Update: it appears the earlier warning by the UAE was a false alarm:

• UAE SENDS ALERT SAYING ‘PLEASE DISREGARD THE PREVIOUS WARNING’
• UAE ASKS PEOPLE TO IGNORE PREVIOUS WARNING

* * * 

Earlier

Is the ceasefire over (again)?

Moments ago stocks hit session lows and oil jumped from post-war lows after the UAE issued a phone alert warning of potential missile strikes.

Iran’s Tasnim promptly followed up, saying that according to news sources, there were explosions heard in Dubai.

And while the initial report sent futures to session lows…

… , and oil bounced…

… a subsequent report from UAE indicated that the situation is “currently safe” after a potential threat alert.

• *UAE SAYS SITUATION CURRENTLY SAFE AFTER POTENTIAL THREAT ALERT

While it is unclear what may have prompted the escalation, especially since the UAE and Iran are now aggressively backchanneling, moments earlier the Iranian foreign ministry spokesman said that Iran’s military capabilities guarantee its right to self-defense. And now we wait to see if more fireworks are coming.