Oil and gas

A man walks past a closed foreign exchange office in Baghdad on October 7, 2026. Iraq's central bank devalued the dinar currency against the dollar on October 7, with the country facing a deepening crisis brought on by the Middle East war. (Photo by AHMAD AL-RUBAYE / AFP via Getty Images)

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.

U.S. Secretary of State Marco Rubio speaks at the Pnyx hill, where ancient Athenians held democratic assemblies, with the ancient Parthenon temple atop the Acropolis seen in the background, in Athens on October 7, 2026. (Photo by Mark Schiefelbein / POOL / AFP via Getty Images)

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.

A Yemeni man holds up a mock missile decorated with the colors of the Palestinian flag and the chechered keffiyeh in front of portraits of slain Hamas leader Yahya Sinwar (L) and the leader of the Houthi movement, Abdel Malek al-Houthi (R), during a protest in Sanaa to denounce strikes on Yemen and Israel's bombardment of Gaza on Jan. 15, 2025.

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.

Vessels transit the Hormuz Strait off the coast of Iran's southern port city of Bandar Abbas on Sept. 7, 2026.

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.

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

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Analysis

As Iran’s grip on Hormuz weakens, what leverage does Tehran have left?

A woman crosses a street near a giant billboard erected on the facade of a building depicting a member of Iran's Islamic Revolutionary Guards Corps placing his foot on a US sea drone, reportedly seized by Iran in the Strait of Hormuz, in Vanak Square in Tehran, on Sept. 24, 2026.

A correspondent in Tehran

By A correspondent in Tehran

In Tehran, reporting on politics

Saudi stocks hit wartime low as Aramco slides, Gulf oil exports rebound

Iran’s IRGC slams Trump as Ghalibaf threatens oil infrastructure

Ghalibaf

Oil rises amid Hormuz impasse, Trump attack threat

In this picture obtained from Iran's ISNA news agency on June 18, 2026, vessels are seen anchored in Bandar Abbas along the Strait of Hormuz.

French Foreign Minister Catherine Colonna and her Armenian counterpart Ararat Mirzoyan shake hands at the end of a joint press conference following their talks in Yerevan on October 3, 2023. (Photo by ALAIN JOCARD / AFP) (Photo by ALAIN JOCARD/AFP via Getty Images)

Analysis

As Armenia's ties strain with Turkey, France pushes EU to stand with Yerevan

France has positioned itself strictly on Armenia’s side on the Nagorno-Karabakh dispute, but can it avoid generating another crisis with Turkey?

Rina Bassist

By Rina Bassist

In Paris, reporting on Israeli politics and European affairs

Media film and photograph the Abdulhamid Han drill ship, the fourth built by Turkey, in Mersin on August 9, 2022 before it leaves for gas exploration to an undisputed area in the Mediterranean Sea, in south of the city of Gazipasa. - Turkey on August 9, 2022 sent its newest drill ship on the first eastern Mediterranean energy exploration mission in nearly two years. The search for natural gas in energy-rich waters around the divided island of Cyprus has turned into an irritant in Turkey's ties with the Euro

Turkey’s energy minister to visit Israel as talks advance on gas transfers to Europe

The Turkish energy minister says his country’s priority is to bring Israeli gas to Turkey.

The launch of a Tracking and Data Relay Satellite from an orbiting spacecraft.

Israel, Azerbaijan announce landmark deal for sale of two satellites

Israel Aerospace Industries and Azeri space agency Azercosmos announced the signing of an agreement for the sale of two Israeli-developed satellites.

Saudi energy minister

Saudi Arabia, Russia to extend voluntary oil cuts to tighten supply

The announcement from the two most powerful members of the OPEC+ group came hours before ministers from the cartel of oil-producing nations were set to meet virtually on Wednesday.

The Tungsten Explorer, a drillship to explore for oil and gas off the coast of Lebanon.

Eni, Qatar Energy, TotalEnergies bid for Lebanon offshore gas exploration fields

The three energy companies, which are already operating in another block in Lebanese waters in the Eastern Mediterranean, submitted their tenders for offshore exploration in blocks 8 and 10.

Visitors and Aramco staff climb a dune at Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates, on May 10, 2016. Despite collapsed global oil prices, production is expanding at Shaybah, as it is in other units of the company at the centre of the kingdom's Vision 2030 drive for diversification away from oil. The Saudi government plans to sell less than five percent of

Saudi Arabia projects $21 billion deficit as economy diversifies from oil

The kingdom was among the world’s fastest-growing economies last year with almost 9% GDP growth after a petrodollar boom amid a global rise in energy prices due to inflation and the Ukraine war.

Visitors stop by the Aramco exhibition at the Misk Global Forum on innovation and technology, Riyadh, November 13, 2019.

Saudi Aramco makes first global LNG investment with US MidOcean stake

MidOcean Energy is in the midst of buying interests in four LNG projects in Australia as part of its growth strategy.

This photograph taken on Sept. 21, 2023, shows a view of a hybrid solar power plant, with solar panels on ground and floating, in southwestern France.

UAE’s Masdar to triple Southeast Asia’s largest floating solar plant

The new agreement between Masdar and Indonesian power utility PLN Nusantara Power will launch Phase II of the Cirata floating solar plant in the Indonesian province of West Java.

United Arab Emirates

AMIR MAKAR/AFP via Getty Images

QatarEnergy, BP, others snap up Egyptian oil and gas concessions

Four blocks have been awarded one day into international bidding for the exploration of Egypt's 23 open oil and gas blocks.

Sultanate of Oman, Muscat, Qurum: the Oil and Gas Exhibition Center.

Oman's oil and gas sector drives 30% GDP growth in 2022

Oman’s hydrocarbon sector growth rate was 61.6% from 2021 to 2022, compared to non-hydrocarbon sector growth at 16.9% during the same period, according to the Central Bank of Oman (CBO) 2022 Annual Report.

Al Dhafra Solar Photovoltaic Independent Power Producer project is seen during a visit by the French economy minister, Abu Dhabi, United Arab Emirates, Jan. 31, 2023.

UAE, other Gulf states shift from talk to action on carbon capture tech

The idea of capturing and storing carbon emissions instead of letting them enter the atmosphere is gaining momentum in some parts of the Gulf region. It is also the necessary tool to rebrand hydrogen produced from fossil fuels from "gray" to "blue."

Hochstein

Middle East can supply world's clean energy, says Biden's energy envoy

Amos J. Hochstein said the key lies in the effective transport of the region’s abundance of wind, sun and minerals to maintain its energy leadership.