Oil & Gas Oil prices stable after boost from US fuel demand Oil prices stabilised on Thursday after rallying the previous day on stronger than expected US fuel demand and reports that producer group Opec+ could delay a planned output increase. Traders are now awaiting the outcome of the US presidential election on November 5 and whether ceasefires can be brokered in the Middle East. The Brent […] October 31, 2024
Food & Drink Americana opens more stores despite profit slump Quarterly profits at Americana Restaurants have shrunk again, but the Middle East franchise owner for KFC, Pizza Hut and Hardee’s continues to open new stores as its promotional drive spurs a recovery in daily sales. The fast-food brand operator reported a 54 percent drop in profit in the third quarter to $37.4 million, as the […] October 31, 2024
Oil & Gas Oil rises on Opec+ output increase delay reports Oil prices rose more than 2 percent on Wednesday, after Reuters reported Opec+ could delay a planned oil production increase scheduled to take effect in December by a month or more, due to concerns about soft oil demand and rising supply. Brent crude futures gained $1.41, or 2 percent, to $72.53 a barrel by 12:36 […] October 30, 2024
Banking and Finance Regional conflict eroding investment openings, Saudis warn More than a year of regional conflict is eroding investment opportunities across the Middle East, Saudi officials admitted on Tuesday, though they sought to downplay the impact of regional tensions. Speaking at the Future Investment Initiative (FII) global investor conference in Riyadh days after Israel fired missiles at Iran, the officials said that the kingdom, […] October 29, 2024
Transport Houthis target three ships in Red and Arabian Seas Yemen’s Houthis said on Monday that they targeted three ships in the Red Sea and Arabian Sea, attacks they called part of their efforts to enforce a naval blockade on Israel. Houthi military spokesperson Yahya Sarea said in a televised address the vessels were targeted with missiles and drones for attempting to approach ports bound […] October 29, 2024
Energy Oil prices rise on US strategic reserve refill plan Oil prices rose more than 1 percent on Tuesday, reversing some of the previous session’s 6 percent tumble, as a US plan to buy oil for the strategic petroleum reserve (SPR) provided support while investors remained focused on developments in the Middle East. Brent crude futures climbed 94 cents, or 1.32 percent to $72.36 a barrel […] October 29, 2024
Opinion Trade Europe needs to revisit Gulf relations or lose out to Asia The recent EU-GCC summit could not have come at a more critical moment October 28, 2024
Oil & Gas Oil down $4 a barrel after Israel’s strike on Iran Oil prices tumbled by more than $4 a barrel on Monday after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Both Brent and US West Texas Intermediate crude futures hit their lowest since October 1 at the open. By 11:30 GMT Brent was down $4.28, or 5.6 […] October 28, 2024
Oil & Gas Oil heads for weekly gain but market remains on edge Oil prices were heading for a weekly gain of almost 3 percent as Friday’s prices ticked higher, with traders kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks in the coming days. Brent crude futures rose 76 cents, or 1.02 percent, to $75.14 a barrel by 12:14 GMT. […] October 25, 2024
Opinion Economy Lebanon’s startups face a battle to survive Many Lebanese startups have paused operations, closed down or relocated – mostly to the GCC October 24, 2024
Oil & Gas Oil prices stable despite Middle East and US uncertainty Oil prices were broadly stable on Thursday as uncertainty around conflict in the Middle East and reports of North Korean troops ready to help Russia in Ukraine kept traders on edge ahead of the US presidential election. Brent crude futures were up 29 cents, or 0.4 percent, at $75.25 a barrel by 11:57 GMT. US […] October 24, 2024
Energy Oil price slips on higher US crude stockpiles Oil prices fell on Wednesday after industry data showed US crude inventories swelled more than expected, though futures were still up about 2 percent this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.40, or 1.8 percent, to $74.64 a barrel by 11:07 GMT. US West Texas Intermediate crude […] October 23, 2024
Oil & Gas Oil prices up as Blinken flies to Israel for peace talks Oil prices rose to $75 a barrel on Tuesday, extending gains from the previous session as investors weighed the impact of China’s stimulus measures to boost its economy, while concerns over conflict in the Middle East persisted. Brent crude futures for December delivery were up 43 cents, or 0.6 percent, to $74.72 at 13:19 GMT. US West Texas […] October 22, 2024
Opinion Trade A Trump win would impact Gulf trade and oil markets A rise in protectionism following the US election could trigger a re-ordering of world trade October 21, 2024
Oil & Gas Oil prices regain some ground after 7% loss last week Oil prices rose on Monday, recouping some of last week’s more than 7 percent decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6 percent, to $74.22 a barrel at 10:36 GMT. US West […] October 21, 2024
Energy Oil on track for biggest weekly loss in over a month Oil futures inched lower and were headed for more than a 6% weekly drop on Friday on concerns about demand from China’s slowing economy and easing supply risk from the Middle East conflict. Brent crude futures inched 33 cents lower, or 0.44 percent, to $74.12 a barrel by 1143 GMT, while US West Texas Intermediate crude was at $70.41 a barrel, […] October 18, 2024
Analysis Markets Gulf stocks steady despite regional geopolitical issues In previous eras, the merest hint of renewed geopolitical tensions or an oil price slump would send Gulf stock markets tumbling. Currently, though, regional bourses are proving resilient despite the spectre of a widening Middle East conflict. Experts attribute this stability to wider and deeper stock markets than during earlier crises, investors’ increasing sophistication, falling […] October 17, 2024
Trade Saudi Arabia signs deals worth $15bn with Egypt Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […] October 17, 2024
Opinion Oil & Gas Oil’s war risk premium and the GCC capital markets Investors can no longer ignore the imminent IDF-Iran war in the heart of the world's pre-eminent oil province October 17, 2024
Oil & Gas Oil prices flat as investors await US data Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official US oil inventory data and details on China’s stimulus plans. Brent crude futures were up 11 cents to $74.33 a barrel at 1114 GMT, while U.S. West Texas Intermediate crude futures were at $70.47 a […] October 17, 2024
Oil & Gas Oil steadies despite Middle East uncertainties Oil prices inched higher in early trade on Wednesday on uncertainty over what may happen next in the Middle East conflict. Earlier, demand concerns knocked the market to its lowest since early October in the previous session. Brent crude oil futures rose 14 cents, or 0.2 percent, to $74.39 a barrel by 02:50 GMT. US West Texas Intermediate […] October 16, 2024
Opinion Oil & Gas The talk is of oil, but gas is most at risk in the Iran-Israel conflict Leaders must wake up to the threat to global gas supply October 15, 2024
