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August 8, 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

Palestinian President Mahmoud Abbas (L) holds a news conference after a meeting with European Union foreign policy chief Federica Mogherini in Brussels, Belgium, March 27, 2017. REUTERS/Yves Herman - RTX32WQI

Abu Mazen plays losing hand badly in Gaza Strip

The Palestinian president faces a challenge from a bitter rival backed by Egypt and the United Arab Emirates; what is Saddam Hussein’s family doing in Qatar?; Russia and the United States wary of Turkish military intervention in Syria.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany - RTX39HES

Egypt keen on protecting Qatari investments

Egypt recently severed ties with Qatar, but believes the countries' economic relationship should stay above the fray.

Iraqi Foreign Minister Naji Sabri prays during Friday prayer in a
mosque in Baghdad April 4, 2003. Terrified civilians fled into Baghdad
on Friday after U.S. forces battled their way into the nearby
international airport, their biggest prize yet in a war to oust a
defiant President Saddam Hussein. REUTERS/Goran Tomasevic

GOT/WS - RTRLD6S

Iraqi oppositionists appear safe in Qatar for now

Politically besieged Doha is moving closer to Iraq, which raises concerns about the future of the Iraqi opposition residing in Qatar.

Saudi Arabia's King Salman bin Abdulaziz Al Saud (front seat) arrives to greet U.S. President Donald Trump for his address to the Arab Islamic American Summit in Riyadh, Saudi Arabia May 21, 2017. REUTERS/Jonathan Ernst - RTX36VOB

Saudi king shows no signs of slowing aggressive foreign policy

Saudi Arabia has overextended itself militarily and economically and it would behoove it to return to a more traditional approach in its foreign policy.

Women pose with Turkish and Qatari flags during a demonstration in favour of Qatar in central Istanbul, Turkey, late June 7, 2017. REUTERS/Murad Sezer - RTX39JA3

Qatar becoming another diplomatic debacle for Turkey

Experts question the logic behind Ankara’s decision to station troops in Qatar and anger key Arab powers, just as matters are coming to a head in Syria and Iraq.

People shout slogans as they hold Turkish and Qatari flags during a demonstration in favour of Qatar in central Istanbul, Turkey, late June 7, 2017. REUTERS/Murad Sezer - RTX39JA6

How Turkey fits into the Qatar puzzle

Turkey's military presence in Qatar seems to be complicating an already complex situation for the coalition that recently cut ties with Doha.

Qatari Crown Prince Sheikh Tamim bin Hamad bin Khalifa al-Thani (2ndR) and Turkish President Recep Tayyip Erdogan (2ndL), walk past a guard of honor during an official welcoming ceremony prior to their meeting at the presidential palace in Ankara, Turkey, on December 19, 2014. AFP PHOTO / ADEM ALTAN (Photo credit should read ADEM ALTAN/AFP/Getty Images)

The reason Erdogan champions press freedom abroad

Defending Al Jazeera’s right to report becomes a double-edged sword for Erdogan, who suffocates free media in Turkey and struggles to remain friends with Saudi Arabia.

WASHINGTON, DC - JUNE 27: U.S. Secretary of State Rex Tillerson shakes hands with Qatari Foreign Minister Sheikh Mohammed Bin Abdulrahman Al Thani prior to a scheduled meeting at the State Department June 27, 2017 in Washington, DC. Tillerson and Bin Abdulrahman Al Thani were expected to discuss a range of bilateral issues during their meeting. (Photo by Win McNamee/Getty Images)

Washington talks fail to secure breakthrough in Qatar crisis

Secretary of State Rex Tillerson has been huddling with Gulf diplomats all week, to no avail.

Saudi army artillery fire shells towards Houthi movement positions at the Saudi border with Yemen April 15, 2015. REUTERS/Stringer TPX IMAGES OF THE DAY - RTR4XHTX

Corker hold puts Saudi arms deal at risk

Congressional aides say the Senate Foreign Relations chairman’s threat to block arms sales to the Gulf until the Qatar crisis is resolved could have a wide-ranging impact.

Supporters of Lebanon's Hezbollah leader Sayyed Hassan Nasrallah chant slogans and gesture during a rally marking Al-Quds day in Beirut's southern suburbs, Lebanon June 23, 2017. REUTERS/Aziz Taher - RTS18DLL

Regional developments accelerate Hamas-Hezbollah reconciliation

Hamas and Hezbollah leaders have recently held meetings in Beirut, suggesting an end to their cold dispute over the Syrian war, as the Gulf-Qatari crisis continues.

Russian President Vladimir Putin speaks over the phone with Turkish President Tayyip Erdogan while he inspects the work on the Turkish Stream gas pipeline project aboard the Pioneering Spirit pipeline-laying ship in the Black Sea near Anapa, Russia, June 23, 2017. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. - RTS18CTC

Moscow carefully assessing international energy scene

Russia’s long-term energy plan relies heavily on gas sectors in the Middle East and Eurasia as it struggles with low prices and sanctions.

Saudi foreign policy pushes Iran, Turkey closer

Saudi Arabia’s blockade of Qatar appears to open space for Iranian efforts to engage in regional diplomacy and cooperation.