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Economy & Business

US Secretary of Energy Chris Wright speaks during 2026 CERAWeek by S&P Global energy conference in Houston on March 23, 2026.

US ramps up emergency oil flows as prices swing on Iran strike pause

US Energy Secretary Chis Wright announced Monday that the United States started releasing 1 million to 1.5 million barrels of oil per day last week from the Strategic Petroleum Reserve.

A general view of Navigator Terminals, an oil storage depot along the River Thames, London, March 10, 2026.

Oil plunges 8% after Trump extends Iran ultimatum

In a Truth Social post, US President Trump said that Washington and Tehran “have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”

Indian vessel 'Nanda Devi' carrying liquefied petroleum gas (LPG) arrives at Vadinar Port in the Jamnagar district of Gujarat state on March 17, 2026 after Iran allowed it to pass through the Strait of Hormuz, a key energy corridor that remains disrupted by the Middle East war.

Iran’s Hormuz choke hold leaves West divided as energy markets reel

Between March 1 and March 19, there were only 114 crossings of the strait, according to analytics firm Kpler — 95% less than prewar traffic.

Excess gas is burned at the oil refinery in Israel's northern city of Haifa late on March 19, 2026.

Analysis

Iran expands energy targets beyond Gulf as Red Sea and East Med come into play

In retaliation for strikes on its energy sector, Tehran's campaign against regional oil and gas infrastructure has intensified and broadened to include Saudi Arabia's Yanbu port and an Israeli refinery in Haifa.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Latest News

US weighs easing Iran oil sanctions amid Hormuz crisis: What to know

US Treasury Secretary Scott Bessent arrives to attend an event in the East Room of the White House, Washington, DC, March 5, 2026.

Analysis

How Iran's strike on Qatar gas field could impact LNG market for years

A picture of Qatar Energy's operating facilities on March 3, 2026 in Ras Laffan Industrial City, Qatar.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

After 35% surge, how far could Gulf disruptions push European gas?

In this aerial view, Storage tanks at Grain LNG importation terminal, operated by National Grid Plc sit near the River Medway in the Thames Estuary on March 12, 2026, in Isle of Grain, England.

Samuel Wendel

Senior Market Research Analyst

In Washington, DC, reporting on regional business and tech

Adam Lucente

News and Business Correspondent

In New York City, reporting on regional news, militancy, climate change

Jack Dutton

Chief Business Correspondent

In Bristol, reporting on regional business, climate change, AI, tech

Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

Vanessa Ghanem

In Dubai, reporting on business, energy and politics

Francisco Serrano

In Lisbon, reporting on North Africa business

AHMAD HASSAN/AFP via Getty Images

Abu Dhabi firm to create new shipping terminals, cruise lines for Egypt

Egypt is seeking to increase revenues from its ports as the economy struggles.

GIUSEPPE CACACE/AFP via Getty Images

Explainer: Oman may follow as most Gulf central banks raise rates

Inflation in the Gulf has not been as severe as in other parts of the region.

Inflation soared to nearly 70% (69.97%) over one year in April in Turkey.

Turkish inflation jumps from 20% to 70% in just six months

Even if monthly price increases ease to an average of 5% in the coming months, Turkey would face an annual consumer inflation of over 100% in the fall and finish the year with a rate of some 90%.

STEFANI REYNOLDS/AFP via Getty Images

OPEC+ alliance endorses slight increase in oil production

Saudi Arabia, the UAE and other have largely resisted US calls to boost production but settled on a marginal increase today.

NIKOLAY DOYCHINOV/AFP via Getty Images

Bulgaria looks to Turkey for help with gas shortage

Russia has cut gas exports to Bulgaria, leaving Sofia looking to Ankara, which has some tough decisions to make.

Carbon capture

Egypt to store carbon with Italy’s Eni

The Italian energy company is pursuing increased cooperation with Egypt as well as Algeria.

Stock market brokers work at the Egyptian Exchange, Cairo, Egypt, Jan. 6, 2013.

Egypt to list army-owned companies on stock exchange

Egypt plans to list army-owned companies on the stock exchange before the end of the year, after repeated delays.

A Saudi man browses through Twitter on his desktop, Riyadh, Saudi Arabia, Jan. 30, 2013.

Analysis

US praises Saudi progress on intellectual property, notes issues in Egypt, Turkey

The Office of the US Trade Representative said that pharmaceutical product inspection in Turkey and illegal streaming in Egypt are key issues.

Adam Lucente

By Adam Lucente

In New York City, reporting on regional news, militancy, climate change

Isabel Infantes/Getty Images

Explainer: Algeria-Spain gas controversy

The disagreement relates to both countries' troubled history with Morocco over the Western Sahara territory.

AHMAD HASSAN/AFP via Getty Images

Egypt’s non-oil exports up 20% at start of 2022

Egypt’s main exports are related to oil and the non-oil sector has been hurt by the war in Ukraine.

MOHAMMED ABED/AFP via Getty Images

Israel reopens crossing to Gaza workers

After Gaza took huge financial and economic losses in just three days of closure, Israel has reopened the border to a small number of workers.

General view of the Emirates' Central Bank, Dubai, United Arab Emirates, Jan. 3, 2017.

UAE announces date for auction of dirham bonds

The Emirati government began selling bonds for the first time last year in a bid to diversify financially. This is the first time bonds will be sold in the local currency, as opposed to the US dollar.

United Arab Emirates