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Economy & Business

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Oil falls 1.8% as traders await 'toughest' sanctions on Iran

Traders are awaiting details about new US measures sure to further disrupt Iranian oil flows.

Khor Fakkan Container Terminal

Analysis

UAE-Iran trade relationship becomes key test of Trump’s wartime strategy

The Gulf state suspended trade with Iran after new attacks in August. Experts point to risks for both sides as the Trump administration seeks to squeeze Tehran economically.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Foreign Ministry Spokesperson Lin Jian holds a press conference on Aug. 19, 2026.

China slams Trump over economic war on Iran: What to know

China’s once significant oil imports from Iran have been impacted by the war in the region and increasing US sanctions.

Iranians drive past an anti-US billboard at Enghelab Square in central Tehran, Aug. 3, 2026.

Trump’s Iran ‘economic D-Day’ threat sends oil prices above $94

In a Truth Social post, the president threatened that any country that provides a financial lifeline to Iran will face "tremendous economic consequences."

Latest News

Explainer

Iraq seeks special Hormuz access from Iran in scramble to keep oil flowing

AHMAD AL-RUBAYE / AFP via Getty Images

Turkey looks to expand Syria energy footprint into oil, gas

President Ahmad al-Sharaa meets Turkish Energy and Natural Resources Minister Alparslan Bayraktar at the People’s Palace in Damascus, Syria, on Aug. 19, 2026.

Oil nears $92 on UAE missile alert as Trump claims Iran talks stuck

Leon Neal/Getty Images

United Arab Emirates

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

OZAN KOSE/AFP via Getty Images

Dizzying fuel hikes fan popular grievances in Turkey

With Turkey’s consumer inflation already at 54.4%, price increases on fuel alone threaten to add two percentage points to the monthly inflation rate in March.

Bitcoin

Israel unhappy over unregulated cryptocurrency trade

Israeli authorities are demanding the international crypto stock-exchange Binance to explain unregulated digital currency trade in the country.

US President Joe Biden announces a ban on US imports of Russian oil and gas, March 8, 2022.

Oil price dips as UAE endorses increased production

Global oil prices have skyrocketed due to the Russian invasion of Ukraine.

United Arab Emirates

Guests attend the Global AI 2020 (Artificial Intelligence) Summit.

Saudi-US business forum to focus on defense, artificial intelligence

Saudi Arabia is looking to diversify its economy, but some in the United States want less cooperation with the Gulf state due to human rights concerns.

AL-MONITOR Staff

By AL-MONITOR Staff

Turkey gas pipeline

Can Turkey benefit from Europe’s quest to reduce Russian gas?

Europe’s efforts to phase down gas imports from Russia might place Turkey at the center of routes for alternative supplies from Azerbaijan and Israel.

Turkey drilling

Fourth offshore drilling ship for Turkey en route from South Korea

The advanced vessel will join Turkey’s three others in conducting energy exploration in the Mediterranean and Black seas.

MOHAMED EL-SHAHED/AFP via Getty Images

Egypt to have eight months of wheat reserves, says minister

The Russian invasion of Ukraine is threatening wheat supplies across the Middle East.

AL-MONITOR Staff

By AL-MONITOR Staff

The prices for gas and diesel fuel.

Saudi, Emirati oil prices reach record highs

The Russian invasion of Ukraine has led to historically high oil prices.

AL-MONITOR Staff

By AL-MONITOR Staff

Turkish Presidential Press Office

How Ukraine crisis undermines Turkey's economic program

Ankara’s economic program has hit a deadlock under the impact of Russia’s invasion of Ukraine, marked by a stream of fuel hikes, canceled tourism bookings and textile orders, and shortage fears in the food sector.

ADEM ALTAN/AFP via Getty Images

Turks rush to buy sunflower oil as Ukraine war menaces food prices

Despite official assurances over supplies of basic items, a holdup of imports from Russia and Ukraine has already sparked panic buying of sunflower oil.

BlackRock

UAE partners with US investing firm BlackRock

The New York-based BlackRock signed a memorandum of understanding with UAE's global investment platform Investopia.

United Arab Emirates

Employees install new solar panels at the Kalyon Energy's Karapinar Solar Power Plant, Karapinar, Turkey, Dec. 2, 2021.

Turkey balks at coal phaseout amid growing energy woes

Turkey’s pledge to reach net zero carbon emissions by 2053 has come into question after a major climate meeting ended without a coal phaseout plan.