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Economy & Business

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.

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

Benchmark Brent crude surpassed $120 per barrel on Wednesday, reaching the highest levels yet seen during the US-Israel-Iran war.

An Iraqi money dealer counts Iranian rial banknotes bearing a portrait of the late founder of the Islamic Republic of Iran, Ayatollah Ruhollah Khomeini, at an exchange office in Baghdad on Feb. 3, 2012.

Iranian rial hits new record low as blockade, war take toll: What to know

The rial had another collapse in late 2025, triggering massive protests and riots in the country that were ended by a forceful government crackdown.

GIUSEPPE CACACE/AFP via Getty Images

Analysis

UAE’s OPEC exit rattles cartel as Gulf alliances shift

OPEC's fourth-largest producer will leave the cartel on May 1, marking the most significant departure in the group’s history as the war changes Abu Dhabi's relationship priorities.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

MUMEN KHATIB/AFP via Getty Images

Why UAE's decision to leave OPEC is major shift for cartel

The UAE accounts for 12% of OPEC's output, but tensions had been simmering over intragroup rivalries and the country wanting to export more oil.

United Arab Emirates

Latest News

First LNG tanker transits Strait of Hormuz since Iran war began

Yuichi YAMAZAKI / AFP via Getty Images

Pistachios reach highest prices in eight years amid Iran war

An Iranian grocer sells pistachios imported from Iran at a Persian products shop in the Gulf emirate of Dubai on July 10, 2019. (Photo by Karim SAHIB / AFP) (Photo credit should read KARIM SAHIB/AFP via Getty Images)

UAE’s cash request tests US ties as Iran war strains Gulf financial muscle

A view of Dubai Marina in Dubai on March 3, 2026.

United Arab Emirates

IEA delivers grim gas supply forecast as oil notches 15% weekly rise

A liquefied natural gas (LNG) tanker is moored at a LNG berth in Kawasaki, Kanagawa, prefecture April 8, 2026.

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

ISTANBUL, TURKEY - OCTOBER 19: Turkey's drilling vessel Kanuni arrives for alterations at the Haydarpasa port on October 19, 2020 in Istanbul, Turkey. The vessel will undergo tower disassembly before heading to the Black Sea. Turkey's president Recep Tayyip Erdogan recently announced a further discovery of 85 billion cubic meters of natural gas in the Black Sea. (Photo by Chris McGrath/Getty Images)

Turkey's natural gas offers much needed energy options

The new development of gas from the Sakarya field in the Black Sea is a remarkable achievement for Turkey's national oil company.

Gerald Kepes

In Washington, DC, reporting on regional energy trends

A general view of the Emirates Golf Club and the Dubai skyline during a pro-am event prior to the Omega Dubai Desert Classic at Emirates Golf Club, Dubai, United Arab Emirates, Jan. 26, 2021.

Who is exempt from UAE’s upcoming corporate tax?

Government entities, investment funds and others will be exempt from the first-ever corporate tax that will soon take effect in the Emirates.

This picture taken on March 23, 2023 shows a view of Dubai's landmark Burj Khalifa skyscraper, the world's tallest building, on the first day of the Muslim holy fasting month of Ramadan. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)

Saudi, UAE banks rank highest valued in Middle East: Forbes

Gulf Cooperation Council (GCC) countries took 41 places, or 82%, of the list of the 50 highest-valued banks in the Middle East and North Africa.

A pedlar sells roasted corn cobs by the medieval Sultan al-Ghuri Complex (built in 1505) in the Azhar district of Egypt's capital Cairo on January 16, 2023. (Photo by Khaled DESOUKI / AFP) (Photo by KHALED DESOUKI/AFP via Getty Images)

Inflation hits 33.9% in Egypt as food prices surge

Egypt’s Central Bank continues to raise interest rates amid surging inflation, but past rate hikes have failed to alleviate the situation.

Kamil Alawadhi, IATA’s Regional Vice-President for Africa and Middle East.

Gulf's economic transformation will drive air traffic, IATA says

Kamil Al-Awadhi, the association's Middle East chief, said countries in the region have spurred air traffic by hosting global business, political and sporting events.

Saudi mining

Saudi Arabia will mine minerals, but can it extract maximum added value?

The kingdom wants to leverage its untapped mineral deposits to boost non-oil exports and incentivize local manufacturers to turn raw materials into high-value products.

In this picture taken on March 22, 2023, a woman speaks with a merchant as she shops for dates at the traditional Rod el-Farag market in northern Cairo during the Muslim holy fasting month of Ramadan. - Muslims follow the tradition set by the prophet Mohammed whom believers say used to break his fast by eating dates and drinking goat's milk during the holy month. The dawn-to-dusk fast is conceived as a spiritual struggle against the seduction of earthly pleasures, but the evening iftar festive meals traditi

Egypt's rate hike viewed with skepticism as inflation persists

Economists question the logic behind Egypt's new interest rate hike, especially after previous raises failed to bring the inflation rate down.

Yorkshire County Cricket Club

Analysis

Yorkshire cricket club is latest UK team to seek Middle East investment

Experts see a growing trend in Middle Eastern investors wanting to get involved in British sports, as countries in the region diversify their economies.

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

GIUSEPPE CACACE/AFP via Getty Images

New UAE-Canada flight agreement boosts Emirates capacity by 40%

Emirates said it will add two flights per week between Dubai and Toronto to serve its large number of travelers starting April 20.

February 9, 2023, an EgyptAir aircraft flies on its landing approach past the 19th century Mosque of Mohamed Ali in the Cairo Citadel. (Photo by Amir MAKAR / AFP) (Photo by AMIR MAKAR/AFP via Getty Images)

Egypt’s privatization plans stall despite growing buzz

Only a fraction of the targeted sales to Gulf investors have materialized over the last year, largely due to a general lack of agreement and volatility of the Egyptian economy

Locals and tourists ride in speed boats at the Wadi Darbat (Darbat Valley) near Salalah, in the southern Omani province of Dhofar on July 21, 2022. (Photo by Mohammed MAHJOUB / AFP) (Photo by MOHAMMED MAHJOUB/AFP via Getty Images)

Oman bets on tourism to protect itself against global shocks

In order to diversify its economy away from oil and gas, Oman is going all-in on its tourism industry.

Tamara Juburi

Chinese President Xi Jinping (R) invites Saudi Arabia's King Salman bin Abdul-Aziz Al Saud (L) to view an honor guard during a welcoming ceremony inside the Great Hall of the People, Beijing, China, March 16, 2017.

China’s CICC plans UAE, Saudi expansion as Xi builds Middle East ties

CICC has about five to six people in its Middle East offices serving the entire region with a mix of Chinese and regional staff.