Oil markets were supported by expectations that ongoing talks between the United States and Iran could help secure energy flows through the Strait of Hormuz, a key route for global crude shipments.

Iran's Revolutionary Guards Corps, meanwhile, said it had launched missile and drone attacks against the headquarters of the U.S. Fifth Fleet, as well as an airbase and helicopters in a regional country.

United States forces said they have attacked missile launch sites and mine-laying vessels in southern Iran, in what a US military spokesman described as “self-defence” strikes. Earlier, Iranian media reported explosions in the southern port city of Bandar Abbas.

The decision marks one of the most significant ruptures in the producer group's recent history. Long viewed as one of OPEC's most influential Gulf members after Saudi Arabia, the UAE said the move reflects a reassessment of its long-term energy strategy and production ambitions.

The asymmetry at the heart of this war’s economic geography is stark. The US imports relatively little oil through Hormuz. More than 80% of oil and LNG shipped through the strait in 2024 went to Asian markets, with China, India, Japan and South Korea the primary destinations, he adds.

Gulf Cooperation Council (GCC) countries continue to strengthen their position in global energy markets, supported by extensive natural resources, advanced infrastructure and sector expertise, according to data released by the GCC Statistical Centre. The data show that the region’s energy strategy is increasingly expanding beyond oil and gas production and...

Dubai, UAE -- Saudi Arabian Oil Co. (Aramco) reported a net profit of $104.7 billion for 2025, a decline from the previous year as global oil prices and market conditions weighed on earnings. The state oil giant remains the world’s largest energy company and one of the most profitable publicly...

UNCTAD data shows Brent crude oil prices rose above $90 per barrel, while natural gas prices also increased sharply after the disruption. Between Feb 27 and Mar 9, oil prices rose 27% to $91.8 per barrel, while gas prices climbed 74 percent.

In a statement following a virtual meeting with International Energy Agency (IEA) Executive Director Fatih Birol, the ministers said they are considering recommendations discussed during talks and remain ready to coordinate potential action.

Several ports suspended operations in the Middle East after drone strikes. DP World said operations at Jebel Ali port in Dubai, one of the world's busiest container ports, had been suspended due to a fire after "aerial interception," he adds.

Lale Akoner, Global Market Analyst, says while the escalation has introduced new risks, the broader investment case for equities in 2026 remains intact—though the path forward has become more dependent on macroeconomic factors.

Manama, Bahrain --- Bapco Energies BSC (Closed), Bahrain’s integrated energy company, announced force majeure on its group operations on Monday. The company said the move follows the ongoing regional conflict in the Middle East and a recent attack on its refinery complex. Bapco Energies said all local market needs remain...

The United States could run Venezuela and tap into its oil reserves for years, President Donald Trump said in an interview published Thursday, less than a week after toppling Nicolas Maduro.

Oil prices have experienced choppy trading since the surprise US raid Saturday on Caracas that saw Venezuelan president Nicolas Maduro and his wife taken to New York.

Having spiked in an initial reaction to the military operation to apprehend Nicolas Maduro in Caracas, oil prices quickly dropped again on expectations that Venezuela -- which sits on about a fifth of the world's oil reserves -- will crank up production quickly.

After a US military operation that seized Nicolas Maduro, President Donald Trump said he wants to allow American oil companies to head back into Venezuela to tap its massive crude reserves.

The US president's announcement followed a lightning pre-dawn attack in which commandos grabbed Maduro and his wife while air strikes pounded sites in and around Caracas.

Iran's Revolutionary Guards on Wednesday seized an oil tanker in the Gulf carrying more than a dozen foreign crew members, state media reported.

From the 1980s onward, the federal government and individual emirates launched broader diversification and liberalization programs to reduce reliance on oil and develop sectors like aluminum, tourism, aviation, re-export trade, and telecommunications, the author adds.

Brussels, Belgium -- The European Commission on Friday greenlit the takeover of German chemical firm Covestro by UAE state oil giant ADNOC, after the Emirati firm promised steps to alleviate competition fears. Plastics maker Covestro accepted a bid from the Abu Dhabi National Oil Company in October, valuing the company...

Qatar's energy minister on Monday warned the Gulf state would halt its supply of liquefied natural gas to Europe over Brussels's planned environmental and human rights rules.

The 137,000-barrels-per-day hike will apply from December and remain at that level for the following three months, signifying a "pause" in what had been regular increases since April this year, the group said in a statement following a virtual meeting.

Since April, the V8 group -- comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- has boosted production by around 2.7 million barrels per day (bpd) in total.

