Stocks fell and oil surged as much as 13% in its biggest intraday rise in three years early on Friday, as investors feared a major escalation of tensions in the Middle East after Israel attacked Iran’s nuclear program and Iranian military leaders.

Brent crude surged to $78 a barrel before easing to around $75, rapidly erasing much of this year’s losses caused by trade tensions and increased OPEC+ output. Gold also hit its highest level in weeks, rising 1.2% to $3,423.30 an ounce as investors fled to safety.

Analysts fear that Iran could target shipping in the Strait of Hormuz, which about one-fifth of the world’s oil passes through, potentially disrupting supplies of millions of barrels of oil a day in an extreme scenario. Such a scenario could see prices reach $130 a barrel, JPMorgan Chase & Co. recently warned.

“We are seeing classical risk-off moves,” Matthew Haupt, portfolio manager at Wilson Asset Management, told Bloomberg. “What we are watching now for is the speed and scale of the response from Tehran. That will shape the duration of the current moves. Quite often these moves fade after the initial shocks.”

Meanwhile, Gulf airlines delayed and cancelled flights to Iran, Iraq and Israel on Friday, with some rerouted mid-flight. Israel’s Ben Gurion Airport was closed until further notice, while Iran closed its airspace and Iraq suspended civilian flights. Flights to Lebanon and Jordan were also disrupted.

U.S. planemaker Boeing is back in the spotlight as investigators probe the cause of yesterday’s Air India plane crash that killed more than 290 people in the world’s worst aviation disaster in a decade.

The Indian government is reportedly considering grounding the airline’s entire Boeing 787 Dreamliner fleet as a precaution while the cause of the disaster is determined.

While multiple avenues of investigation are open, early inquiries are considering whether the aircraft suffered a reduction or loss of engine thrust, The Wall Street Journal reports.

The crash complicates Boeing’s turnaround efforts under new Chief Executive Kelly Ortberg, just days after the company reported a healthy May order book and ahead of the crucial Paris Air Show next week.

There are more than 1,100 Dreamliners in service around the world and just last month Boeing celebrated carrying its billionth customer on the model, which has so far had a good safety record. Boeing shares fell by almost 5% on Thursday.

German parcel company DHL will invest $575 million in the Middle East over the next five years, with a heavy focus on Saudi Arabia and the UAE, as it plans to use Gulf hubs as a gateway for a push into Africa.

Investments across all four of DHL’s divisions – DHL Express, DHL Global Forwarding, DHL Supply Chain, and DHL eCommerce – will “significantly strengthen the region’s logistics backbone,” DHL said in a statement.

The delivery giant sees health-care services in Africa and the Middle East as a major growth opportunity and is targeting time-critical shipments of vaccines, stem-cells and cryogenics, DHL’s Head of Life Sciences MEA Annette Naude told Bloomberg. The move will capitalize on Chinese investment in the region.

“We see America has come in and cut costs, but we do see other countries coming to the forefront and filling those gaps,” Naude said. “I went to China and met with a number of investors who are going to make investments on the African continent. Chinese investment in the region is really big.”

Demand for pharmaceuticals in Africa is rising, with revenues expected to reach $33.8 billion by 2030. Drugs and medical devices require specialized supply chains with reliable ultra-cold refrigeration and end-to-end tracking, which can be a major challenge in many parts of the continent.

Advanced insulin from China is among the sought-after medications by African governments, as emerging lifestyle diseases rise in priority next to established healthcare challenges such as malaria.

The UAE Lottery has introduced two new digital games offering prizes of up to $340,000, as it seeks to expand its product offering within the country’s nascent regulated gaming sector.

The launch of Marble Run and Lucky Lagoon, the new titles, overseen by the General Commercial Gaming Regulatory Authority, reflect a broader state-backed effort to formalize lottery and gaming activities, The National reports.

The expansion marks the first significant product rollout since the Lottery was licensed in 2023, and coincides with a multi-year partnership between UAE Lottery operator Game LLC and U.S.-based EQL Games.

The move signals growing investor interest and regulatory confidence in the UAE’s evolving commercial gaming landscape.

DP World, one of the top five global operators of shipping terminals, is expanding its business in Saudi Arabia, while teaming up with JP Morgan to provide companies across Africa with greater access to working capital.

The Dubai government-owned conglomerate said on Monday that it is moving forward with an $800 million expansion of the South Container Terminal at Jeddah Islamic Port on Saudi Arabia’s west coast.

The three-year project, carried out in cooperation with the Saudi Ports Authority, aims to strengthen the kingdom’s position as a shipping hub connecting trade routes across Asia, Africa and Europe, DP World told the Emirates News Agency.

“With this modernized terminal, we are enhancing efficiency, improving supply chain resilience and creating new trade opportunities for the Kingdom and beyond for decades to come,” DP World Chairman and CEO Sultan Ahmed bin Sulayem said.

JP Morgan, meanwhile, is teaming up with DP World Trade Finance to provide financing for companies in Africa and other emerging markets where supply chain disruptions and limited credit continue to hinder trade.

Among the first products of the collaboration was a deal to buy cocoa from Ivory Coast that DP World said in a statement had “unlocked over $70 million in annual procurement opportunities” for an unidentified client described as a leading global food company.

“By leveraging risk-sharing mechanisms and combining them with logistics in one ecosystem, we reduce the overall credit risk profile and enhance liquidity in emerging markets,” said Raj Jit Singh Wallia, a board member of the DP World finance unit.

Beijing-based company Meituan is expanding its drone delivery service in Dubai, targeting the city’s iconic waterfront.

The Chinese retail and food delivery firm will add up to three new drone routes in the second half of 2025, building on the momentum of its initial launch in December.

With plans to operate visibly along Dubai Marina, Meituan is betting on the emirate’s tech-forward ecosystem to showcase its autonomous delivery capabilities, Bloomberg reports.

“It will be very highly visible. It will be on the waterfront of the Dubai Marina,” Vice President Yinian Mao told Bloomberg in an interview.

Dubai’s government has stepped in to stabilize governance at the parent company of Majid Al Futtaim, the conglomerate behind the Mall of the Emirates and brands including Carrefour and Lego in the region.

A special judicial committee has restructured MAF Capital’s board and converted it into a public joint stock company, The Financial Times reports.

This is not the first time the government has assisted the group. Sheikh Mohammed bin Rashid, Ruler of Dubai, oversaw inheritance matters after the founder’s death in 2022.

The latest overhaul aims to safeguard one of the Gulf’s most prominent privately owned companies and could pave the way for a future stock exchange listing, the FT reports.

Family-run businesses across the Gulf frequently encounter similar challenges after a founder’s death.

Under its late founder, MAF built a reputation for forward-thinking management, pioneering projects like the region’s first indoor ski slope in Mall of the Emirates and raising capital in global bond markets to fund its expansion.

Dubai-based beauty entrepreneur and influencer Huda Kattan is buying back full control of Huda Beauty, making her eponymous brand fully independent again in a move to “stay true to our roots.”

Private equity firm TSG Consumer Partners acquired a minority stake in the brand in 2017, and a year later, it was valued at more than $1 billion by Forbes.

Now Kattan, who launched the brand in 2013 with a $6,000 loan from her sister, has bought back all the shares for an undisclosed sum.

Huda Beauty has become one of the most recognized cosmetic brands in the Middle East and North America, based on a digital-first strategy and viral product drops.