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oil prices

March 9th, 2026 - 07:18 GMT

Sally Shakkour

Oil prices increase to $118.21 per barrel, Gold prices fall

ALBAWABA - The price of the main U.S. benchmark for oil surged over 30 percent on Monday amid the escalation in the Middle East and Iran's closure of the Strait of Hormuz. At 0230 GMT, West Texas Intermediate (WTI) increased by 30.04 percent reaching $118.21 per barrel, before easing slightly. In addition, Brent Crude was up by 27.54 at $118.22. The disruption of shipping traffic through the Strait of Hormuz ...

OPEC’s second-largest producer, trailing Saudi Arabia, Iraq depends on oil sales for 95 percent of its public spending. (AFP/File)

August 29th, 2016 - 08:54 GMT

Iraq to vie for a larger slice of the oil market

The new measures appear to be a response to directives issued by Saudi’s King Salman earlier this month, designed to protect foreign workers and guarantee they are paid. (File photo)

August 29th, 2016 - 06:00 GMT

Saudi labor ministry to provide legal aid in unpaid expat workers' disputes

Airport fees have until recently been avoided by Gulf states as they seek to gain a competitive advantage for business and to become regional hubs. (Flickr/Mohamod Fasil)

August 29th, 2016 - 05:00 GMT

Qatar to introduce airport passenger tax from August 30

Oil producing countries will hold an informal meeting in Algeria next month though it looks unlikely that they will reach an agreement to cut or freeze production to prop up oil prices.

(File photo)

August 29th, 2016 - 04:13 GMT

UAE to raise petrol prices in September

Uber and Careem suspended their operations in Abu Dhabi as of yesterday, August 27. (File photo)

August 28th, 2016 - 12:00 GMT

Uber, Careem suspend services in Abu Dhabi

Cuts would focus on areas where there are already a high number of Kuwaiti, GCC and Bedouin teachers, such as in social sciences. (Pixabay)

August 28th, 2016 - 11:23 GMT

Kuwait to sack hundreds of expat teachers in bid to reach 25 percent Kuwaitization

Egypt's cotton output has been declining for the past decade after farmers failed to adapt to shifting consumer demand for mass-produced items made from short- or medium-staple fiber, according to USDA. (Welspun India)

August 28th, 2016 - 10:00 GMT

False labelling scandal in US reveals reality of decline in Egyptian cotton manufacturing

In July, Iran produced around 3.6 million bpd, 17 percent higher than during the first quarter of the year when initial production considerations emerged. (File photo)

August 28th, 2016 - 09:00 GMT

Iran to attend OPEC meeting, but will defend 'right to market share'

The acquisition of Digiturk represents the largest deal in BeIN's history and a major milestone in their global expansion. (File photo)

August 28th, 2016 - 08:00 GMT

BeIN gains strong foothold in Turkey with Digiturk acquisition

Saudi Energy Minister Khalid Al Falih stated that huge emphasis will be put in the future on foreign investments. (File photo)

August 28th, 2016 - 07:00 GMT

Saudi Aramco courts international investors to underwrite shares

The initiative was taken voluntarily by 39 international pharmaceutical companies, saving up to Dh267 million for patients in one year. (File photo)

August 28th, 2016 - 06:00 GMT

UAE slashes prices on 762 medicines

Unplanned oil production outages in a number of OPEC countries also contributed to lower export earnings. (AFP/File)

August 28th, 2016 - 05:00 GMT

OPEC earnings drop to lowest level since 2004