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Economy & Business

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Traffic plummets through Strait of Hormuz after Iran, US trade fire

Shipping through the Strait of Hormuz had recovered somewhat before renewed fighting between Iran and the United States saw traffic drop sharply over the weekend.

A student attends a training seminar at the Tourism Ministry Training center in the city of Riyadh on August 30, 2022.

Interview

Saudi labor localization will take ‘generation or two': Armada CEO

Around 70% of Saudi Arabia's population is 35 years old or younger, according to the kingdom’s General Authority for Statistics, providing ample opportunity for an educated and technology-savvy national workforce in the coming decades.

Olivier Badard

CEO of Armada Holding

A tourist boat passes near crude oil tankers, bulk carriers, and other vessels anchored off Port Sultan Qaboos in Muscat, Oman, June 19, 2026.

Analysis

Why the Hormuz oil shock never became an energy catastrophe

The US-Israel-Iran war produced a historic oil supply shock but not a severe global economic crisis, due to ample prewar supplies, China's energy pivot and strategic reserve releases.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

FADEL SENNA/AFP via Getty Images

Explainer

Gulf states push incentives for investors, expats after war dents image

Several Gulf states are working to recover their images as global havens of stability in the wake of the Iran war.

United Arab Emirates

Latest News

Explainer

After UAE and Qatar, could Iraq be next to leave OPEC?

A worker at a market for fuel oil and automotive fuel on March 17, 2026, in Erbil, Iraq.

Explainer

Syria’s energy push could soon get a major boost from Chevron: What to know

Amjad Kurdo / Middle East Images / AFP via Getty Images

Oil falls below $74 as Hormuz traffic recovers after Iran war

Elke Scholiers/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 picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022.

UAE's ADNOC to expand gas processing with $3.6 billion contract

ADNOC Gas announced it would award the contract to a joint venture between ADQ state-fund-owned National Petroleum Construction Company and Spain’s Tecnicas Reunidas.

United Arab Emirates

AFP via Getty Images

Iran says daily oil output to hit 3.5M barrels in September

Iran's oil output will reach 3.5 million barrels per day by Sep. 22, the state-run news agency reports.

The sun sets behind road lamps along a highway in El-Shorouk.

Egypt’s power cuts persist amid heat, declining natural gas production

Egypt wants to export more natural gas, including in cooperation with neighboring Israel, but domestic production is declining amid the government’s efforts to reduce consumption.

From Beijing to Chengdu, UAE’s ENOC establishes first China jet fuel network

The Dubai government-owned oil and gas company said the expansion will extend to strategic cities including Beijing, Shanghai, Guangzhou, Shenzhen and Chengdu.

United Arab Emirates

A picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022.

International business development is next challenge for UAE's ADNOC

The Abu Dhabi National Oil Company (ADNOC) has a range of corporate objectives, including oil production growth, self-sufficiency in natural gas and a net zero emissions target by 2045.

Gerald Kepes

In Washington, DC, reporting on regional energy trends

A man stands in front of Argentina's Central Bank in Buenos Aires, on May 15, 2023.

Qatar loans Argentina $775 million to repay IMF

Qatar continues its practice of assisting financially strapped countries by providing a loan to Argentina, which is also planning to use the yuan to purchase Chinese imports.

A picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022.

UAE’s ADNOC buys stake in Azerbaijan gas field

The move follows a wind and solar energy deal between an Emirati firm and Azerbaijan.

AAMIR QURESHI/AFP via Getty Images

Arab moviegoers wait to see 'Barbie' as UAE, Saudi screenings loom

The summer box office hit is maintaining its delayed premier date of Aug. 31 in the UAE, Al-Monitor confirmed with Vox Cinemas.

United Arab Emirates

PUNIT PARANJPE/AFP via Getty Images

Turkey’s new economy team wins over foreign investors

Turkey’s economy czar and central bank chief have met with foreign investors amid a fresh push to draw foreign funds.

Turkish exchange

Foreign investors buy $179m in Turkey's stocks amid Erdogan's economic reset

Foreign investors bought $179 million in local equities last week, an eighth straight week of inflows, according to the latest data from the Turkish Central Bank.

Turkey inflation

Turkey’s annual inflation hits nearly 50% in July

The spike marks the end of an eight-month downtrend in annual consumer prices as Turkey grapples with one of its worst cost-of-living crises.

MAHMUD TURKIA/AFP via Getty Images

Eni ends 9-year force majeure status for Libyan gas exploration sites

Eni is Libya’s largest gas producer and domestic market supplier with an 80% share of national production.