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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

JACK GUEZ/AFP via Getty Images

Analysis

Israel's credit rating holds, but could face downgrade over judicial reform

Fitch recently affirmed Israel’s “A+” rating, but the agency and others have warned about heightened risk in the country related to the government’s controversial judicial reform plans.

Adam Lucente

By Adam Lucente

In New York City, reporting on regional news, militancy, climate change

Turkish President Recep Tayyip Erdogan (R) and Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan pose as they attend a signing ceremony regarding the agreements between the two countries at the Presidential Complex in Ankara, on November 24, 2021. (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey, UAE ink free trade deal in latest thaw

The deal marks a new height in improving ties between Ankara and Abu Dhabi after years of locking horns.

DANIEL LEAL/AFP via Getty Images

Turnips to the rescue? UK tomato shortages could last weeks as Morocco curbs exports

After Morocco restricted certain exports, several large British supermarkets have started rationing produce.

ADEM ALTAN/AFP via Getty Images

Turkey’s inflation eases slightly as monthly prices soar

Despite the decline in the annual inflation, Turkey’s monthly consumer prices continue to rise.

Egyptian Foreign Minister Sameh Shokry (R) and his Russian counterpart Sergei Lavrov shake hands during a joint press conference in the capital Cairo, on July 24, 2022. - Russia's top diplomat will address the Arab League at its Cairo headquarters, the organisation said, days after Russia took part in a summit hosted by Iran, a regional rival of some Arab states. (Photo by KHALED DESOUKI/AFP via Getty Images)

Egypt, Russia find opportunity in crisis

Analysts say boosting trade between Russia and Egypt in the ruble and the pound is a win for both countries amid Western sanctions on Moscow and the dollar crunch in Egypt.

HRH Crown Prince Mohammed bin Salman.

Saudi Arabia invests $51 billion in first wave of Shareek diversification

The Shareek investment and diversification strategy is set to create more than 64,000 jobs by 2040.

Algeria can achieve energy security and growth, but Sonatrach must change

Pro: To take advantage of higher energy costs and demand, Algeria's state-owned oil and gas company will need to make these fundamental reforms.

Gerald Kepes

In Washington, DC, reporting on regional energy trends

A general view taken on Dec. 17, 2014, shows pollution hovering over Egypt's Nile River.

New World Bank grant to help Egypt manage Cairo's air pollution

A 2022 report published by the American University of Cairo described Cairo's air quality as a "direct threat to public health.”

Boats are anchored in the Dubai Creek surrounded by high-rise buildings in the Gult emirate, on February 18, 2023. - Home to towering skyscrapers and ultra-luxury villas, Dubai saw record real estate transactions in 2022, largely due to an influx of wealthy investors, especially from Russia. (Photo by KARIM SAHIB/AFP via Getty Images)

UAE's Dubai ranks fourth in luxury residential sales in 2022

Luxury home sales that exceeded $10 million each in Dubai amounted to 219 in 2022, only ranking behind New York (244), Los Angeles (225) and London (223).

A horse feeds near solar panels used to power irrigation pumps along the Afir agricultural canal near the city of Kafr el-Dawwar in Egypt's northern province of Beheira on October 12, 2022. (Photo by Khaled DESOUKI / AFP) (Photo by KHALED DESOUKI/AFP via Getty Images)

As COP28 approaches, 'clock is ticking' on Middle East clean energy cooperation

Regional collaboration on clean energy is building within the Middle East and growth opportunities look bright as the UAE prepares to host the next UN climate summit.

A fisherman sells his fish at a public market where customers shop in the historical district of Ulus in Ankara on December 30, 2022. (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey's economy grows 5.6% in 2022, but labor’s income share shrinks

In a sign of deepening income disparities, the share of Turkey’s labor force from the national income has dropped to 26.5%, a far cry from 36% in 2016.

Abraj Energy Services.

Oman's Abraj signs energy deal with Saudi's Chevron, Kuwait's Gulf Oil

Oman’s Abraj Energy Services will also sell a major stake on the Muscat Stock Exchange soon.