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August 6, 2026

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Explainer

Qatar launches diamond exchange as Hormuz crisis chokes LNG exports

Qatar's new diamond exchange is an effort to diversify from the country's main exports, LNG and petroleum products, which have been severely cut as a result of the Iran war and the Strait of Hormuz crisis.

A ship sails off the coast of Ajman on July 10, 2026.

Interview

Why Strait of Hormuz no longer rattles oil markets as much: IMF

The fund's Middle East director, Jihad Azour, told Al-Monitor that the big Gulf energy producers now have more capacity to absorb the shock.

Jihad Azour

Jihad Azour

Director of the Middle East and Central Asia Department at the International Monetary Fund

Latest News

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

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.

Samuel Wendel

Senior Market Research Analyst

In Washington, DC, reporting on regional business and tech

Vanessa Ghanem

In Dubai, reporting on business, energy and politics

Karen Young

In Washington, DC, reporting on regional energy

Reve Chaaban

In Doha reporting on culture

Platform Edith, the largest of Chevron's USA's offshore production platforms, is seen off the southern California coast, on Oct. 6, 2021.

Syria to develop first offshore oil, gas field with US’s Chevron, Qatar’s UCC

In 2013, Russian firm Soyuzneftegaz signed a deal to explore for oil and gas in Syrian waters, but the project was dropped two years later due to the civil war.

A woman checks a window shop at a jewelry store in Dubai, on March 10, 2025.

Gulf markets recover after gold rout, buoyed by Iran de-escalation hopes

Saudi Arabia’s benchmark stock index, TASI, rose 1.4%, a day after falling the most in nearly 10 months amid a broad sell-off in the commodities market.

United Arab Emirates

Loading docks at the port of Libya's northwestern city of Misrata during a ceremony marking the completion of the first phase of the Misrata Free Zone project, on June 25, 2022.

Qatari, Swiss firms to invest $2.7B in Libya's Misrata port: What to know

Libya is seeking to increase its non-oil shipping capacity amid rising oil production and signs of both economic progress and turmoil.

Somali Defense Minister Ahmed Moallim Fiqi and Qatar’s Deputy Prime Minister and Minister of State for Defense Affairs, Sheikh Saoud bin Abdulrahman bin Hassan Al Thani, meet on the sidelines of the Doha International Maritime Defense Exhibition and Conference (DIMDEX2026), Jan. 20, 2026.

Somalia, Qatar sign defense pact after Mogadishu scraps UAE deals: What to know

Somalia and Qatar signed a defense cooperation agreement in Doha on Monday to strengthen bilateral military ties and security collaboration, days after Mogadishu ended all its contracts with the United Arab Emirates.

Members of the Petroleum Oils and Lubricants squadron at the 379th Air Expeditionary Wing take a break from replacing a 50,000-gallon fuel bladder in support of Operation Enduring Freedom, on Dec. 30, 2002, in Al Udeid, Qatar.

US evacuates some personnel from Qatar air base amid Trump threat to strike Iran

Iran's Defense Minister Aziz Nasirzadeh warned Tuesday that Tehran will retaliate for any attacks on the country.

A Patriot missile battery is seen near Prince Sultan air base at al-Kharj on Feb. 20, 2020.

CENTCOM opens air defense cell at Qatar's Al Udeid base: What to know

Bringing together military officers from regional countries to coordinate air and missile defense marks a nascent step in CENTCOM’s decades-long push to diplomatically facilitate air defense cooperation between Gulf states against Iran.

Venezuelan President Nicolas Maduro (R) gestures next to Qatar's Emir Sheikh Tamim bin Hamad al-Thani (L) during a meeting at the Miraflores presidential palace in Caracas on November 25, 2015. AFP PHOTO/JUAN BARRETO / AFP / JUAN BARRETO (Photo credit should read JUAN BARRETO/AFP via Getty Images)

Analysis

With central role for Qatar, can Gulf states mediate between US and Venezuela?

Venezuela's ties improved with Gulf states under Maduro, and some in the region voiced concern about the US operation.

Adam Lucente

By Adam Lucente

In New York City, reporting on regional news, militancy, climate change