FII 2025 marked Saudi Arabia’s shift from spectacle to scaffolding — pivoting from oil power to systemic force in energy, AI, logistics.

Paris, France -- French oil and gas giant TotalEnergies reported on Thursday a sharp increase in third-quarter net profit despite lower crude prices as its production rose. The company said net income grew around 61 percent to $3.7 billion compared to the same period last year, even as oil prices...

Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world in three years' time with an expansion doubling its capacity, its owner said on Sunday. "We are more than doubling the barrels... to 1.4 million from 650,000," said Aliko Dangote,...

The international benchmark contract, Brent North Sea crude, jumped 4.8 percent while West Texas Intermediate was up 5.1 percent. Trump on Wednesday announced new sanctions against Russia's two largest oil companies, Rosneft and Lukoil.

President Luiz Inacio Lula da Silva has come under fire from conservationists who argue his oil expansion plans clash with his image as a global leader on climate change.

The increase was less than many analysts expected, with the cartel seeking to avoid pressuring prices amid weak demand. OPEC+ expects global oil demand to increase by 1.3 million barrels a day in 2025.

The non-oil economy expanded 6.6 percent year-on-year to AED174.1 billion — the highest quarterly value on record — and accounted for 56.8 percent of GDP for the first time in a second quarter.

Paris, France -- No stranger to ire from oil-producing nations, the International Energy Agency (IEA) is facing pressure from the Trump administration over its globally-respected reports that predict a dwindling in fossil fuel demand. The United States, the world's biggest oil producer and a major contributor to the Paris-based IEA,...

Dubai, UAE – The Dubai Integrated Economic Zones Authority (DIEZ) recorded its highest-ever trade performance in 2024, with total trade across its three economic zones reaching AED 336 billion ($91 billion). The figure represents a 19 percent increase compared to 2023 and accounts for 13.7 percent of Dubai’s total non-oil...

Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production, with a looming surplus keeping prices in check, the International Energy Agency said Thursday. Eight key members of OPEC+ group, including Saudi Arabia and Russia, have been gradually increasing production...

Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich Qatar. Gold, a traditional safe haven investment, traded close to its recent record highs.

Oil ministers in the V8 grouping -- comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- decided to increase production by 137,000 barrels a day (bpd) from next month.

Riyadh, Saudi Arabia -- Saudi Arabia’s non-oil exports rose by 17.8 percent in the second quarter of 2025, according to official data. The increase included a 46.2 percent rise in re-exports, while national non-oil exports excluding re-exports grew by 5.6 percent, the General Authority for Statistics of Saudi Arabia reported....

Muscat, Oman -- The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) showed that the value of gross national income (the total income earned by citizens and companies) of the GCC countries at current prices in 2023 amounted to...

New York, United States - Wall Street stocks finished little changed Thursday as markets absorbed a disappointing inflation report, while oil prices shot higher on the eve of a US-Russia summit on Ukraine. After a negative start, major US indices worked their way back up to even following July wholesale...

President Donald Trump threatened Monday to "substantially" hike US tariffs on goods from India over its purchases of Russian oil -- a key source of revenue for Moscow's war on Ukraine.

Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians currently produce about 41-42 mbd.

Muscat, Oman -- The nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by the end of the fourth quarter of 2024, up from US$579 billion at the end of the fourth quarter of 2023, reflecting a growth rate of 1.5 percent. The latest...

Q2 net profit fell by 18% to $637 million.

Baghdad, Iraq -- The Iraqi government announced Thursday an agreement to resume crude exports from the autonomous Kurdistan region after a more than two-year halt and amid drone attacks on oil fields. Lucrative oil exports have been a major point of tension between Baghdad and Arbil, with a key pipeline...

In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent from 103.7 million barrels per day in 2024 to around 123 mbd in 2050.

The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of breaking the ceasefire, but  then fell around five percent after Trump berated the two countries in an expletive-laced outburst.

US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on whether Iran will block the crucial Strait of Hormuz, which carries one-fifth of global oil output. When trading opened on Monday, international benchmark crude contract Brent and US equivalent WTI...

Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to the Commerzbank note.

IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to produce power. Annual demand growth will slow from around 700,000 barrels per day (bpd) in 2025 and 2026 "to just a trickle over the next several years, with a small...

Oil prices rallied Tuesday after Donald Trump urged Tehran residents to evacuate, stoking fresh fears of all-out war as Israel and Iran continued to pound each other with missiles.

Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices soaring as much as 13 percent at one point on fears about supplies from the region.