Oil and gas

US President Donald Trump (R) shakes hands with Prime Minister of Iraq Ali al-Zaidi during a bilateral meeting in the Oval Office of the White House, Washington, July 14, 2026.

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.

Adam Lucente

By Adam Lucente

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

Hussein FALEH / AFP via Getty Images

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.

A ship sails off the coast of Ajman on July 10, 2026.

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

Jihad Azour

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

AFP via Getty Images

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.

Latest News

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

A man holds a Syrian flag across the street from the White House after Syrian President Ahmed al-Sharaa met with President Donald Trump at White House in Washington, on Nov. 10, 2025.

Oil climbs after US strikes Iran, Trump vows to control Strait of Hormuz

Michael M. Santiago/Getty Images

How Iran war could impact oil markets in 2027

Igor IVANKO / AFP via Getty Images

Oil soars more than 6% as Trump rules out Iran deal, threatens more strikes

A cargo ship is pictured off coast of the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in Sharjah Emirate, along the Gulf of Oman on June 28, 2026.

A picture taken on March 12, 2017, shows an Iranian tanker docking at the platform of the oil facility in the Khark Island, on the shore of the Gulf.

US revokes Iran oil waiver after Hormuz attacks

The United States had issued the two-month sanctions waiver as part of its preliminary deal with Iran.

Oil tankers and cargo vessels are anchored off the coast of Oman after being stranded for days as congestion at Port Sultan Qaboos has prevented them from docking on June 23, 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 reo

Oil prices ease as OPEC+ increases production, Hormuz traffic rebounds

Brent crude, the international benchmark, fell 0.15% to $71.87 a barrel as of 8:07 a.m. EDT after dropping as low as $71.09 earlier in the session, its lowest level since before the US-Israel-Iran war began on Feb. 28.

Oil drilling near Dakhiliyah in the desert region of Hasakah, Syria, Jan. 25, 2026.

Syria launches gas project with Saudi firm in latest Gulf energy partnership

The project is the latest in a series of Gulf-backed investments aimed at rebuilding Syria's energy sector after the ouster of President Bashar al-Assad in December 2024.

Crude oil tankers, bulk carriers and vessels sit anchored around Qaboos Port on June 22, 2026, in Muscat, Oman.

Oil falls below $71 as US-Iran talks continue, Gulf exports rebound

Qatar’s Foreign Ministry spokesperson said in an X post on Wednesday that Iran and the United States had made "positive progress."

China's Foreign Minister Wang Yi (R) shakes hands with Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al-Saud before a family photo for the attendees of a meeting of foreign ministers from Arab and Muslim-majority nations at the Diaoyutai State Guest House in Beijing on November 20, 2023. The international community must take urgent action to stop the "humanitarian disaster" unfolding in Gaza, Chinese Foreign Minister Wang Yi told visiting diplomats from Arab and Muslim-majority nations on Novembe

Explainer

Saudi FM concludes China visit amid Trump-MBS friction: What to know

Saudi Arabia is still absorbing the war’s security fallout and is widening its circle by leaning more on Beijing as a diplomatic counterweight to Washington and as a partner that can engage Tehran.

aqi security personnel patrol in a vehicle along a street in Baghdad on June 28, 2026.

Analysis

Iraqi PM’s anti-corruption drive comes as US pressure mounts on Iran-backed militias

Iraq’s new prime minister has launched a sweeping anti-corruption campaign ahead of key talks in Washington, but analysts say the real test will be whether it reaches Iraq’s most powerful Iran-backed actors.

Amberin Zaman

By Amberin Zaman

Reporting on geopolitics, minorities, human rights, culture

AFP via Getty Images

Traffic plummets through Strait of Hormuz after Iran, US trade fire

Shipping through the Strait of Hormuz had recovered somewhat before renewed fighting between Iran and the United States saw traffic drop sharply over the weekend.

A tourist boat passes near crude oil tankers, bulk carriers, and other vessels anchored off Port Sultan Qaboos in Muscat, Oman, June 19, 2026.

Analysis

Why the Hormuz oil shock never became an energy catastrophe

The US-Israel-Iran war produced a historic oil supply shock but not a severe global economic crisis, due to ample prewar supplies, China's energy pivot and strategic reserve releases.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

A worker at a market for fuel oil and automotive fuel on March 17, 2026, in Erbil, Iraq.

Explainer

After UAE and Qatar, could Iraq be next to leave OPEC?

Iraq is seeking a higher production quota as the effective closure of the Strait of Hormuz has slashed oil revenues and plunged the country into a fiscal crisis.

Amjad Kurdo / Middle East Images / AFP via Getty Images

Explainer

Syria’s energy push could soon get a major boost from Chevron: What to know

The country's leaders are seeking to translate a flurry of oil and gas agreements into concrete investments and rebuild an industry devastated by more than a decade of war, sanctions and isolation.

Elke Scholiers/Getty Images

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.