Mirette Magdy

The United Arab Emirates’ worsening rift with Saudi Arabia was at the heart of its shock decision to quit OPEC.

O agravamento da tensão dos Emirados Árabes Unidos com a Arábia Saudita esteve no centro de sua decisão surpreendente de deixar a Opep.

By Gift Article The United Arab Emirates' worsening rift with Saudi Arabia was at the heart of its shock decision to quit OPEC.

Saudi Arabia’s quarterly economic growth rate slowed to its lowest since mid-2024, as the kingdom grapples with the Iran war’s effects on its crucial oil industry.

Saudi Arabia’s fiscal deficit widened in the first quarter to the highest level since 2018 as the closure of the Strait of Hormuz forced it to reduce oil exports and spending on projects to diversify the economy continued to rise.

Egypt’s inflation rate unexpectedly slowed in April, even after the Iran war spurred higher fuel costs and a weakening of the currency.

Egypt’s inflation rate slowed for a second month despite pressures from the Iran war, increasing the chances of an interest-rate hold in July.

The number of oil tankers crossing Egypt’s Suez Canal surged by almost a third in April and drove revenue to the highest since early 2024, as the closure of the Strait of Hormuz spurred an alternative Red Sea energy route.

Suez Canal gets oil-tanker boost amid Hormuz Strait shutdown The Hormuz strait has been effectively shut since shortly after the Iran conflict erupted on February 28.

The number of oil tankers crossing Egypt's Suez Canal surged by almost a third in April and drove revenue to the highest since early 2024.