The United Arab Emirates (UAE) on Monday strongly condemned what it described as renewed "Iranian aggression using missiles and drones" against the country, according to a statement by the UAE's foreign ministry.
The statement said the attacks targeted civilian sites and represent a dangerous escalation and an unacceptable act of aggression that directly threatens the country's security, stability and territorial integrity.
It said the UAE has "full and legitimate right" to respond to the attacks.
Earlier on Monday, multiple missile and drone attacks struck UAE, including the Fujairah Oil Industry Zone, injuring three Indian nationals, local authorities said.
Also on Monday, the UAE Ministry of Defense said that its air defense systems intercepted 12 ballistic missiles, three cruise missiles and four drones launched from Iran.
The ministry said that it is maintaining the highest levels of readiness and preparedness to respond to any threats.
Following the attacks, Iran's state-run IRIB news agency reported, citing a senior military source, that Iran has no plans to target the UAE.
Citing another military source, the IRIB said that Iran had no pre-designed plan to attack the oil facilities, blaming instead "U.S. military adventurism" for creating "a passage for ships to illegally pass through the forbidden passages of the Strait of Hormuz."
The source said that "the U.S. military must be held accountable for it."
The source also said that U.S. officials must end "the ugly behavior of using force in the diplomatic process and stop military adventurism" in the waters of West Asia.
UAE condemns "Iranian aggression using missiles, drones"
U.S. stocks ended lower on Monday as renewed tensions in the Middle East rattled investors and a competitive shift in the shipping industry weighed heavily on the broader market.
The Dow Jones Industrial Average fell by 557.37 points, or 1.13 percent, to 48,941.90. The Standard and Poor's 500 sank 29.37 points, or 0.41 percent, to 7,200.75. The Nasdaq Composite Index shed 46.64 points, or 0.19 percent, to 25,067.80.
Ten of the 11 primary Standard and Poor's 500 sectors ended in the red, with materials and industrials leading the laggards by losing 1.57 percent and 1.17 percent, respectively. Meanwhile, energy bucked the trend by rising 0.85 percent.
Markets slide into negative territory following reports that two Iranian strikes hit a U.S. patrol boat and a U.S. warship was forced to turn back in the Strait of Hormuz.
While the U.S. officially denied the reports from Iranian media outlets, geopolitical anxieties worsened after the United Arab Emirates (UAE) reported that both an oil tanker operated by the Abu Dhabi National Oil Company and the Fujairah export terminal had been struck.
On the macroeconomic front, U.S. factory orders for March came in higher than expected, largely spurred by soaring demand for electronic components that underpin artificial intelligence technology. According to data released by the Commercial Department on Monday, factory orders rose 1.5 percent for the month, marking the largest increase since November.
In corporate developments, the logistics sector emerged as a major sore spot after Amazon announced plans to open its proprietary freight, distribution, fulfillment, and parcel shipping network to outside businesses. The move sent shockwaves through the shipping industry, causing GXO Logistics to drop 17.7 percent, while UPS and FedEx declined 10.47 percent and 9.44 percent, respectively.
Looking ahead, Wall Street is bracing for a busy week of corporate earnings, highlighted by results from major semiconductor manufacturers such as Lattice Semiconductor, Advanced Micro Devices, and Arm Holdings. Investors are also closely anticipating reports from Palantir and Paramount Skydance later in the week.
U.S. stocks finish lower amid renewed Middle East tensions
U.S. stocks finish lower amid renewed Middle East tensions
