Iraq devalues dinar 13% as Hormuz disruption hits oil revenue The central bank said in a statement that it had revised the official exchange rate to 1,520 Iraqi dinars per dollar from around 1,320. Iraq
Explainer Rubio says Iran ‘lost’ Hormuz. Has it? US Secretary of State Marco Rubio said Wednesday that Iran has “lost complete control” of the waterway, pointing to the recovery in Gulf oil exports in September. Iran
Turkey, Pakistan to deploy forces to Saudi Arabia amid Houthi attacks Turkish, Saudi and Pakistani officials agreed to bolster military cooperation under the Mecca defense pact as Houthi attacks and fighting in Yemen intensify. Turkey
Mideast oil exports surpass prewar levels despite pipeline, ship attacks Bloomberg reported on Monday, citing sources, that Saudi Arabia’s key East-West Pipeline was flowing as normal, despite an earlier report that it had closed again following a new attack. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Analysis As Iran’s grip on Hormuz weakens, what leverage does Tehran have left? By A correspondent in Tehran In Tehran, reporting on politics
Israel closes Leviathan gas field after strikes on Iran, cutting supply to Egypt The shutdown comes after Israel launched a series of air strikes on Iranian military and nuclear sites as well as key nuclear scientists and officials. Israel
Iran oil exports to China fall sharply amid US sanctions, weakened demand China is by far Iran’s largest customer for oil, snapping up around 90% of the Islamic Republic’s shipments. Iran
Analysis Egypt walks tightrope between Turkey thaw and warmer Cyprus, Greece ties Analysts believe Egypt's rapprochement with Turkey will not affect its long-standing relations with Cyprus and Greece given the mutual benefits they share. By Sara Sherif
Qatari-led consortium signs $7B deal with Syria for 5,000 MW of electricity Syria’s electricity grid needs extensive expansion after 14 years of civil war. Syria
US backs more energy investment in Kurdistan region: Energy secretary Speaking at the Al-Monitor Global Institute event, US Energy Secretary Chris Wright signaled American support for further investment in Iraqi Kurdistan’s hydrocarbon resources. Iraq
AI chips, drones, jets: A look at Trump's $3.2 trillion megadeals during Gulf trip Amid photo ops and lavish receptions, President Donald Trump’s Gulf trip yielded $3.2 trillion in announced deals with Saudi Arabia, Qatar, and the UAE — though some details remain vague. United States
Turkey, Iraq leaders tout cooperation in Ankara, but major disputes persist The Turkish and Iraqi leaders signed 11 cooperation deals in Ankara, but talks yield no apparent breakthrough on suspended oil exports or electricity flow. Turkey
Goldman Sachs lowers oil forecast after OPEC+ boosts production: What to know Saudi Arabia, Russia and other members of OPEC+ announced another major production increase, sending oil prices below $60 a barrel. Saudi Arabia
OPEC+ moves up meeting as oil prices continue to drop: What to know Saudi Arabia has signaled it is willing to live with lower oil prices as US President Donald Trump calls for more production. Saudi Arabia
Kuwait renews Shell deal as it seeks to hit 4-million-bpd capacity target Kuwait, which has one of the lowest costs of production in the world, has lagged behind its regional peers in expanding oil production capacity. Kuwait
China’s Sinopec, Saudi Aramco to establish $4B energy venture: What to know The joint venture will engage in port operations, crude oil transportation and other activities at the refinery and petrochemical complex in the Gulei Port Economic Development Zone in Zhangzhou, in China's Fujian province. Saudi Arabia
Exclusive Turkey stops electricity sales to Iraq after Baghdad fails to settle $70M+ bill Turkey halted electricity exports to Iraq over unpaid dues, straining ties as Baghdad faces a summer power crunch and unresolved Kurdish oil disputes. By Amberin Zaman Reporting on geopolitics, minorities, human rights, culture
