Good morning, friends, and welcome to the first workweek of Ramadan. We have a packed issue to help kick off your morning, with news from the SCZone, Iraq and Abu Dhabi.

HAPPENING TODAY-

A US-led coalition has launched drone patrols to surveil Gulf waters and keep watch over crude oil and energy shipments, according to an S&P Globalreport. Dubbed Task Force 59, the 100 unmanned fleet of 100 will monitor the waters near the Arabian Peninsula to help secure maritime trade, including the transit of oil tankers and container vessels, which is still susceptible to ongoing geopolitical tensions, supply chain disruptions and the impact of Russia-Ukraine war. Hubs to process the data collected by the drones have been established in Bahrain and Jordan.

Who’s involved? The US is in the coalition with the UK, Canada, France, Germany, the Netherlands and Spain, with Jordan soon to join, 5th Fleet spokesman Commander Tim Hawkins told S&P Global.

ICYMI: This move comes in response to an attack on an oil tanker in the Arabian Sea last month, which Israel blames Iran for, Reutersreported. Two of the merchant vessels that were attacked were Israeli-owned and one was Emirati, according to British maritime security company Ambrey Intelligence.

FACT CHECK- Russia is not planning a wheat export ban: Russia has confirmed that it plans on continuing its wheat exports, squashing rumors in the Russian press that it was mulling an export ban amidst a decline in global wheat prices, sources tell Reuters. Instead, the sources say that the government wants Russian exporters to set a minimum export price of USD 275-280 per tonne, sources told Reuters, to ensure that wheat farmers receive adequate pay.

Iraq expects to import between 600k-1 mn tons of wheat if this year's harvest reaps 4 mn tons of wheat, according to Iraqi News Agency. Farmers have received a deposit of IQD 500 bn ahead of their harvest season to pay their dues, according to the Iraqi News Agency.

Background: Iraq’s water supply has been drying up for decades, with water flows from the Euphrates and Tigris rivers — which supply at least 98% of its surface water — decreasing by an estimated 30-40% over a 40-year period ending in 2018. This has ultimately threatened food security in the country and has paved the way for Iraq to rely on local production rather than imports.

THE BIG LOGISTICS STORY-State oil giant Abu Dhabi National Oil Company (ADNOC) will float its marine and logistics arm ADNOC Logistics and Services (ADNOC L&S) in June, and has appointed advisors for the sale.