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Economy & Business

NEW YORK, NEW YORK - MARCH 18: Traders work on the floor of the New York Stock Exchange during morning trading on March 18, 2026 in New York City. Stocks continued to slide at opening amid an interest rate decision by the Federal Reserve and a release of producer price index that showed wholesale prices rose more than expected in February. (Photo by Michael M. Santiago/Getty Images)

Iran oil shock hits global economy as early data signal stagflation risks

The US-Israeli war with Iran is showing measurable economic impact across the world.

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.

Latest News

Analysis

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

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

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

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

Saudi economy

Saudi Arabian export stats show mixed results in non-oil commerce

Saudi Arabia is working to diversify its economy, but figures from January show it remains dependent on foreign oil sales.

Egyptian men work in a bakery at a market in Cairo, Egypt, March 17, 2022.

Egypt seeks to contain price hikes caused by Ukraine crisis

Egypt is dealing with soaring prices of bread and food products.

AFP via Getty Images

How Russia demanding gas payment in rubles will affect the Middle East

Germany is considering buying gas from Qatar amid the war in Ukraine and the United States has been pushing the Gulf state to send more gas to Europe.

IEA ministerial meeting in Paris

Israel’s energy minister talks Ukraine, global energy crisis in Paris

Leading efforts for Israel to join the International Energy Agency, Energy Minister Karin Elharar is in Paris discussing ways to confront the challenges of the current global crisis.

Oil storage containers of the Eilat Ashkelon Pipeline Company (EAPC).

Israel, UAE to cooperate on clean hydroelectricity

Israeli companies are eager to cooperate with Emirati partners for the development of clean, cheap and low-energy hydrogen production.

Turkish President Recep Tayyip Erdogan walks alongside UAE's Minister of Tolerance and Coexistence Sheikh Nahyan bin Mubarak al-Nahyan (R).

Emirati and Turkish businesspeople discuss bilateral trade, investment

The meeting between the Abu Dhabi Chamber of Commerce and Turkey’s ULUSKON business federation occurred in the context of rapprochement between the United Arab Emirates and Turkey.

Egyptian men work in a bakery at a market in Cairo, on March 17, 2022.

Egypt institutes price controls for bread

Bread prices in Egypt have increased considerably since the Russian invasion of Ukraine. Egypt receives the majority of its wheat from the two Eastern European countries.

A visual representation of the digital cryptocurrency bitcoin, at the Bitcoin Change shop.

Lebanese turn to cryptocurrency as economy tanks

Lebanon is bursting with crypto mining shops, traders and online mentors to fulfill the surging demand from people desperately looking to gain financial freedom and much-needed US dollars.

Prepared sunbeds sit empty at a luxury hotel on March 9, 2022, in Antalya, Turkey.

Turkish tourism sector scrambles to minimize fallout of Ukraine war

Bracing for a big loss of Russian and Ukrainian holidaymakers this summer, Turkey’s tourism industry is looking for replacements in Europe and the Middle East. But few are hopeful that the gap can be closed.

KHALED DESOUKI/AFP via Getty Images

Egypt raises interest rates for first time since 2017

Inflation and bread prices have risen significantly in Egypt recently, and Saudi Arabia and Qatar have also raised their rates.

LUDOVIC MARIN/AFP via Getty Images

Analysis

'Hot money' singes Egypt’s economy

Although capital outflows are no surprise, devaluation looks imminent to mitigate pressure on the pound.

Ahmed Elleithy

By Ahmed Elleithy

UAE Africa

UAE continues to grow influence in Africa with Zimbabwe trade

The Emirates has expanded its presence on the African continent in recent years via infrastructure investments, military bases and more.

United Arab Emirates