The Gulf economies will shrink by about 5% this year, a slump on a par with the pandemic, as the Iran war drags on with no decisive end in sight, Capital Economics said on September 22.
The Gulf economies will shrink by about 5% this year, a slump on a par with the pandemic, as the Iran war drags on with no decisive end in sight, Capital Economics said on September 22.
Two crew were injured when a tanker was struck by an unknown projectile in the Strait of Hormuz, the fourth attack there in 11 days as Iran enforces its claim over the waterway.
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Saudi Arabia, Jordan, Qatar, Kuwait, Iran the GCC and the Muslim World League condemned Israeli minister Itamar Ben-Gvir's Yom Kippur visit to the Al-Aqsa compound, his 17th since taking office.
Iran's parliamentary national security committee is working through a bill on the Strait of Hormuz clause by clause, covering a ban on vessels from hostile states and fines of up to 20% of cargo value.
The price of oil is expected to rise steadily as “reserves dipping” is close to ending. Many traders and oil companies say that the oil price should be higher and expect it to rise in the next couple of months.
Iran's Persian Gulf Strait Authority has widened its Hormuz vessel blacklist warning to insurers, P&I clubs and classification societies, threatening them with liability for serving listed ships.
Iran and Oman have finalised new Strait of Hormuz transit routes running through Iranian waters, but the strait stays closed pending Tehran's conditions on the US, and the meeting to unveil the deal has been postponed.
Oil rose for a second day as US-Iran hostilities deepened fears of prolonged disruption through the Strait of Hormuz, with Brent near $91 and only five commercial vessels a day crossing the waterway.
US Central Command says it has diverted 70 commercial vessels and disabled three since resuming its naval blockade of Iran, which Tehran says has halted its oil exports.
Zain Bahrain announced that it signed a deal with service technology firm Text, integrating the company's platform into its OneCX system.
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Iranian mobile operators' roaming has reportedly been cut in the UAE, leaving Iranian residents and travellers unable to receive calls.
Iran's parliament speaker Mohammad Baqer Qalibaf says the Strait of Hormuz will not reopen until the US lifts oil sanctions, frees blocked assets and ends its blockade, tying the vital shipping route to a disputed accord he says Washington has failed
Iran's foreign ministry says there is no 60-day deadline in its Islamabad understanding with the US and that it will not set policy under time pressure, distancing Tehran from the Western reading of a mid-June memorandum due to lapse on August 17.
The PR surge which heralded that the “tide is turning” in the Ukrainian conflict is ending up in a debacle. Ukraine can inflict tangible damage on the Russian economy but Russia can take it and give it back in spades.
The US military strategy has run into a dead end. Alternating strikes and ceasefires have done nothing to shift Iran's stated resolve, and the closure of the Strait of Hormuz has given Tehran the leverage to press its terms.
Russia is stitching together a web of new railway corridors from the South Caucasus to the Indian Ocean, redirecting freight away from Europe towards Asia and the Global South.
US military munitions stockpiles have shrunk sharply since the war with Iran began, with the five-month-old conflict now the main driver of depletion even for weapon systems the US had previously donated heavily to Ukraine.
Bahrain risks a currency devaluation or sovereign default if the Strait of Hormuz stays shut, Capital Economics warns, with central bank reserves down from $6bn in March to just over $2bn by June and no alternative export route.
Iran does not want tension and insecurity to spread across the region but will act with full force to defend its security and territorial integrity, President Masoud Pezeshkian said at the launch of a national family-medicine programme.