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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

Stakes high for Kuwait as mediator in Qatar crisis

Kuwait has established its neutrality in the Qatari crisis, but it has a lot at stake.

Turkish President Tayyip Erdogan (L) welcomes his Iranian counterpart Hassan Rouhani during the Organisation of Islamic Cooperation (OIC) Istanbul Summit in Istanbul, Turkey April 14, 2016. REUTERS/Berk Ozkan/Pool TPX IMAGES OF THE DAY - RTX29X07

Saudi-led Qatar blockade brings Iran, Turkey together

Rather than forcing Doha to bow to its demands, the Saudi-led blockade of Qatar has split the region in two, bringing together the kingdom’s rivals.

Iranian president Hassan Rouhani takes part in a rally marking al-Quds (Jerusalem) Day in Tehran on June 23, 2017.
Chants against the Saudi royal family and the Islamic State group mingled with the traditional cries of "Death to Israel" and "Death to America" at Jerusalem Day rallies across Iran today.
/ AFP PHOTO / Stringer (Photo credit should read STRINGER/AFP/Getty Images)

With Qatar isolated by GCC, Iran steps in

After Saudi Arabia asked Qatar to cut relations with Iran, Iranian and Qatari leaders said they plan to expand ties.

Forces loyal to Syria's President Bashar al-Assad take positions in the Badia, in the southeast Syrian desert, in this handout picture provided by SANA on June 13, 2017, Syria. SANA/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. REUTERS IS UNABLE TO INDEPENDENTLY VERIFY THE AUTHENTICITY, CONTENT, LOCATION OR DATE OF THIS IMAGE. - RTS16TU2

Iran draws line in the sand in Syrian desert

Iran stakes claim in eastern Syria; Saudi move against Hamas; Qatar risks confrontation in the Gaza Strip.

Tunisia's President Beji Caid Essebsi (R), Qatar's Emir Sheikh Tamim bin Hamad Al-Thani (C) and President of the Assembly of People's Representatives Mohamed Ennaceur attend the opening of international investment conference Tunisia 2020, in Tunis, Tunisia November 29, 2016. REUTERS/Zoubeir Souissi - RTSTT1D

Tunisia can only afford neutrality in Qatar crisis

Tunisia has officially remained neutral in the Qatari-Gulf crisis given its economic relations with the two main parties involved.

Saudi Arabia's King Salman bin Abdulaziz Al Saud (R) receives Iraqi Prime Minister Haider al-Abadi in Jeddah, Saudi Arabia, June 19, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. - RTS17RRQ

Iraq’s PM concludes tightrope regional tour

Iraqi Prime Minister Haider al-Abadi's tour — which spanned Saudi Arabia, Iran and Kuwait — aimed to maintain regional balances amid discussions on post-IS preparations and regional aid to Iraq.

CORRECTION - Jordan's King Abdullah II (R) and Qatar's Emir Sheikh Tamim bin Hamad al-Thani attend a welcome ceremony at the Queen Alia International Airport in Amman on March 28, 2017 ahead of talks on the eve of the Arab League summit. / AFP PHOTO / Khalil MAZRAAWI / The erroneous byline appearing in the metadata of this photo by Khalil MAZRAAWI has been modified in AFP systems in the following manner: [Khalil MAZRAAWI] instead of [Marwan IBRAHIM]. Please immediately remove the erroneous mention[s] from a

Jordan in an uneasy place over Gulf spat

Despite bitter past relations with Qatar, Jordanian officials avoided taking sides in the latest Gulf spat.

Gulf-Qatar crisis leaves its mark on sports

Amid the ongoing diplomatic crisis between Qatar and a number of major Arab nations, the Qatari sports channel beIN has been banned in several countries.

Ankara voices cautious support as Turkish troops arrive in Doha

A top foreign policy adviser to the Turkish president has publicly defended Qatar in the same breath as the Muslim Brotherhood and Hamas, while mixed signals from the US administration appear to have caught everyone off guard.

A Kurdish fighter from the People's Protection Units (YPG) looks at a smoke after an coalition airstrike in Raqqa, Syria June 16, 2017. REUTERS/Goran Tomasevic TPX IMAGES OF THE DAY - RTS17E43

Kurds reaching critical juncture in US partnership

The United States and Kurds currently share a partnership of convenience in Syria, but Kurds are looking ahead warily to the role they might be asked to play as US policy evolves.

Palestinian workers work on a Qatari-funded construction project in the southern Gaza Strip June 7, 2017. REUTERS/Ibraheem Abu Mustafa - RTX39GD0

Qatar's charity funding in Gaza dries up as Gulf crisis continues

Palestinians in the Gaza Strip worry about how the Gulf decision to cut ties with Qatar will affect the critical Qatar-funded relief and development projects in Gaza.

A member of the Palestinian security forces loyal to Hamas speaks on a walkie-talkie at Rafah border crossing between Egypt and southern Gaza Strip May 19, 2016. REUTERS/Ibraheem Abu Mustafa - RTSEZZG

Hamas hedging its bets in region

Hamas appears to have adopted a new regional policy of avoiding taking sides and nurturing good relations with anyone willing to accept the group.