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.

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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 pumpjack stands idle in the Huntington Beach oil field, with port cranes visible in the distance, on April 23, 2026, in Huntington Beach, California.

Oil surges past $120 to war-time high as Trump rejects Iran overture

Benchmark Brent crude surpassed $120 per barrel on Wednesday, reaching the highest levels yet seen during the US-Israel-Iran war.

This aerial photograph shows Turkey's first floating natural gas production platform, "Osman Gazi," passing through the Bosphorus, in Istanbul, on May 29, 2025.

Turkey advances gas pipeline plan to northern Cyprus as East Med rivalry grows

The Turkish energy minister said the country's oil and natural gas pipeline operator, BOTAS, has started the engineering work for the pipeline.

MUMEN KHATIB/AFP via Getty Images

Why UAE's decision to leave OPEC is major shift for cartel

The UAE accounts for 12% of OPEC's output, but tensions had been simmering over intragroup rivalries and the country wanting to export more oil.

United Arab Emirates

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First LNG tanker transits Strait of Hormuz since Iran war began

Thomas Kronsteiner/Getty Images)

UAE to leave OPEC on May 1

The United Arab Emirates says it will focus more on domestic production amid the US-Israel-Iran war.

United Arab Emirates

A person walks past the closed Metropolitan Opera at Lincoln Center on Jan. 7, 2021, in New York City.

Why did the Met Opera lose its Saudi funding deal?

The deal, announced as a nonbinding memorandum of understanding last September, would have seen the PIF inject up to $200 million into the opera institution over the next eight years.

Refueling trucks are seen at Southend Airport on April 17, 2026, in Southend, England.

Which airlines are cutting flights amid Hormuz fuel disruption?

European and Asian airlines have been most impacted by the closure of the Strait of Hormuz, which is throttling jet fuel supplies.

BAY ISMOYO / AFP via Getty Images

How are Iran-linked tankers still moving through Hormuz blockade?

At least 19 Iran-linked tankers have passed through the US blockade on the strait to exit the Gulf while at least 15 have entered, according to the cargo-tracking group Vortexa.

Fishing and cargo ships and ferries are pictured in the Gulf off the Iranian port city of Bandar Abbas, which is the main base of the Islamic Republic's navy and has a strategic position on the Strait of Hormuz, on April 29, 2019.

Iran seizes two cargo ships in Hormuz after Trump extends ceasefire

The IRGC Navy’s seizure of two cargo vessels follows US Navy interdictions of two Iran-linked crude oil tankers in the Arabian Sea and the Indian Ocean earlier this week.

A picture shows the Ras Laffan Industrial City, Qatar's principal site for production of liquefied natural gas and gas-to-liquid, administrated by Qatar Petroleum, some 80 kilometers (50 miles) north of the capital Doha, on Feb. 6, 2017.

Analysis

Gulf energy deals face Iran war stress test as global expansion meets oil shock

ADNOC, Aramco and QatarEnergy have aggressively expanded their international portfolios in recent years, a strategy facing new constraints as the US-Israel-Iran war impacts Gulf production and exposes structural risks.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

A man walks past a screen displaying stock indices at the Dubai Financial Market stock exchange in Dubai, March 4, 2026.

Oil rises, Gulf stocks slide after Iran ship seizure throws truce into doubt

In a post on Truth Social on Sunday, US President Donald Trump said the US Navy fired at and seized an Iranian-flagged cargo ship in the Gulf of Oman.

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Analysis

How long can Iran's economy weather US naval blockade?

Analysts believe the blockade will choke exports for essential items coming into Iran, like food and medicines.

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