Oil tops $90 as Iran warns Hormuz 'will not be safe'

Tensions escalated further after Iran's Islamic Revolutionary Guard Corps vowed on Monday that not a "single drop" of oil or gas would pass through the Strait of Hormuz.

Iran

Analysis

How Hormuz crisis is turning Fujairah into the UAE’s strategic lifeline

New projects and infrastructure could turn the UAE's overlooked east coast emirate into one of the economic winners from the US-Israel-Iran war.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Analysis

What Zaidi's Washington visit means for US investment in Iraq

Iraq could greatly benefit from US investment in gas capture, which could help reduce the country's dependence on neighboring Iran.

By Adam Lucente

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

Chevron, ConocoPhillips advance Iraq's Hormuz alternatives

Oil agreements have been announced or are expected to be signed on Friday, toward the end of Iraqi Prime Minister Ali Al-Zaidi's visit to the United States.

Iraq

Explainer

France-Morocco ties get an energy jolt as historic heatwaves pressure Europe

During Prime Minister Sebastien Lecornu's visit to Morocco on Thursday, the two countries spotlighted plans to explore an electricity interconnection that could one day deliver Moroccan renewable power to France.

Morocco

Newsletter: Business & Tech

Trump pivots from Hormuz tolls as US-Iran fighting resumes

Oil prices remain far below their early May peak of nearly $115 a barrel, but the renewed hostilities have pushed them well above the roughly $70 level seen before the war.

By Jack Dutton

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

Interview

Why Strait of Hormuz no longer rattles oil markets as much: IMF

The fund's Middle East director, Jihad Azour, told Al-Monitor that the big Gulf energy producers now have more capacity to absorb the shock.

Jihad Azour

Director of the Middle East and Central Asia Department at the International Monetary Fund

Trump retreats from Hormuz 20% fee plan in pivot to Gulf investment deals

The shift comes barely 24 hours after Trump declared the United States would become the "guardian" of the strategic waterway and seek compensation for protecting all cargo passing through it.

Iran

Oil prices climb to $85 as US-Iran attacks intensify, Hormuz traffic stalls

Brent crude traded at $85.02 a barrel at 11:44 a.m. EDT, up 2.06% from Monday's close after reaching $87.39 earlier on Tuesday.

Iran

Explainer

Trump’s Hormuz playbook echoes Iran’s attempts to monetize waterway

On Monday, Trump declared that the United States would become the "guardian" of the strategic waterway, reimpose a blockade on Iranian shipping and seek reimbursement equivalent to 20% of all cargo transiting the strait. 

Iran

Syria, US hold first business forum since sanctions relief: What to know

The one-day forum in Damascus was organized by Syria’s Ministry of Economy and Industry and the US-Syria Business Council, which was established in Washington last June to advance trade and investment between the two nations.

Syria

Analysis

Saudi-UAE payment blocks could imperil billions in trade: What to know

Delayed bank transfers from Saudi Arabia to accounts in the United Arab Emirates could suggest the rivalry between the region's largest economies is entering a new financial phase.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech