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Economy & Business

Oil tankers and cargo vessels are anchored off the coast of Oman after being stranded for days as congestion at Port Sultan Qaboos has prevented them from docking on June 23, 2026 in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region's oil and gas, was effectively blockaded since the outbreak of war between the United States and Iran in late February. This week's provisional peace deal between the countries was meant to reopen the waterway to shipping traffic, but the pace of that reo

Oil prices ease as OPEC+ increases production, Hormuz traffic rebounds

Brent crude, the international benchmark, fell 0.15% to $71.87 a barrel as of 8:07 a.m. EDT after dropping as low as $71.09 earlier in the session, its lowest level since before the US-Israel-Iran war began on Feb. 28.

An aerial view shows port of the western Syrian port city of Latakia, on Dec. 18, 2024.

Analysis

Can a UAE-backed Syria-Iraq corridor become Gulf's next trade route?

On June 26, Emirati and Syrian officials discussed plans for a logistics corridor connecting Syrian ports to Gulf markets via Iraq.

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

Oil drilling near Dakhiliyah in the desert region of Hasakah, Syria, Jan. 25, 2026.

Syria launches gas project with Saudi firm in latest Gulf energy partnership

The project is the latest in a series of Gulf-backed investments aimed at rebuilding Syria's energy sector after the ouster of President Bashar al-Assad in December 2024.

Crude oil tankers, bulk carriers and vessels sit anchored around Qaboos Port on June 22, 2026, in Muscat, Oman.

Oil falls below $71 as US-Iran talks continue, Gulf exports rebound

Qatar’s Foreign Ministry spokesperson said in an X post on Wednesday that Iran and the United States had made "positive progress."

Latest News

Trump earns $810M from UAE-backed crypto firm: What to know

People walk past a cryptocurrency exchange office with a screen featuring US President Donald Trump holding cryptocurrency coins in Hong Kong on March 12, 2025.

United Arab Emirates

Kuwait's Zain eyes $1.5B mobile network in postwar Syria: What to know

Omar Albaw / Middle East Images / AFP via Getty Images

Here's what to know about Iraq's corruption as Zaidi launches crackdown

AHMAD AL-RUBAYE / AFP via Getty Images

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

A man watches stock movements on a display at the Dubai Financial Market stock exchange in the Gulf emirate on April 12, 2022.

UAE reports slight growth of non-oil GDP

The United Arab Emirates is undergoing economic changes as it aims to reduce its dependency on oil.

United Arab Emirates

OZAN KOSE/AFP via Getty Images

Turkish stock market hits record high

Turkey is experiencing major economic problems, but the Istanbul stock exchange continues to rise.

FETHI BELAID/AFP via Getty Images

Tunisian grocers offer chance to mitigate economic crisis

Small grocery shops are a lifeline for Tunisian communities and families and one entrepreneur sees them as agents of change to a cash-free economy.

UAE finance

UAE tax authority announces whistleblower program

A major financial center in Dubai also recently launched a whistleblower mechanism as the Emirates seeks to improve financial transparency.

United Arab Emirates

Egypt finance

Abu Dhabi bank withdraws offer to buy Egypt's EFG Hermes

The Russian invastion of Ukraine has promted a shift away from emerging markets worldwide.

Egypt wheat

Egypt bans export of key staples to cushion blow of Ukraine war

To contain the repercussions of Russia’s invasion of Ukraine, Egypt banned for three months the export of wheat, flour, rice, pasta, oils and beans.

Egyptian farmers harvest wheat in Saqiyat al-Manqadi village in the northern Nile Delta province of Menoufia, Egypt, May 1, 2019.

Russia, Ukraine trade barbs over obstruction of wheat shipments to Egypt

As Egypt’s strategic wheat reserves continue to decline, Russia and Ukraine exchanged accusations over obstructing the movement of a ship loaded with wheat and bound for Egyptian ports.

A picture taken on Sept. 29, 2021, shows Russian tourists in the Egyptian Red Sea resort of Sharm el-Sheikh.

Egypt hopes Israeli tourists will make up losses from Ukraine war

At a time when Egypt’s tourism sector has suffered a setback due to the war in Ukraine, the first direct flight from Israel is set to land in Sharm el-Sheikh this month, which may boost the number of Israeli tourists in the Egyptian coastal resorts in the Sinai Peninsula.

Egyptians smile for a photo as they buy fruits from a street vendor at a market in the Menufiya province north of Cairo on Feb. 22, 2018.

Gulf states give Egypt $22 billion to mitigate fallout from Ukraine war

Cairo has secured $22 billion from the United Arab Emirates, Qatar and Saudi Arabia to cover Egypt's current account deficit.

AHMAD HASSAN/AFP via Getty Images

Kuwait, Egypt explore railway to Sudan

The Kuwait Fund for Arab Economic Development has also started projects in Iraq and Yemen.

A farmer ploughs a wheat field in the countryside of the northeastern city of Qamishli, on Sept. 18, 2021.

Syria’s bread basket lies empty

Deir ez-Zor province in eastern Syria is facing a water and bread crisis that is likely to become even worse during the month of Ramadan.

Syrians buy food supplies ahead of the Muslim month of Ramadan, at a shopping street in the northwestern rebel-held city of Idlib, on April 1, 2022.

Price hikes make life harder in Idlib

Prices have increased dramatically ahead of Ramadan in opposition-held areas of Syria, where residents accuse Hayat Tahrir al-Sham of failing to help.