic goals. By integrating scenario planning and forecasting, the office prepares for global challenges, ensuring the emirate remains resilient and adaptive. Development proposals, strategic blueprints, and reforms are all filtered through this rigorous process. Nurturing innovation and creativity With the close involvement of Sheikh Mohammed, the Executive Office has evolved into a center of innovation and strategic thought. Over the past 25 years, its commitment to creative problem-solving and bold ambition has underpinned transformative achievements that continue to define Dubai's rapid ascent. The Office has spearheaded numerous landmark initiatives that have reshaped the city's global profile, enhanced competitiveness, and strengthened its economy and social fabric. Dubai International Financial Centre (DIFC) One of the most significant milestones driven by the Executive Office is the establishment of the Dubai International Financial Centre (DIFC) in 2004. The DIFC marked a turning point, positioning Dubai as a global financial hub. In 2024, DIFC reached new heights. The number of active companies rose to 6,920, with 1,823 new firms joining—a 25 per cent year-on-year increase. The workforce exceeded 46,000, and assets under management surpassed $700bn. Notably, the centre now hosts family offices managing over $1.2tn in assets, further cementing its influence in global finance. The Dubai Council Launched in 2020 under the direction of the Executive Office, the Dubai Council was formed to implement transformational projects across the emirate. So far, it has initiated 25 strategic projects and established four high-level committees to drive development in critical sectors. The council has played a key role in restructuring public institutions and enhancing the efficiency of services, which in turn has catalyzed growth across Dubai's economy. Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI) Also operating under the Executive Office is the Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI), founded in 2015. As the region's largest humanitarian and development organization, MBRGI encompasses 30 programs focused on alleviating poverty, promoting education, and advancing innovation. In 2024, MBRGI invested Dhs2.2bn in humanitarian work, impacting 149 million people in 118 countries. Digital transformation through Smart Dubai In 2013, the Executive Office launched Smart Dubai, later evolving into Digital Dubai in 2021. The initiative has propelled the emirate's digital transformation and ranked Dubai first in the Arab world and Asia, and fourth globally in the IMD 2025 Smart City Index. Digital Dubai continues to streamline government operations, enhance public services, and integrate emerging technologies across sectors. Dubai Future Foundation The Dubai Future Foundation (DFF), launched in 2016, is another key entity housed within the Executive Office. DFF is responsible for future-focused programs including the Museum of the Future—an architectural landmark that has welcomed more than 3 million visitors and 40 heads of state since opening. Additionally, DFF launched the Dubai Future District Fund, which has invested Dhs3bn, directly contributing to the city's GDP and bolstering its innovation ecosystem. Hatta Development Plan The Hatta Development Plan, introduced by the Executive Office in 2016, comprises over 40 initiatives aimed at revitalizing the mountainous enclave. Annual tourism has soared to 1.5 million visitors, with improved infrastructure, eco-tourism, and employment opportunities enhancing quality of life for local residents. The Executive Council of Dubai Established in 2003, the Executive Council of Dubai also operates within the Executive Office and oversees more than 60 government departments. The council ensures alignment between sector strategies and Dubai's overarching vision, while focusing on governance, service improvement, and institutional efficiency. It plays a critical role in translating policy into action and continuously refining government operations to deliver measurable improvements in citizen wellbeing. Dubai Holding Dubai Holding, another major entity launched by the Executive Office in 2004, manages Dhs280bn in assets and operates in 34 countries. The conglomerate employs over 45,000 people and plays a significant role in driving economic diversification and international investment. Leadership development The Mohammed Bin Rashid Center for Leadership Development (MBRCLD), founded in 2003 and supported by the Executive Office, has trained more than 1,000 leaders, including 9 ministers, 10 deputy ministers, 15 director generals, and nearly 100 executive directors. The center continues to identify and mentor emerging talent, preparing the next generation of leaders to navigate global change and complexity. Continuing the vision As Dubai positions itself at the forefront of global development, the Executive Office remains at the core of the city's transformation. Through strategic foresight, data-driven planning, and alignment with global trends, the Office is executing Sheikh Mohammed's vision to ensure Dubai's continued leadership on the world stage. With a focus on inclusive growth, innovation, and sustainability, the Executive Office is not only shaping policy—but also securing Dubai's role as a model for visionary governance in the 21st century.
