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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

People buy traditional lanterns and foodstuff ahead of the holy Muslim month of Ramadan at the market Sayyida Zeinab district, Cairo, Egypt, March 12, 2023.

This Ramadan, food prices change Egypt's longstanding Iftar customs

Surging food prices force Egyptians to strictly stick to the basics ahead of Ramadan.

The Dubai metro track is seen along Sheikh Zayed Road, as the Gulf emirate prepares to open its new metro network in a bid to cut dependency on cars and ease congestion, United Arab Emirates, Sept. 9, 2009.

UAE, Oman call for bids on $3 billion transnational railway project

The move aims to expand the role of the private sector in the state-owned project and promote regional integration, with the project connecting Oman’s Sohar Port with the UAE's National Rail Network.

An oil tanker unloads imported crude oil at Qingdao port in China's eastern Shandong province on May 9, 2022. - China OUT (Photo by AFP) / China OUT (Photo by STR/AFP via Getty Images)

Russia surpasses Saudi Arabia as China’s top oil supplier

Energy-related cooperation between Saudi Arabia and China remains strong, but Russia and Saudi Arabia will continue to compete for the Chinese oil market in the near future.

ISTANBUL, TURKEY - DECEMBER 05: People wallk past a currency exchange shop on December 5, 2016 in Istanbul, Turkey. As the Turkish Lira plunged to record lows in past weeks, President Recep Tayyip Erdogan in a speech Saturday said his political enemies were trying to sabotage the economy and urged citizens to convert their foreign currency savings into lira or gold. Borsa Istanbul, Turkey's main stock exchange, became the first institution to act on the presidents call, converting all it's cash assets to li

Increased gold reserves help stabilize Turkey's currency ahead of May elections

The value of Turkey's gold reserves have reached an all-time high of $50.6 billion and account for almost 40% of the central bank's gross foreign assets.

Piero Cingari

Saudi central bank

Breaking | Last Updated: March 23, 2023, 8:08 am

Saudi Arabia, Qatar, Bahrain raise interest rates, mirroring Federal Reserve

The US Federal Reserve raised rates by 0.25% on Wednesday, despite concerns about the effect on the global financial climate.

The safety car drives in front of Red Bull Racing's Mexican driver Sergio Perez (L) during the Saudi Arabia Formula One Grand Prix at the Jeddah Corniche Circuit in Jeddah on March 19, 2023. (Photo by GIUSEPPE CACACE/AFP via Getty Images)

Saudi Arabia inks 14 deals at Jeddah Grand Prix in boost to sports industry

The agreements were part of a comprehensive sponsorship program hosted by Invest Saudi, the kingdom’s investment promotion entity. The value of the deals was not disclosed.

Egypt market

As Ramadan arrives, inflation chokes Morocco, Algeria, Tunisia

In North African nations, higher food costs will make it harder to access supplies for the festive month.

A picture shows the headquarters of the Public Warehousing Co. (PWC), also known Agility, in Kuwait City on December 29, 2009. The leading Kuwaiti firm indicted for fraud in connection with multi-billion dollar contracts with the American army said on December 28 that it is in talks with US authorities for an out-of-court settlement. AFP PHOTO/YASSER AL-ZAYYAT (Photo credit should read YASSER AL-ZAYYAT/AFP via Getty Images)

Kuwait’s Agility awarded $1.65 billion in dispute with Iraq's Korek

The Kuwaiti logistics firm accused Korek, which is owned by Kurdish military commander Sirwan Barzani, of using corruption to expropriate its stake.

AHMAD GHARABLI/AFP via Getty Images

Gulf asks India to increase flights as GCC, Indian officials meet in Saudi

Emirates, Jazeera and Turkish Airlines want India to allow more flights, but Indian authorities told Reuters they have no plans to do so.

People pass in front of the shuttered door of a pharmacy during a nationwide strike of pharmacies to protest against a severe shortage of medicine, Tripoli, Lebanon, July 9, 2021.

Pharmacies in Lebanon shut, as bankrupt government plans airport expansion

Gas stations are also threatening to close as long as authorities continue to ignore the economic collapse, while protests resumed on Tuesday.

An undated image of an Infinity Power COP27 solar plant.

UAE-Egypt firm Infinity Power strikes Africa's 'biggest renewable energy deal'

Infinity Power says it plans to install and operate 2 gigawatts (GW) of greenfield projects by 2025 with this deal, powering projects in South Africa, Egypt and Senegal.

A picture taken in the Saudi Red Sea coastal city of Jeddah on July 14, 2022, ahead of a visit by the United States' president to the desert kingdom, shows hosts and journalists during a presentation on the Saudi Green Initiative, which also includes goals for tree-planting and reducing emissions. - (Photo by Amer HILABI / AFP) (Photo by AMER HILABI/AFP via Getty Images)

Saudi Arabia tech talent unlikely to meet industry needs by 2030

Saudi Arabia aims to be a tech hub by 2030, but regional competition over talent and investment will complicate their efforts. (Pro subscribers only)

Tamara Juburi