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13 Entities Highlight Development of Saudi Logistics Services at Shanghai Expo

The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
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13 Entities Highlight Development of Saudi Logistics Services at Shanghai Expo

The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)

Thirteen Saudi entities working in the transportation and logistics services are highlighting the Kingdom’s infrastructure development in the maritime, land, air and rail sectors at China’s International Transportation and Logistics Expo (CITLE), underway in Shanghai from June 25-27.

Saudi Arabia witnessed rapid progress in the transportation and logistics services sector after it developed a national strategy in 2021 that defines the country’s ambitious path and goals to consolidate its position as a global logistics hub linking the three continents.

Entities participating in the Shanghai exhibition include the Ministry of Transport and Logistics Services, the Ministry of Investment, the National Industrial Development and Logistics Services Program (NIDLP), the General Authority of Civil Aviation, the Transport General Authority, as well as the Zakat, Tax and Customs Authority, and other bodies concerned with transportation and logistics services.

The participation of Saudi government entities aims to shed light on the progress achieved and work to promote cooperation with local and international markets with the aim to develop the sector, take advantage of the Kingdom’s distinctive geographical location, and enact regulations and legislation to create a stimulating and attractive investment environment that will transform Riyadh into a global logistics platform.

The expo is considered Asia’s leading trade fair for logistics, transportation, information technology and supply chain management. It also serves as a business platform for the logistics and transportation industry and features comprehensive programs and a number of conferences.

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Gold Steady as Investors Eye US-Iran Ceasefire, Brace for Inflation Data

Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
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Gold Steady as Investors Eye US-Iran Ceasefire, Brace for Inflation Data

Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)

Gold prices were steady on Thursday as investors remained cautious about the fragile US-Iran ceasefire, with a key US inflation report due later in the day also in focus for interest rate clues.

Spot gold was little changed at $4,715.45 per ounce, as of 0716 GMT. US gold futures for June delivery fell 0.8% to $4,739.40.

"It doesn't seem like gold is looking to ‌do much at ‌this moment. I think there's still a lot ‌of ⁠speculation on what's going ⁠to happen after the ceasefire," said GoldSilver Central Managing Director Brian Lan.

Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.

US President Donald Trump vowed to retain military assets in the Middle East until a peace deal with Iran is reached and warned of a major escalation in fighting if it ⁠failed to comply, said Reuters.

On Wednesday, Israel pounded Lebanon ‌with its heaviest strikes yet, killing ‌hundreds of people and drawing a threat of retaliation from Iran.

Oil prices rose ‌on Thursday on concerns that supply from the key Middle ‌East producing region may not fully resume amid doubts that the two-week ceasefire will hold.

Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fueled inflation concerns and ‌prompted markets to reassess interest rate-cut expectations, reducing non-yielding bullion's appeal.

Minutes from the Federal Reserve's March ⁠17 to ⁠18 meeting showed that more policymakers felt rate hikes could be needed to counter inflation that continued to exceed the central bank's 2% target.

US Personal Consumption Expenditures data for February, due at 1230 GMT later in the day, and March consumer price data on Friday could give further clues on the Fed's policy path.

"Beyond near-term liquidity needs, we expect gold to continue to rebuild its gains in the coming months amid heightened geopolitical risk," Standard Chartered said in a note on Wednesday.

Among other metals, spot silver fell 0.3% to $73.93 per ounce, platinum lost 1.2% to $2,005.71 and palladium edged up 0.3% to $1,558.68.

Business

Israel Instructs Karish Offshore Natgas Platform to Reopen After Ceasefire

London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
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Israel Instructs Karish Offshore Natgas Platform to Reopen After Ceasefire

London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo
London-based Energean's drill ship begins drilling at the Karish natural gas field offshore Israel in the east Mediterranean May 9, 2022. REUTERS/Ari Rabinovitch/File Photo

Israel's energy ministry said on Thursday that it had ⁠instructed Energean to begin ⁠resuming operations ⁠at the Karish natural gas platform off Israel's Mediterranean coast following the ⁠ceasefire with ⁠Iran.

The ministry ordered partial, temporary closures in February of the country's gas reservoirs, in line with security assessments.

Iran, Israel and the United States are now in an uneasy, two-week ceasefire ahead of possible negotiations in Islamabad.

Tehran and Washington have offered vastly different explanations of the ceasefire’s initial terms.

Business

Oil Prices Rise again and Asian Stocks Retreat on the Fragile Iran Ceasefire

A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)
A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)
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Oil Prices Rise again and Asian Stocks Retreat on the Fragile Iran Ceasefire

A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)
A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)

Oil rose again to above $97 a barrel and Asian stocks were trading lower Thursday on skepticism over a fragile ceasefire between the US and Iran.

Investors were closely watching whether a two-week ceasefire between the United States and Iran was already slipping after a round of deadly Israeli strikes on Lebanon that killed and injured hundreds. Iran again closed the Strait of Hormuz, in response to the attacks in Lebanon, said Reuters.

Tokyo’s Nikkei 225 dropped 0.9% to 55,824.30, while South Korea’s Kospi lost 1.6% to 5,776.03.

Hong Kong’s Hang Seng fell 0.4% to 25,801.87. The Shanghai Composite index was down 0.7% to 3,965.70.

Australia’s S&P/ASX 200 edged down 0.1%, while Taiwan’s Taiex was also 0.1% lower.

US futures were down more than 0.1%.

Oil prices were up Thursday, reversing an earlier plunge on optimism over the temporary ceasefire agreement. Brent crude, the international standard, was up 2.4% to $97.02 per barrel. It previously fell briefly to below $92 a barrel following the temporary ceasefire announcement.

Benchmark US crude was 3.3% higher on Thursday at $97.50 a barrel.

Uncertainties over global energy supply remained. The Strait of Hormuz, a chokepoint for energy transport where a fifth of the world’s oil typically passes, was largely closed even though the US repeatedly demanded that the strait must be reopened.

Talks to pursue a permanent end to the war could be taking place as soon as Friday in Pakistan, and US Vice President JD Vance is expected to be leading the negotiating team for the United States.

Wall Street closed higher Wednesday following US President Donald Trump’s announcement of a two-week ceasefire with Iran late Tuesday.

The S&P 500 jumped 2.5% to 6,782.81. The Dow Jones Industrial Average rose 2.9% to 47,909.92. The Nasdaq composite was up 2.8% to 22,635.00.

Following renewed hopes over deescalation of the war, shares of United Airlines surged 7.9% on Wednesday, American Airlines was up 5.6%, while cruise ship operator Carnival jumped 11.2%, trimming losses since the Iran war began on concerns over rising fuel costs.

In other dealings, gold and silver prices fell. Gold’s price dropped 0.7% to $4,743.20 an ounce. The price of silver fell 1.6% to $74.18 per ounce.

The US dollar rose to 158.66 Japanese yen from 158.57 yen. The euro was trading at $1.1668, up from $1.1663.