The UAE announced the embargo, accusing Iran of launching missiles into its territory.
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UAE state oil company ADNOC announced a partnership with OpenAI, stating it would be the first energy firm to deploy the OpenAI Frontier platform. The announcement occurred while OpenAI CEO Sam Altman attended an oil industry event in Abu Dhabi, where the UAE is pursuing technology to diversify its economy away from energy.
The Strait of Hormuz remains dangerous and costly for shipping, despite US claims that it is open.
The MOEX Russia Index gained 0.25% to 2,519.3 points, while the RTS Index added 0.13% to 984.04 points
Brent crude oil prices fell below $111 per barrel for the first time since October 22. By 05:14 a.m. Moscow time, the benchmark was trading at $110.68 per barrel.