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An ADNOC Tanker Struck in Hormuz, and the Dirham Closes at 3.6725
A direct missile hit on an Emirati vessel, an Iranian warning to Riyadh, and two pegs that closed the week where they opened it.
Tempo:
Karim Al-Rashidi
· 3 min read
The week ended with a missile strike on an ADNOC-linked tanker in the Strait of Hormuz, an Iranian official warning Saudi Arabia that "clinging to America's lackeys" would not buy it security, and two Gulf pegs closing exactly where they always close. USD/AED sat at 3.6725. USD/SAR sat at 3.7500. If you had been shown only the currency screens on Saturday evening and asked to guess the news flow, you would have guessed a quiet August weekend.
This is the point worth dwelling on tonight, because…