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Economy & Business

In this picture obtained from Iran's ISNA news agency on May 4, 2026, the Iran-flagged tugboat Basim sails near a ship anchored in the Strait of Hormuz off Bandar Abbas in southern Iran.

What to know about Iran's 'Persian Gulf Strait Authority' to control Hormuz traffic

The establishment of an entity seeking to control maritime transportation in the Strait of Hormuz is the latest sign that Iran wants to formalize authority in the strategic waterway.

Egyptian Prime Minister Mostafa Madbouly speaks in Beirut on Dec. 19, 2025.

Egypt ramps up energy investments amid war-driven price pressures

Prime Minister Mostafa Madbouly said Wednesday that Egypt has secured commitments exceeding $19 billion from international oil companies over the next three years.

Tankers are seen at the Khor Fakkan Container Terminal in the Sharjah Emirate, along the Strait of Hormuz on June 23, 2025. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)

Few ships pass Hormuz despite US efforts to break Iran's hold

Only four commercial vessels had transited the strait in the 24 hours before Tuesday morning, according to ship-tracking data.

Latest News

Iran strikes UAE’s Fujairah oil hub as US pushes Hormuz reopening

Meysam MIRZADEH / TASNIM NEWS / AFP via Getty Images

United Arab Emirates

Analysis

MENA wheat importers face food security risks as Hormuz crisis festers

Crops of wheat and barley in Terbol village on May 10, 2022, in Bekaa Valley, Lebanon.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Oman enters Gulf AI race with new special economic zone in Muscat

Haitham AL-SHUKAIRI / AFP via Getty Images

Oil surges past $120 to war-time high as Trump rejects Iran overture

A pumpjack stands idle in the Huntington Beach oil field, with port cranes visible in the distance, on April 23, 2026, in Huntington Beach, California.

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

Egypt's Prime Minister Mustafa Madbouly (L) welcomes China's Premier Li Qiang upon his arrival at Cairo International Airport in Egypt's capital, on July 9, 2025.

China’s premier makes first visit to Egypt as ties grow: What we know

Egypt and China have significantly deepened their ties in recent years across various sectors such as trade, defense, technology and the economy.

Iran's Foreign Minister Abbas Araghchi, Egypt's Prime Minister Mostafa Madbouly, and Indonesia's President Prabowo Subianto pose for a family photo.

Egypt urges BRICS to deepen financial ties after Trump threatens tariffs

Egyptian Prime Minister Mustafa Madbouly said that due to the global decline in multilateralism and crises engulfing the world, members of the bloc of developing nations should bolster their financial and economic ties.

Burj Khalifa, the world's tallest building, adorns the Dubai skyline as people sunbathe on Jumerah beach, Dubai, United Arab Emirates, Jan. 30, 2025.

UAE ranks second globally as digital nomad destination: What to know

The Gulf country was rated highly for its internet quality, public safety, low tax environment, comprehensive health-care system and overall infrastructure.

United Arab Emirates

Hisham Ezz Al Arab CIB CEO

Interview

How Red Sea attacks prepared Egypt’s economy for future shocks

The CEO of Egypt's third-largest bank tells Al-Monitor why he is hopeful about the country's economic recovery.

Hisham Ezz Al-Arab

Hisham Ezz Al-Arab

CEO, Commercial International Bank

This photo shows Ras Laffan Industrial City, Qatar's principal site for production of liquefied natural gas and gas-to-liquid, administrated by Qatar Petroleum, some 80 kilometers (50 miles) north of the capital, Doha, Qatar, Feb. 6, 2017.

Analysis

Gulf bets on LNG boom power ahead amid regional energy shifts, war risks

Gulf oil powers are emerging as key LNG players, leveraging rising consumer demand to justify strategic global gas investments and to scale up their own LNG production at home.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

An Emirates Boing 777 lands while an Iran Air plane is taxiing, Dubai's International Airport, Sept. 14, 2017.

After Israel war, Iran reopens airspace to domestic, international flights

Authorities opened all airports on Friday except for those at Isfahan and Tabriz.

Subianto and Salman

Saudi Arabia, Indonesia announce $27B in oil, clean energy deals: What to know

Saudi Arabia and Indonesia signed agreements for investments worth $27 billion in various fields during Indonesian President Prabowo Subianto’s visit to the kingdom.

People shop in a market on June 17, 2025 in Damascus, Syria.

Norway removes sanctions on Syria: What to know

Norway has moved to increase humanitarian assistance to Syria.

An aerial picture shows workers using a crane to plant trees in a park project by the roadside in the Saudi capital Riyadh, on March 29, 2021. - Although the OPEC kingpin seems an unlikely champion of clean energy, the "Saudi Green Initiative" aims to reduce emissions by generating half of its energy from renewables by 2030. (Photo by - / AFP) (Photo by -/AFP via Getty Images)

Saudi renewables firm ACWA Power eyes major China expansion: What to know

By 2030, ACWA Power aims to expand its global assets to around $250 billion, with China projected to contribute between $30 billion and $75 billion.

ADEM ALTAN/AFP via Getty Images

Turkey closes livestock markets amid foot-and-mouth disease outbreak: What to know

The Agriculture Ministry has closed all livestock markets to prevent spread of the disease while vaccination efforts are underway.

People visit the "EcoMotion Week" trade show on May 11, 2022, in the Israeli coastal city of Tel Aviv.

Israeli startups raise $1.6B in June as war with Iran fails to rattle investors

Israeli startups raised funds through 18 deals in June, marking their highest monthly total since 2022, according to Startup Nation Central.