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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

Careem’s $400M deal signals Middle East telecoms becoming go-to tech investors

Careem's latest mega-deal for $400 million points to a growing investment role for leading telecom companies in the region.

Samuel Wendel

In Washington, DC, reporting on regional business and tech

Turkey's Republican People's Party (CHP) Chairman and Presidential candidate Kemal Kilicdaroglu speaks on the stage during a rally in Kocaeli, on April 28, 2023. - A sea of umbrellas and hoods at his feet, Kemal Kilicdaroglu, the Turkish opposition candidate who will challenge Recep Tayyip Erdogan at the polls on 14 May, smilingly promises "the return of spring". (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)

Turkey election pledges foretell bigger budget deficit

A review of economic programs and a supplementary budget appear inevitable for the winner of Turkey’s May 14 elections.

Israel desalination

Morocco uses ties with Israel to improve water, food security

As Morocco battles water and food insecurity, Israel is becoming a strategic partner, with a number of sustainable solutions reflected in recent deals.

A picture taken on April 4, 2023 shows the Nahr Bin Omar oil field and facility near Iraq's southern port city of Basra. - Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on April 2, calling it a "precautionary" move aimed at stabilising the market. (Photo by Hussein FALEH / AFP) (Photo by HUSSEIN FALEH/AFP via Getty Images)

Analysis

Saudi-led OPEC turns deaf ears on oil cuts amid global slowdown

Predictions for GDP growth in the Gulf look more optimistic than those for the rest of the world, and the region is resisting calls to stop cutting oil production.

By Salim A. Essaid

his picture taken on September 24, 2013 shows US dollar notes being counted next to stacks of Chinese 100 yuan (RMB) bank notes at a bank in Huaibei, in eastern China's Anhui province. With deals from London to Singapore, China is seeking to have its yuan currency used more widely around the world and challenge the hegemony of the almighty dollar. CHINA OUT AFP PHOTO (Photo by AFP) (Photo by STR/AFP via Getty Images)

Why China's yuan is unlikely to see boost from Saudi entry to BRICS

Oil transactions between China and the Gulf may be settled in Chinese currency, but experts do not foresee an end to the dollar's dominance soon.

Jonathan Johnson and Jo Emma Larvin

Who are the UK-convicted couriers smuggling $130 million to UAE?

The announcement from police of the bust in the UK follows the UAE government's efforts to combat money laundering in the country.

A Saudi Arabian Airlines Saudia plane is pictured on the tarmac of the Ataturk Airport on April 4, 2019, in Istanbul. - A transfer of Istanbul's Ataturk airport operations to its new international facility will begin at April 6 early morning. (Photo by OZAN KOSE / AFP) (Photo credit should read OZAN KOSE/AFP via Getty Images)

Soaring Competition: The Middle East’s aviation rebound takes off as Saudi Arabia challenges leading airlines

A return to profitability is in sight for the Middle East's aviation sector in 2023 as industry players begin to make up for years of lost growth.

A customer holds US dollar banknotes outside a currency changer on a street in Istanbul on September 6, 2022, as Turkey's economy is suffering its biggest economic crisis in decades ahead of one of the toughest elections of President Recep Tayyip Erdogan's rule. - Turkey's official inflation rate barely changed on September 5, in a sign that a year-long crisis that has seen prices soar by 80 percent may finally be starting to ease. The TUIK state statistics agency said that consumer prices rose by 80.2 perc

Turkey's central bank keeps interest rate at 8.5%, citing inflation

The decision will be the bank’s final before Turkey’s crucial election in May.

Karen Young event

Should the US worry about China in the Gulf? Al-Monitor Pro webinar with Karen Young

Register to learn about the latest economic and political developments occurring within the Gulf as China's influence grows.

This picture taken on March 28, 2023 shows a vendor selling dates in the area of Multaqa in Sudan's Northern State, 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 fasting month. The dawn-to-dusk fast is conceived as a spiritual struggle against the seduction of earthly pleasures, but the evening iftar festive meals traditionally bring families together du

Analysis

Conflict in Sudan, GCC's food basket, rattles Gulf investments

In addition to its natural resources and agricultural output, Sudan's geographic location also makes it critical to Gulf security.

By Salim A. Essaid

Cars drive on a road in the Algerian capital Algiers on February 1, 2017. / AFP / STRINGER (Photo credit should read STRINGER/AFP via Getty Images)

Algeria bets on Stellantis plant to relaunch country's automotive sector

Algeria's car production has taken a huge hit in recent years. Here's what it will take to get the automotive industry back on track.

Francisco Serrano

Francisco Serrano

In Lisbon, reporting on North Africa business

The Barbados-flagged ship"Nord Vind" coming from Ukraine loaded with grain is anchored for inspection in Istanbul, on Oct. 11, 2022.

Turkey imposes 130% tariff on grain imports

The move follows a tariff on electric vehicles and comes ahead of Turkey’s crucial elections.