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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 ...

The Labor Ministry's eventual goal will be to recruit only skilled foreign workers in various business sectors. (Shutterstock)

August 14th, 2016 - 01:14 GMT

Saudization: Labor Ministry to unveil six new projects

Saudis’ spending abroad was the highest among all the Gulf states, and topped that of all Arab countries. (AFP/Fayez Nureldine)

August 14th, 2016 - 12:14 GMT

Saudi tourists among top 20 of highest spenders abroad

Many of the companies looking at Eni's Zohr are either already active in Egypt or have recently landed bordering acreage in Cyprus, such as Exxon Mobil and Total. (Eni)

August 14th, 2016 - 09:00 GMT

Eni mulls sale of 20 percent stake in Egypt's giant Zohr gas field

(Flickr/Fabio Achilli)

August 14th, 2016 - 08:00 GMT

Catch that cab: Dubai to add 2000 taxis to fleet over next five years

The riyal’s exchange rate is currently at 3.75 against the U.S. dollar according to the Central Bank's website. (File photo)

August 14th, 2016 - 07:00 GMT

Saudi Arabia reaffirms commitment to dollar peg

Austerity measures were inevitable with or without the IMF loan. (File photo)

August 14th, 2016 - 06:00 GMT

Egypt's $12B IMF loan: Long-term benefits disputed

Bollywood Parks Dubai, Motiongate Dubai, and Legoland and Legoland Water Park are due to open in Dubai on October 31, 2016. (Shortlist Dubai)

August 14th, 2016 - 05:00 GMT

Dubai Parks and Resorts’ losses widen as expansion plans near fruition

Operation Tidal Wave II has focused specifically on supply lines tied to the illicit movement of oil said to be financing regional terrorism operations. (Twitter/KR Security Council)

August 13th, 2016 - 11:05 GMT

Senior Daesh oil commander killed by Kurdish, US forces

In September 2015, after bilateral negotiations in Tehran it was announced that the project will be operational by late 2017. (AFP/File)

August 11th, 2016 - 02:00 GMT

Oman and Iran agree to redesign gas pipeline route

The IMF says it has reached an initial agreement with Egypt for a $12 billion loan over three years. (AFP/File)

August 11th, 2016 - 12:28 GMT

Egypt obtains initial $12bn deal with IMF to cover next three years

At least seven different online visa agencies operating inside and outside Oman are using Facebook and other social media apps to sell their services – often conning unsuspecting customers out of money. (AFP/File)

August 11th, 2016 - 11:55 GMT

Exposed: Black market for counterfeit Oman visas on social media

Pilgrims line up outside the Jeddah airport in Saudi Arabia. (Shutterstock)

August 11th, 2016 - 11:00 GMT

Jeddah airport to receive 4,300 pilgrims per hour during Hajj