Oil prices surged on Wednesday after U.S. President Donald Trump declared the ceasefire with Iran was “over,” jolting energy markets and raising fresh concerns about the security of Gulf oil exports.

Brent crude jumped more than 5% to above $78 a barrel, while U.S. benchmark West Texas Intermediate climbed above $74, wiping out several days of market calm.

The U.S. also revoked a waiver allowing Iran to sell oil, as American forces struck more than 80 targets in Iran that officials said were linked to attacks on commercial shipping.

Iran retaliated with strikes on U.S. military sites in Bahrain and Kuwait, extending the conflict and increasing the risk of further disruption in the Gulf.

Shipping through the Strait of Hormuz remains well below normal after attacks this week on three commercial vessels, including a Saudi oil tanker and a Qatari LNG carrier, threatening another squeeze on global energy supplies.

Abu Dhabi’s Inception42 plans to start deploying agentic artificial intelligence across the UAE federal government this quarter, with a goal of automating 50% of government operations within two years.

The government-backed company, a unit of G42, says the systems will independently carry out complex, multi-step tasks with limited human intervention.

Chief Executive Ashish Koshy told Arabian Gulf Business Insight the rollout is on a fixed timetable and is beginning to be used by government agencies.

The initiative is part of a broader G42 and Microsoft collaboration expected to bring $15.2 billion of AI investment to the UAE while creating a unified AI platform for governments and businesses.

Saudi Aramco is slashing crude prices with its biggest discount in 25 years.

The state oil giant cut the price of its flagship Arab Light crude for Asian buyers by $11 a barrel for next month, leaving it $1.50 below competing grades from the region. It’s the first time since 2020 that Saudi Arabia has sold Arab Light at a discount, and the biggest monthly reduction in its official selling prices since at least 2000, Bloomberg reports.

China, meanwhile, has sharply increased purchases of Middle Eastern crude, buying at least 26 million barrels for July and August delivery from Qatar, Saudi Arabia, the UAE and Iraq, the Financial Times reports. 

The price cuts come as Gulf producers ramp up exports through the Strait of Hormuz following an interim U.S.-Iran deal, which has swollen regional supplies.

Still, an LNG tanker owned by Qatar’s state shipping company Nakilat was struck by a projectile, believed to be a drone or missile, near the Omani coast after exiting the Gulf waterway, sparking a fire that caused severe damage, Reuters reports.

AC Limited, the family office of UAE President Sheikh Mohamed bin Zayed, has become a major source of capital for private equity, hedge funds and corporate deals while managing assets believed to be worth tens of billions of dollars.

The firm has invested in companies including Amazon, Microsoft, Nvidia and McLaren, while backing funds and transactions involving Blackstone, Carlyle, Ardian and Hayfin, Bloomberg reports.

The report said AC Limited’s role in most of those investments had not previously been disclosed, with people familiar with the firm describing it as one of the world’s most influential family offices despite its intentionally low public profile.

A sparse one-page website omits any reference to its royal ownership, executives or investments, and executives seeking capital are warned not to ask whose money the firm manages.

Abu Dhabi’s Mubadala sovereign wealth fund is handing management of a $25 billion private credit portfolio to its asset management arm, Mubadala Capital, in a move that will let the business raise money from outside investors for the first time.

Mubadala is also committing another $4.65 billion to help the platform grow, betting that more pension funds, insurers and other institutional investors will seek private lenders as traditional banks pull back from corporate lending, Bloomberg reports.

The strategy reflects the rapid growth of private credit, in which investment firms make loans directly to companies rather than relying on banks. Mubadala Capital CEO Hani Barhoush told the news agency that the move opens the firm’s lending platform to outside investors while the sovereign fund retains ownership of the $25 billion portfolio.

Private credit has grown into a $1.8 trillion market, attracting firms including Blackstone, Apollo Global Management, Ares Management and Brookfield Asset Management.

As part of the overhaul, Mubadala Group CEO Khaldoon Al Mubarak will become chairman of Mubadala Capital, which has grown from an in-house investment unit into one of the Middle East’s largest alternative asset managers.

The business, which invests in direct lending, infrastructure, real estate debt and other credit strategies, will be led by Omar Eraiqat as president and chief investment officer for Credit and Solutions, alongside Fabrizio Bocciardi as head of credit. More than 25 employees have transferred to Mubadala Capital as part of the restructuring.

Saudi Arabia’s Esports World Cup kicks off in Paris today, the first time it has been held outside of the kingdom since its launch in 2024.

The tournament, which attracts about 2,000 players competing for a prize pool of more than $75 million over seven weeks, is part of Saudi Prince Mohammed bin Salman’s plans to build a globally competitive gaming industry.

Organizers said regional tensions were a factor in moving the tournament to the French capital, but it also reflected a longer-term ambition to expand the competition globally.

The New Global Sport Conference, the associated annual business gathering, will hold an invitation-only summit in Paris. Another conference will be held in Riyadh from Oct. 30 to Nov. 1, followed by the Esports Nations Cup on Nov. 2. 

The Gulf IPO market is showing signs of reviving after a slowdown triggered by the Iran war, with companies across Saudi Arabia, the UAE, Kuwait and Qatar preparing listings for the second half of the year if market conditions improve. 

Bankers at Citigroup and HSBC said they have strong pipelines of equity offerings, while Saudi Arabia continues to lead the region’s expected deal flow, Bloomberg reports. 

Companies preparing for potential listings include NourNet, Master Works, ArcelorMittal Tubular Products Jubail, AlKhorayef Petroleum, Health Water Bottling Co., Ninja and Etihad Salam Telecom, the news agency said. 

Rikaz, a developer which has projects across Saudi Arabia, including in Riyadh and Islam’s holy city of Mecca, is among those weighing up a future listing to fund its expansion across Saudi Arabia. “We believe that if and when the IPO is the right solution, we will do it,” CEO Khalid Al Gahtani told Arabian Gulf Business Insight. 

A number of Saudi developers had originally planned to sell shares this year, but pressures from the Iran war have seen new listings fall to an eight-year low in the kingdom. IPOs across the Gulf have raised just over $1 billion so far this year, the weakest first-half performance since 2021.

BlackRock, Brookfield, EIG Global Energy Partners, KKR and Apollo are among the global investment firms bidding for a roughly $7 billion stake in Kuwait Petroleum Corporation’s oil pipeline network.

KPC has asked some bidders to recruit additional investors, allowing smaller funds with existing relationships with the state oil company to join consortium bids, Reuters reports.

The sale is part of a broader effort by Gulf energy companies and sovereign investors to raise capital by monetizing infrastructure assets while attracting foreign investment.

Proceeds from the sale are slated to support economic diversification and domestic investment plans beyond oil.