Morgan Stanley on Wednesday reduced its price target on petrochemicals company Borouge (ADX:BOROUGE) to 2.7 Emirati dirhams from 2.9 dirhams and kept its equal weight rating.
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The US launched a new wave of strikes against Iran on Wednesday, targeting military capabilities used to threaten shipping in the Strait of Hormuz, as President Donald Trump warned he could widen attacks unless the Islamic republic returned to talks, Bloomberg reported Wednesday.US Central Command said the strikes targeted Iranian military capabilities used to threaten vessels transiting the waterway and said US forces disabled an empty oil tanker attempting to break the naval blockade of Iranian ports after firing Hellfire missiles into its smokestack.Iranian state media reported explosions in several cities, while Iran's Revolutionary Guards said they targeted the US Fifth Fleet in Bahrain. Jordan's armed forces said they intercepted three Iranian missiles.
Kalshi traders now see a 90% chance that gas prices will exceed $4 per gallon by the end of this month, up from 56% two days ago, CNBC reported Wednesday.Traders see a 93% chance of prices topping $4 and a 63% chance of exceeding $4.10, with the contract verified by AAA, according to the report.CNBC reported that the national gas price stood at $3.89 on Wednesday, up about 3 cents from Tuesday, per AAA, while traders see less than a 5% chance prices will surpass $4.50 by month's end.The speculation comes as the US ended its ceasefire with Iran and relaunched strikes, with US Central Command saying it conducted a second wave of strikes Wednesday afternoon following an earlier round that morning, CNBC reported.