However, Gulf countries have an interest in acting in coordination — both within OPEC, and with Russia-led allies in the OPEC+ group — to avoid a price war and keep control over the market.

Brent North Sea crude oil for May delivery reached $139.13 shortly after electronic trading opened around 2300 GMT on Sunday.

Since Russia invaded, almost 80,000 Ukrainians have returned to fight Russia, leaving industries short of labor.

Saudi energy giant Aramco's shares rose to a record high on Wednesday amid a surge in global oil prices following Russia's invasion of Ukraine. The Gulf kingdom -- the world's top crude exporter -- has remained the firm's majority shareholder since a December 11, 2019 listing.

The squeeze on real incomes within the region due to higher inflation may depress regional trade flows. The situation may worsen further if the global central banks' attempts to control rising consumer prices, which will ultimately dampen global economic activity.

Oil prices and safe havens surged Monday while the ruble plunged after world powers imposed fresh sanctions on Russia over its invasion of Ukraine.

According to the UN, a full-scale Russian invasion on Ukraine would have a devastating global impact that would likely spark a new "refugee crisis", with traders fretting over supplies of key commodities including wheat and metals.

Over the week, crude prices gained about 5 percent and on Friday Brent exceeded $83 per barrel.

Stock markets across the MENA region suffered losses on Sunday as dip in oil prices and mounting concern over ‘Omicron’ weighed heavily on investors’ minds.

Consumption of natural gas rebounded fast — driven by industrial production — boosting demand at a time when supplies were relatively low. Energy supply, however, apparently reacted slowly to price signals due to factors like labor shortages, maintenance backlogs, longer lead times for new projects, and lackluster interest from investors...

The agency predicted the Saudi economy will return to positive growth in 2021, and the current account level will return to surplus as the fiscal deficit shrinks in 2021, accompanied by a reduction in the level of debt in the medium term.

In June, the government passed the budget for 2021-22, which projected spending of US$ 76 billion and a deficit of US$ 40 billion.

The oil price rise is expected to raise the economic growth of Saudi Arabia and the UAE. The kingdom is expected to grow by 5.1 percent next year.

Rising oil prices handed a major boost to producers but threaten the global recovery and stoke inflationary pressures because they lift manufacturing costs, which translates into higher consumer prices.

The economies of the region are recovering fast on the back of the rising oil prices and speedy vaccination programs, says Jean Claus, CEO of Euler Hermes Middle East

The project linking the six GCC countries is expected to boost exports, diversify mode of transportation and reduce carbon emissions by cutting the need for trucks and cars.

The growth was spurred by abundant liquidity created by easing monetary and fiscal policies besides a rebound in oil prices.

At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26 dollars

Dana Gas, the UAE-based energy producer, is out of woods with a big rise in its net profit to $139 million in the first half of this year.

Brent crude oil futures were up $1.43, 1.93%, at $75.55 Prices had dropped early in the week by the collapse of output talks between the OPEC and allies including Russia, together known as OPEC+ Falling US inventories, and signs of strong Asian demand from both China and India pushed up...

Trends currently driving down oil prices will cease to be a problem in the second half of 2021 Weaker dollar, inflation and monetary easing will lead to higher oil prices in 2022 A new Bank of America Global Research report claims micro trends that are driving down oil prices, like...