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Energy Minister Saad al-Kaabi says oil could hit $150 a barrel if the Iran conflict continues over the coming weeks.
A drone attack on Azerbaijan has narrowed choices for airlines scrambling to respond to disruption in the Gulf.
The contraction came as a surprise with payrolls down in nearly every sector.
Last year the Daily Mail and General Trust proposed to buy the company in a £500m takeover.
Disruption to supplies from the Gulf due to the Middle East conflict has pushed the cost up by more than 80%.