finance
UAE Issues Then Retracts Missile Alert
The United Arab Emirates sent a phone alert warning of potential missile strikes, then instructed residents to disregard it. Markets reacted with lower stock futures and higher oil prices before the retraction.
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Futures reached session lows and oil prices rose from recent lows after the alert circulated. Iran's Tasnim news agency reported that explosions had been heard in Dubai.
The UAE followed with a second alert stating "PLEASE DISREGARD THE PREVIOUS WARNING" and later said the situation is "currently safe" after the potential threat alert. The Iranian foreign ministry spokesman stated that Iran's military capabilities guarantee its right to self-defense. Officials have not identified what prompted the initial alert.
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