Oil and gas

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.

AMIRHOSSEIN KHORGOOEI / ISNA / AFP via Getty Images

Explainer

Hormuz tolls, frozen funds pose early tests for US-Iran peace progress

Early cracks are beginning to show following last week’s US-Iran deal announcement even as both sides move ahead with steps toward ending the four-month conflict.

Latest News

Explainer

Qatar blast underscores challenges in race to restart Gulf energy flows

Qatar's Energy Minister and CEO of QatarEnergy Saad Sherida al-Kaabi speaks during a press conference in Doha on June 22, 2026.

Explainer

What’s the status of Strait of Hormuz after US-Iran talks?

Handout Photo by the US Navy via Getty Images

Oil falls more than 3% after Iran, US signal progress in talks

MUSCAT, OMAN - JUNE 21: Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos around Qaboos Port on June 21, 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 reopening is unclear amid continued fighting in Lebano

Explainer

Oil’s slide wavers as Trump warns US-Iran deal ‘not final’

A general view shows the Awad oil field in the eastern Qamishli countryside in northeastern Syria, on Feb. 9, 2026.

A flame from a Saudi Aramco oil installation known as Pump 3 is seen in the desert near the oil-rich area of Khouris, 160 kilometers east of Riyadh, on June 23, 2008.

Oil prices fall to another low

Saudi Arabia has benefited from high oil prices this year, though prices appear to be falling somewhat on the back of production increases.

The National Oil Company is seen in the northern town of Ras Lanuf, Libya, June 3, 2020.

Security unrest sparks protests in southern Libya, threatens oil output

The Libyan oil sector is once again threatened amid security and political turmoil, most recently with protests breaking out in the oil-rich southern region, which has been marginalized for years.

This picture taken on Jan. 13, 2022, shows a view of the Shubra al-Kheima natural gas electrical power station.

Saudi Arabia secures funding for electricity interconnection with Egypt

Egypt just approved a plan to ration electricity, though the government said there is not a shortage of power.

The Turkey-flagged Abdulhamid Han.

Fourth Turkish drilling ship begins energy exploration in Mediterranean

Past Turkish energy exploration activities took place in waters claimed by Greece and Cyprus, leading to significant tensions.

Chinese traditional dance teams perform during the inauguration ceremony of the Yanbu Aramco Sinopec Refining Company.

Saudi Arabia-China relations strengthen with Aramco-Sinopec deal

The ties between China and Saudi Arabia are largely based on trade and energy cooperation.

Saudi Energy Minister Abdulaziz bin Salman bin Abdulaziz Al Saud addresses the 29th annual Middle East Petroleum and Gas Conference.

Breaking | Last Updated: August 3, 2022, 11:48 am

OPEC+ agrees to small oil production increase

US President Joe Biden may have been hoping for a larger boost in production.

The sign at the entrance to the Russian branch of the Jewish Agency for Israel office is seen in this photo, Moscow, Russia, July 28, 2022.

Is Russia escalating Jewish Agency crisis because of Israel's stance on Ukraine?

Some Israeli security and diplomatic experts believe that Russian President Vladimir Putin instigated the Jewish Agency crisis to pressure Israel against selling natural gas to Europe.

Saudi Aramco acquires lubricant giant Valvoline

Aramco has been investing in futuristic technology amid high oil prices and profits.

Price tags are seen on a market shelf of fresh fruit and vegetables on May 05, 2022, in Istanbul, Turkey.

Turkey raises inflation forecasts

The Turkish lira is also again falling close to historically low levels against the US dollar.

Russian President Vladimir Putin speaks as he attends the inauguration ceremony of new gas pipeline, TurkStream.

Turkey, Russia gas ties grow contentious amid Ukraine war

Russian gas giant Gazprom’s sudden “maintenance" shutdown of a major pipeline carrying gas to Turkey coincided with the talks over Finland's and Sweden’s NATO membership bids.

Iranian President Ebrahim Raisi and Russian President Vladimir Putin.

Iran says US dollar officially ditched in trade with ally Russia

The Islamic Republic took the step following the Russian president's meeting with Iran's leader in Tehran, where the two explored options on how to push back on international sanctions.

Prime Minister of the Kurdistan Regional Government Masrour Barzani (R) welcomes Iraqi Prime Minister Mustafa al-Kadhimi, Erbil, Iraqi Kurdistan, Sept. 10, 2020.

Kadhimi, Barzani meet in Baghdad to address oil, budget issues

Masrour Barzani, prime minister of the Kurdistan Regional Government of Iraq, met July 24 with Iraqi officials in Baghdad, including Iraqi Prime Minister Mustafa al-Kadhimi, reportedly discussing the establishment of a new energy government for the Kurdistan Region.

AL-MONITOR Staff

By AL-MONITOR Staff