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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 United States sold $20 billion in arms to Saudi Arabia in 2015 alone, according to Human Rights Watch. (Wikimedia Commons)

June 12th, 2016 - 05:00 GMT

US lawmakers seek bill to halt arms sales to Saudi over Yemen campaign

The Baltim South West well is located 12 kilometres from the coast, 25 metres deep, and 10 kilometres north of the Nooros field. (File photo)

June 12th, 2016 - 04:26 GMT

BP, Eni confirm new 'significant' gas discovery in Egypt's Mediterranean

Security sources said that the Giza pyramid complex has 197 stationary monitoring cameras and moving radars which ensure the security of the venue. (Wikipedia)

June 9th, 2016 - 12:00 GMT

Egypt seeks to reassure public after Daesh issues threats against Giza Pyramid Complex

Although the introduction of a GCC-wide value added tax (VAT), and other fees, charges, and excises have been announced, most GCC countries have not yet increased non-oil revenues in a meaningful way. (AFP/File)

June 9th, 2016 - 11:00 GMT

Fiscal efforts to bridge GCC budget deficits still falling short: IMF

Qatar and the US signed a 10-year defense cooperation agreement in late 2013. (Wikimedia Commons)

June 9th, 2016 - 10:00 GMT

Qatar to receive 24 Apache helicopters from US under $667M Boeing deal

Despite the mineral-rich concessions on offer and the 2014 law, analysts predict a tepid response to this month's tender. (Shutterstock)

June 9th, 2016 - 09:00 GMT

Gold in them hills: Egypt hopes to strike up gold mining investment with new tender

The airline has reined in its network to focus primarily on regional routes. (File photo)

June 9th, 2016 - 08:00 GMT

Not out of the red yet: Gulf Air reports 62 percent reduction on 2014 losses

Goals to reduce government spending on wages by 5 per cent (by SAR24 billion) will likely largely be achieved by not replacing the people leaving the public sector workforce and benefit cuts. (File photo)

June 9th, 2016 - 07:00 GMT

Saudi's bold reform targets require further formulation, economists warn

June 9th, 2016 - 05:00 GMT

Slow growth ahead: World Bank downgrades global forecast to 2.4 percent

The proposed merger would create a bank with combined assets of almost $16 billion, according to Bloomberg. (File photo)

June 9th, 2016 - 04:19 GMT

Proposed merger of Bank Sohar, Bank Dhofar will create Oman's second largest bank

British Airways suspended flights to Sharm El Sheikh in November 2015 following a plane crash in Sinai which killed 224 people, mostly Russian tourists. (Twitter)

June 8th, 2016 - 12:00 GMT

British Airways hopes to resume flights to Sharm El Sheikh in September

Citibank has been the anchor tenant since the building’s completion in 2011. (Twitter)

June 8th, 2016 - 11:00 GMT

QIA buys Singapore's Asia Square Tower for record $2.45B