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

Brent crude, the international benchmark for oil prices, was trading at $73.81 a barrel at 10:40 a.m. EDT, down 4.2% from Tuesday's close.

AMIRHOSSEIN KHORGOOEI / ISNA / AFP via Getty Images

Explainer

Hormuz tolls, frozen funds pose early tests for US-Iran peace progress

Early cracks are beginning to show following last week’s US-Iran deal announcement even as both sides move ahead with steps toward ending the four-month conflict.

A picture shows the four seasons hotel in Beirut with the snow covered mountain of Sannine in the background on March 8, 2019.

Explainer

Lebanon advances controversial $500K golden visa law: What to know

While its supporters say the scheme would help Lebanon's economy recover, critics say it could offer a channel for corruption.

Latest News

Syria announces direct flights to Amsterdam as Europe links expand

OMAR HAJ KADOUR/AFP via Getty Images

Explainer

Qatar blast underscores challenges in race to restart Gulf energy flows

Qatar's Energy Minister and CEO of QatarEnergy Saad Sherida al-Kaabi speaks during a press conference in Doha on June 22, 2026.

Interview

US-Egypt fund makes case for economic statecraft in hard power era

A worker counts banknotes after filling up the tank of a vehicle at a petrol station in Giza on March 10, 2026.

Cornelius Queen

Cornelius Queen

Senior Vice President of the Egyptian-American Enterprise Fund

Oil falls more than 3% after Iran, US signal progress in talks

MUSCAT, OMAN - JUNE 21: Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos around Qaboos Port on June 21, 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 reopening is unclear amid continued fighting in Lebano

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

BEIJING, CHINA - MAY 30: Chinese President Xi Jinping and United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan review the honour guard during a welcome ceremony at The Great Hall of People on May 30, 2024 in Beijing, China. (Photo by Tingshu Wang - Pool/Getty Images)

UAE’s AD Ports Group opens first China office: What to know

UAE-China trade relations are on the rise amid persistent US scrutiny over sensitive technology.

United Arab Emirates

GIUSEPPE CACACE/AFP via Getty Images

Saudi mining licenses soar as kingdom hunts critical metals: What to know

The Saudi government has cleared hurdles for the mining industry in its pursuit of critical materials.

Saudi Crown Prince Mohammed bin Salman is greeting Syria’s interim president, Ahmad al-Shara, left, during his arrival on Sunday at the royal palace in Riyadh, Saudi Arabia

Saudi Arabia pledges $6B investment, to sign 47 deals with Syria: What to know

The event is a milestone for Syria-Saudi relations and the deals coming out of it are expected to help create 50,000 jobs across the country.

An image of Karim Attiyeh.

Meet Karim Attiyeh, youngest Arab American billionaire of Lebanese origin

Karim Attiyeh, a Lebanese-born technologist, has been named by Forbes Middle East as the youngest billionaire of Arab origin in the United States, joining the list of the 125 richest immigrant billionaires in the US.

BAKR ALKASEM/AFP via Getty Images

Saudi Arabia to invest $6B in Syria in boost to Sharaa: What to know

The kingdom has been at the forefront of diplomatic and economic efforts to support Syria's recovery.

A man carries the Syrian and the Saudi flags past a billboard thanking Qatar, in Damascus, on May 14, 2025.

Saudi Arabia offers travel permits to Syrian businessmen, investors: What to know

Syrian entrepreneurs can now directly apply for travel licenses at the Saudi Embassy in Damascus, while Saudi investors seeking to visit Syria can register via the Interior Ministry’s e-platform.

An export train to Russia and China leaves the Ankara station, on Jan. 29, 2021.

Turkey secures $2.8B green financing for Azerbaijan railway: What to know

The 223-kilometer railway will connect to the existing train route that joins Turkey’s northeastern city of Kars and the Georgian and Azerbaijani capitals of Tbilisi and Baku.

A flame from a Saudi Aramco oil instillation known as "Pump 3" is seen in the desert near the oil-rich area of Khouris, 160 kilometers east of the Saudi capital Riyadh, on June 23, 2008.

Saudi crude oil exports hit 3-month high as production soars: What to know

The increase comes as the kingdom is reeling from negative effects of lower oil prices and production boosts from OPEC+ under US pressure.

Boats sail near the shore in the Egyptian Red Sea resort city of El-Gouna, on Nov. 1, 2024.

Egypt pitches new investment plan to US firms: What to know

Egypt is hunting foreign investment as part of its Vision 2030 strategy for sustainable development.

Iraqi workers tend to a pipe at the Iraqi-Turkish pipeline in Karkuk, northern Iraq, Dec. 1, 2000.

Why Turkey plans to end its 52-year oil pipeline deal with Iraq

The Turkish decree stipulated that the 1973 Turkey-Iraq Crude Oil Pipeline Agreement — along with all amendments to the deal — would be terminated effective July 27, 2026.

A picture taken on December 7, 2022 in Riyadh, shows the Chinese and the Saudi flags adorning a street ahead of the Chinese president's visit to the Saudi capital. - Chinese President Xi Jinping will make a three-day visit to Saudi Arabia this week, meeting the king and de facto ruler of the world's biggest oil exporter. (Photo by Fayez Nureldine / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)

Saudi Arabia's Diriyah awards Chinese firm $1.53B contract: What to know

Saudi Arabia’s Diriyah Company has awarded a major contract to China Harbour Engineering Company for the development of a Vision 2030 project.

MAURO PIMENTEL/AFP via Getty Images

Analysis

Trump tariffs, BRICS threats unlikely to erode Middle East’s trade war edge

The US decision to delay tariff penalties until Aug. 1 doesn't dramatically impact the Middle East, but the coming weeks could still have important ripple effects in the region.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech