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.

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.

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

Oil prices had been recovering following a memorandum of understanding signed last month to end the war, but they rose by more than 6% early on Wednesday.

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.