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
Saudi Aramco, QatarEnergy, UAE’s Emirates among Fortune Arabia top 10 The list of 500 companies from 22 Arab countries posted around $1.6 trillion in revenues in 2022, yielding a net profit of $343 billion. Saudi Arabia
Saudi Arabia's oil cuts weigh heavy on economy, GDP tanks by 4.5% The kingdom's economy shrunk by the most since the COVID-19 pandemic in 2020 due to energy measures. Saudi Arabia
Gaza war could double oil prices, threaten global food security Washington-based multilateral lender World Bank compared the situation to the 1973 Arab oil embargo in its latest Commodities Market Outlook. Israel
Israel hands out gas concessions to BP, ENI as Gaza war drags on Israel is determined to project a "business as usual" stance despite the conflict with Hamas claiming the lives of thousands of Israelis and Palestinians. Israel
Analysis Could Israel-Hamas war lead to another winter energy crisis for Europe? LNG spot prices have shot up since the Israel-Hamas conflict broke out, but European inventories are at all-time highs. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Oil prices on rise amid Israel-Hamas war, Iran embargo call Oil prices have risen to an extent following the start of the Israel-Hamas war, but further gains may be dependent on how the conflict plays out. Israel
COP28 could allow oil industry to form coalition to cut emissions: TotalEnergies TotalEnergies CEO and chairman Patrick Pouyanne said that national oil companies as well as public and private ones must join the group. United Arab Emirates
Israeli gas continues to flow despite Gaza conflict, but risks remain A prolonged war might mean less exported gas to Egypt, and in turn less supply for Europe. Israel
Renewable energy industry not ready to shoulder global demand, Aramco says The boss of the world's largest oil company doubled down on investing more in oil and gas, despite Greta Thunberg and other climate activists protesting outside the conference he was speaking at in London. Saudi Arabia
Oil, gold climb amid Israeli-Hamas war, tighter Russian sanctions One analyst predicts gold could reach $4,000 per ounce by year-end amid uncertainty caused by the Middle East conflict. Israel
Analysis Gaza war tests fragile Israel-Turkey rapprochement as Erdogan ups rhetoric Seen once as a champion for the Palestinians, Erdogan has lambasted the Israeli airstrikes in Gaza even as his government has tried to mend ties with Israel. By Ezgi Akin In Ankara, reporting on diplomacy, EU-Turkey ties, NATO
Israel-Gaza war: Oil prices spike, Israel begins sell-off to support shekel Israel's currency tumbled to its lowest level against the dollar since 2016 and the central bank is selling foreign reserves to prop up its value. Israel
