Oil and gas

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Explainer

Iran-Oman deal spurs Hormuz hopes as Red Sea threats evolve

Iran has signaled that an agreement was reached with Oman establishing a Hormuz shipping route even as Houthi attacks in the Red Sea expand.

Iranian Foreign Minister Abbas Araghchi (L), Iranian parliament speaker Mohammad Bagher Ghalibaf (2nd L) and Omani Foreign Minister Badr bin Hamad Al Busaidi (R) attend a meeting in Muscat, Oman, on June 22, 2026.

Explainer

Iran-Oman Hormuz route talks near 'completion': What to know

The new framework would give Iran a greater role in managing one of the world’s most strategically important maritime choke points.

Fayez Nureldine / AFP via Getty Images

Saudi Arabia's economy shrinks by 4.8% amid Iran war: What to know

The kingdom saw a 24.7% year-on-year decline in its oil sector for the April 1 to June 30 period due to the closure of the Strait of Hormuz.

A trader works on the floor of the New York Stock Exchange on July 24, 2026, in New York.

Oil jumps 8% as US-Iran war pressures Saudi Arabia, explosions hit Egypt

The price of benchmark Brent crude climbed past $90 per barrel on Wednesday after a renewed round of US-Iran hostilities shattered a days-long lull in fighting and the Houthis targeted Saudi oil exports.

Latest News

Explainer

Tankers keep sailing Red Sea despite Houthi threats as Saudi oil lifeline faces strains

A commercial vessel passes through an international shipping lane off Yemen's Hanish Island in the Red Sea on July 27, 2026.

Aramco turns to Egypt as Houthis disrupt Saudi oil exports: What to know

Sailors from the navy of Yemen's Aden-based internationally recognized government stand at machine-gun positions aboard a vessel patrolling a shipping lane off Hanish Island in the Red Sea on July 27, 2026.

Zaidi to meet Erdogan as Turkey-Iraq ties take off, Kurds feel sidelined

Iraqi Prime Minister Ali al-Zaidi speaks during a meeting with US Secretary of Defense Pete Hegseth (not pictured) at the Pentagon on July 14, 2026 in Arlington, Virginia.

Explainer

Qatar launches diamond exchange as Hormuz crisis chokes LNG exports

diamonds

A trader walks by beneath a stock display board at the Dubai Stock Exchange in the United Arab Emirates, on March 8, 2020. - Saudi's stock exchange fell 6.5 percent and other Gulf markets tumbled to multi-year lows at the start of trading after OPEC and its allies failed to clinch a deal over oil production cuts. (Photo by GIUSEPPE CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)

Oil prices fall as Gulf economies grapple with Trump’s tariffs: What to know

Falling oil prices could negatively impact the budgets of Gulf states and are coinciding with losses in the region’s stock markets.

Turkey's Minister of Finance Mehmet Simsek takes part in a panel discussion during the Doha Forum in the Qatari capital on December 7, 2024. (Photo by KARIM JAAFAR / AFP) (Photo by KARIM JAAFAR/AFP via Getty Images)

Turkey's Simsek says economy will ride out Trump tariffs without lasting scars

Mehmet Simsek stressed that his government’s economic program has made the economy more resilient against internal and external shocks, highlighting that inflation has fallen and continues to drop.

Thomas Kronsteiner/Getty Images

OPEC+ members boost output as Trump tariffs bring down oil prices

The US president has been calling on Saudi Arabia and other top oil producers to boost production and bring down prices.

A picture taken on Oct. 17, 2017, shows excess flammable gasses burning from gas flares at the Havana oil field, west of the multiethnic northern Iraqi city of Kirkuk.

Exclusive

Iraq seeks more compensation from Turkey, 'blocks' reopening of Kurds' oil pipeline

Disputes over oil revenues and arbitration claims have kept the Kurdish pipeline closed.

Amberin Zaman

By Amberin Zaman

Reporting on geopolitics, minorities, human rights, culture

The Iranian-flagged oil tanker Fortune is docked at the El Palito refinery after its arrival to Puerto Cabello in the northern state of Carabobo, Venezuela, on May 25, 2020.

US slaps sanctions on Iran's oil tankers, targets China 'teapot' refinery

Targets of the sanctions include a refinery allegedly purchasing Iranian oil from a vessel linked to Yemen's Houthi militant group.

Aerial view of shipyard dry dock maintenance and repair cargo ship transport and oil ships in Istanbul.

Turkey wants to export gas to Syria, Ukraine, energy minister says

In 2020, Turkey discovered the a massive gas field in Turkish waters of the Black Sea that would help it meet domestic needs and export the energy.

An oil refinery in the northern town of Ras Lanuf is seen in this photo, Libya, June 3, 2020.

Libya now politically stable, 'attractive' to foreign oil firms: NOC chairman

Since the ousting of longtime dictator Moammar Gadhafi in 2011, Libya’s oil sector has been unstable amid political unrest between two warring factions in the east and the west of the country.

Sultan Ahmed Al Jaber, President of COP28, speaks during the opening ceremony of the UNFCCC COP29 Climate Conference on Nov. 11, 2024 in Baku, Azerbaijan.

UAE’s XRG to make big investment in US energy, ADNOC chief says

Sultan Ahmed Al Jaber said his new low-carbon energy company wants to become a one-stop shop for gas in the United States.

United Arab Emirates

Saudi Aramco President & CEO Amin Nasser speaks during the CERAWeek oil summit in Houston, Texas, on March 18, 2024.

Saudi Aramco CEO warns of 'painful awakening' as energy costs rise

Amin Nasser said that green energy would not replace oil as demand for crude continues to grow, especially from the Global South.

AFP via Getty Images

Analysis

Why Iran oil sanctions on China may not prove as effective as Trump hopes

Washington has sanctioned entities in China and the United Arab Emirates involved in the trade of oil and drone components with Tehran.

Sabena Siddiqui

By Sabena Siddiqui

In Karachi, reporting on South Asia, Middle East, Iran

Tadawul

Aramco to invest up to $58B in 2025 gas, renewables ventures, CEO says

Saudi Aramco is investing in an offshore gas field and new business areas such as lithium and blue ammonia, its CEO told stockholders.

A picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022.

UAE’s ADNOC, Austria’s OMV merge businesses to create $60B plastics firm

Following the acquisition, the new firm, called Borouge Group International (BGI), will be the world’s fourth-largest polyofin company, said ADNOC and OMV.

United Arab Emirates