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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

A Palestinian man and his son hold a Qatari flag during a rally in support of Qatar, inside Qatari-funded construction project 'Hamad City', in the southern Gaza Strip June 9, 2017. REUTERS/Ibraheem Abu Mustafa - RTX39TEW

Palestinians divided over GCC-Qatar crisis

The Palestinians are divided over the recent announcement by four Arab nations to cut ties with Qatar, as Hamas seems to be worried about its relationship with its main backer in the region.

Saudi-Hamas relations on verge of complete rupture

Relations between Saudi Arabia and the Hamas movement in the Gaza Strip are witnessing deep tension that risks further escalation in light of the Arab nation's decision to cut ties with Qatar, one of Hamas’ main financial backers.

People attend the funeral of the victims who were killed on the June 7 attack at the Iranian parliament and Ayatollah Khomeini's mausoleum, in Tehran, Iran June 9, 2017. TIMA via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY? - RTX39TEM

Mixed messages since US-Saudi-Islamic summit prove costly

Is the United States missing an opportunity with Iran in the war against the Islamic State? Turkey, Hamas deal with fallout from Qatar dispute; Al-Monitor had the jump on “secret” US-Russia talks on Syria.

Russian President Vladimir Putin shakes hands with Saudi Deputy Crown Prince and Defence Minister Mohammed bin Salman during a meeting at the Kremlin in Moscow, Russia, May 30, 2017. REUTERS/Pavel Golovkin/Pool - RTX388UH

How Moscow-Riyadh rapport fits into the Mideast scene

With all that’s going on in the Gulf right now, some players are re-examining their alliances and shoring up support.

Iraq, Qatar grow closer in wake of Gulf crisis

Following the tension between Qatar and Saudi Arabia, the relationship between Iraq and Qatar has become strong and many Iraqi politicians support Qatar against Saudi Arabia.

Qatar's Emir, Sheikh Tamim bin Hamad al-Thani arrives for a luncheon during the United Nations General Assembly at United Nations headquarters in New York City, U.S. September 20, 2016. REUTERS/Lucas Jackson - RTSONMN

Turkish military will protect Qatari regime if necessary

Ankara revealed a hard stance in the Qatar crisis by fast-tracking legislation that sends Turkish troops there to control protests and confront internal security threats.

Palestinians take part in a rally in support of Qatar, inside Qatari-funded construction project 'Hamad City', in the southern Gaza Strip, June 9, 2017. REUTERS/Ibraheem Abu Mustafa - RTX39TF1

Hamas could lose Qatar's support amid GCC strife

Palestinians are concerned that as a result of the Qatar crisis, the Gulf nation might be forced to reduce its financial commitments to Palestine, especially in the Gaza Strip.

Turkish soldiers march during a parade marking the 93rd anniversary of Victory Day in Ankara, Turkey, August 30, 2015. REUTERS/Umit Bektas - RTX1Q9QG

After rushing to Qatar's aid, Turkey may have to rethink its Mideast ties

Ankara, fearing it could be next on the Arab hit list, hastily approves sending troops to Qatar despite Turkey's poor history when intervening in Arab affairs.

Saudi Arabia's King Salman bin Abdulaziz Al Saud (L) shakes hands with Egypt's President Abdel Fattah al-Sisi in Riyadh in Riyadh, Saudi Arabia April 23, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY. - RTS13JDG

Egypt’s role in the push to cut off Qatar

With three Gulf states revolting against Qatar's regional policies, Egypt has found the perfect opportunity to sever ties with Qatar after four years of political bickering.

Hamas leader Khaled Meshaal gestures as he announces a new policy document in Doha, Qatar, May 1, 2017. REUTERS/Naseem Zeitoon - RTS14OSP

Hamas could be next victim of Qatari-Gulf brawl

Qatar politely sent some Hamas leaders packing after several nations, including Saudi Arabia, cut diplomatic ties with Doha.

Russian Foreign Minister Sergei Lavrov and Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani enter a hall during their meeting in Moscow, Russia, April 15, 2017. REUTERS/Maxim Shemetov - RTS12E5Q

Russia’s reading on what’s at stake in Qatar crisis

Moscow has pricked up its ears as Qatar’s diplomacy problems grow more raucous.

Turkish President Recep Tayyip Erdogan (L) shakes hands with Emir of Qatar, Sheikh Tamim bin Hamad Al Thani (R) during the 13th Organization of Islamic Cooperation (OIC) Summit at Istanbul Congress Center (ICC) on April 14, 2016 in Istanbul.
Erdogan on April 14 hosts over 30 heads of state and government from Islamic countries in Istanbul for a major summit aimed at overcoming differences in the Muslim world. / AFP / POOL / ARIF HUDAVERDI YAMAN (Photo credit should read ARIF HUDAVERDI YAMAN/AFP/Get

Turkey scrambles for regional footing as Qatar debacle expands

Head-spinning developments in the region have lead to interesting realignments as a cautious President Recep Tayyip Erdogan works to deploy Turkish forces in Qatar and meets with Iranian Foreign Minister Mohammad Javad Zarif in Ankara.