UAE rejects war options amid US-Iran escalation

The UAE’s Minister of Energy Suhail al-Mazroui
The UAE’s Minister of Energy Suhail al-Mazroui

The UAE's Minister of Energy Suhail al-Mazroui said onWednesday that he does not expect or want a war in the Middle East.

The energy minister added that he was not worried about theenergy supply that passes through the Strait of Hormuz being cut throughIranian tensions as it, "is not only important to us but it's important for theworld economy and Iran understands that."

He added that, "Iran is a neighbor; we are very close to Iran …the last thing we want to see is more tensions in the Middle East."

The energy minister's comments came during the 10th GulfIntelligence UAE Energy Forum 2020 held at NYU Abu Dhabi.

On the role that geopolitics play in effecting oil prices, theminister remarked that geopolitics have always played an important part butthat in the "last few years geopolitics have played less of a role and marketforces began to change forecasts."

This dynamic is something that has changed with geopoliticstaking a larger share of importance in changing market forecasts.

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