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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

Erdogan tones down rhetoric in light of Qatar's fate

Turkey fears it could be next in line to be ostracized in the region due to guilt by association with Qatar and the Muslim Brotherhood.

Turkish President Tayyip Erdogan addresses members of parliament from his ruling AK Party (AKP) during a meeting at the Turkish parliament in Ankara, Turkey, May 30, 2017. REUTERS/Umit Bektas - RTX387H1

Turkey reverses course as mediation efforts flop in Gulf

Turkey’s immediate support of Qatar has exposed its lack of leverage with Saudi Arabia and other Gulf states and left it scrambling for a way out of an intractable situation.

An Israeli F-15 fighter jet takes off during an exercise dubbed " Juniper Falcon", held between crews from the U.S and Israeli air forces, at Ovda Military Airbase, in southern Israel May 16. Picture taken May 16, 2017. REUTERS/Amir Cohen - RTX36T2T

Qatari crisis risks sparking new Israeli-Hamas confrontation

The Qatar crisis might lead to a showdown between Israel and Hamas, with key Arab states dismissing the Islamist movement as a terrorist organization, leaving it vulnerable to Israeli attack and pressuring Qatar to drop support for it.

Sudanese President Omar al-Bashir watches the joint Sudan and Saudi Arabia air force drill at the Marwa air base, near Meroe some 350 kilometres north of Khartoum, on April 9, 2017.
The drills were aimed at improving the operational capacities of the two air forces, improving techniques related to air operations and promoting cooperation. / AFP PHOTO / ASHRAF SHAZLY (Photo credit should read ASHRAF SHAZLY/AFP/Getty Images)

Qatar-GCC crisis unsettles Sudan

The government in Khartoum is caught in the middle of the bitter dispute between Qatar and the Gulf Cooperation Council.

Iran's Foreign Minister Mohammad Javad Zarif attends a press conference in Berlin, Germany, June 15, 2016. REUTERS/Axel Schmidt - RTX2GGHH

Iran seizes high ground in Saudi-Qatar dispute

Iran probably can’t believe its luck; is it time for a second look at the Aleppo “narrative”?

Saudi Arabia's King Salman bin Abdulaziz Al Saud waits to greet U.S. President Donald Trump, as he arrives to attend a summit of Gulf Cooperation Council leaders in Riyadh, Saudi Arabia May 21, 2017. REUTERS/Jonathan Ernst - RTX36T3Y

Influence-rich Saudis blow through Sunni unity

Just a month after hosting the US president and the leaders of dozens of Muslim countries, Saudi Arabia apparently cares more about putting Qatar in its place than maintaining the alliance it built.

The pictures of Qatarís Emir Sheikh Tamim Bin Hamad Al-Thani (L) and Turkish President Tayyip Erdogan are seen on a car during a demonstration in support of him in Doha, Qatar June 11, 2017. REUTERS/Naseem Zeitoon - RTS16KYO

Turkey's economic interests dictate balanced stance in Gulf crisis

Through analyzing Gulf investment into Turkey, it is obvious that taking sides in the GCC dispute could have a detrimental effect on Turkey's economy.

A man sits on the rubble of a house of his relatives, destroyed by a Saudi-led air strike in Sanaa, Yemen June 9, 2017. REUTERS/Khaled Abdullah - RTX39RM6

Gulf rift sends tremors through Yemen

The decision by Gulf countries involved in the Yemen war to sever ties with Qatar has created complexities on both sides of the Yemen conflict.

U.S President Donald Trump listens to Turkey's President Recep Tayyip Erdogan as they give statements to reporters in the Roosevelt Room of the White House in Washington, U.S. May 16, 2017. REUTERS/Kevin Lamarque - RTX363JL

Qatar crisis opens gates of anti-Trumpism in Turkey

Pro-government Turks who support Qatar have been hesitant to directly blame Saudi Arabia for the recent intra-GCC rift, preferring instead to scapegoat US intelligence services and President Donald Trump.

WASHINGTON, DC - SEPTEMBER 19: Sen. Rand Paul (R-KY) participates in a discussion about legislation to halt the sale of some weapons to Saudi Arabia at the Center for the National Interest September 19, 2016 in Washington, DC. After the Department of Defense announced the sale of $1.5 billion of arms to Saudi Arabia, Senators Paul, Chris Murphy (D-CT), Al Franken (D-MN) and Mike Lee (R-UT) are attempting to block the sale by using a provision of the Arms Export Control Act of 1976 that "provides for specia

Congress rebukes Trump over pro-Saudi stance

The US Senate came close to passing a bill prohibiting bomb sales to Riyadh for its war in Yemen amid growing concern about sectarian entanglement.

Iranian Foreign Minister Mohammad Javad Zarif speaks to the media in Tbilisi, Georgia, April 18, 2017. REUTERS/David Mdzinarishvili - RTS12PQO

Iran maneuvers to capitalize on Qatar crisis

Iran has so far cautiously stood with Qatar amid the Saudi-led confrontation with Doha, but there are indications of this caution's giving way to more assertive Iranian support.

Turkish President Tayyip Erdogan addresses members of parliament from his ruling AK Party (AKP) during a meeting at the Turkish parliament in Ankara, Turkey, May 30, 2017. REUTERS/Umit Bektas - RTX387FQ

Erdogan tries to juggle Iran, Saudi Arabia amid Qatar crisis

Retired diplomats say Erdogan’s Qatar policy is driven more by his survival instinct than a rational foreign policy and that Ankara has squandered an opportunity to play a positive role in this crisis.