The United States and Iraq discussed expanding economic co-operation and increasing US investment in the Arab nation’s energy sector during high-level talks at the White House on Wednesday, as the two countries sought to deepen their strategic partnership.
US President Donald Trump on Tuesday abandoned a proposal to impose a 20% transit fee on cargo shipping through the Strait of Hormuz, saying Washington would instead pursue trade and investment agreements with Gulf states amid escalating tensions with Iran.
Oil prices jumped sharply at the start of Asian trading on Monday after the United States launched a second consecutive night of strikes on Iranian military targets and Tehran retaliated with fresh attacks, heightening fears of disruption to crude shipments through the Strait of Hormuz, the world's most important oil transit chokepoint.
The Saudi Ports Authority (Mawani) has announced the addition of Maersk’s shipping service (Maersk - MECL) to Jeddah Islamic Port, thus enhancing the port’s maritime connectivity, expanding its service network with regional and global ports, and supporting the smooth flow of trade and supply chains.
Oil prices settled lower on Friday after the latest round of US-Iran fighting as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz, but prices finished with sharp weekly gains. Brent crude futures fell by 29 cents to close at $76.01 a barrel.
Oil tanker traffic through the Strait of Hormuz slowed to a near standstill on Thursday as renewed military exchanges between the United States and Iran shattered a three-week-old ceasefire, raising fresh concerns over energy supplies and regional security.
The US and Iran held indirect technical talks in Doha on Wednesday as they seek to agree on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge of the talks and an Iranian official said.
Iran and Israel said on Monday they had halted attacks against each other following an appeal from US President Donald Trump, while US forces simultaneously escalated pressure on Tehran by disabling an oil tanker attempting to reach an Iranian port in defiance of Washington's naval blockade.
Blue Owl Capital, an American alternative investment asset management company, has announced the opening of its new office at ADGM in Abu Dhabi. With this move, Blue Owl aims to strengthen its global footprint, underscoring its long-term commitment to the Middle East and focus on best supporting clients in the region.
The US government will attempt to redirect Iranian assets to Gulf states for rebuilding and repairs of damage caused by Iran, a source familiar with the matter said, as Tehran followed up a wave of strikes against Kuwait and Bahrain with further drone launches.
