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6000 Sailors Still Stranded in the Gulf
Read MoreFloating Iranian Oil Faces Uncertain Fate After U.S. Exemption Cancellation
Read MoreBrent Surpasses $76 After U.S. Strikes on Iran
Read MoreGold prices register close to $4,128 per ounce
Read MoreChina Buys Largest Amount of Gold Since 2023 Despite Price Fluctuations
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The IMF Forecasts a Contraction in the Middle Eastern Economy This Year and a Faster Recov...
SadaNews - The International Monetary Fund (IMF) has predicted that the economies of the Middle East and North Africa will record their second worst annual performance this year since the beginning of this century, before achieving strong growth in 2027 with the recovery of oil exports and the retur...
6000 Sailors Still Stranded in the Gulf
SadaNews - The International Maritime Organization, a UN agency, estimated today, Wednesday, that around 6000 sailors are still stranded in the Gulf, in a statement condemning the renewed confrontations in the region and the Strait of Hormuz.
The Secretary-General of the organization, Arsenio Domin...
Floating Iranian Oil Faces Uncertain Fate After U.S. Exemption Cancellation
SadaNews - Millions of barrels of Iranian oil loaded on tankers are left in a state of suspense after the United States canceled an exemption that allowed Tehran to sell crude.
The amount of Iranian oil currently at sea is estimated at around 63 million barrels, among shipments in transit and other...
Brent Surpasses $76 After U.S. Strikes on Iran
SadaNews - Oil jumped after the United States launched a wave of strikes against Iran in response to a series of attacks targeting shipping vessels in the Strait of Hormuz, which heightened tensions in the energy-rich region.
Brent crude rose by as much as 3% to exceed $76 per barrel, while West Te...
Gold prices register close to $4,128 per ounce
SadaNews - Gold prices fluctuated within a narrow range as investors awaited signals regarding the Federal Reserve's interest rate outlook, amid renewed U.S. airstrikes on Iran, raising concerns over a resurgence in energy prices and inflation.
The precious metal was around $4,128 per ounce, showin...
China Buys Largest Amount of Gold Since 2023 Despite Price Fluctuations
SadaNews - The People's Bank of China increased its gold purchases in June, recording the largest monthly addition since October 2023, in a move that reflects Beijing's commitment to diversifying its official reserves despite the sharp decline in the precious metal last month.
Official data from Ch...
Bloomberg: Unusual Delays in Bank Transfers Between Saudi Arabia and the UAE
SadaNews - Bank transfers from Saudi Arabia to the UAE have experienced unusual delays over the past few weeks, raising concerns among companies and individuals working between the two largest Arab economies.
According to knowledgeable sources who requested anonymity due to the sensitivity of the i...
Aramco Considers Increasing East-West Pipeline Capacity by Two Million Barrels
SadaNews - Saudi Arabia's "Aramco" is considering increasing the capacity of the "East-West" oil pipeline by up to two million barrels per day, a move that would enhance the kingdom's ability to export crude through the Red Sea, away from the Strait of Hormuz, which has experienced disruptions in re...
Egyptian Private Sector Shrinks at Fastest Rate in Over 3 Years
SadaNews - The contraction of the non-oil private sector in Egypt intensified during June, recording the sharpest decline in nearly three and a half years, as companies faced increasing pressures from weak demand and supply chain disruptions caused by tensions in the Middle East.
The Purchasing Man...
Saudi Arabia Grants "Aqua" Exclusive Rights to Export Green Hydrogen and Its Derivatives
SadaNews - The company "Aqua" has received government approval granting it exclusive rights to export green hydrogen produced in Saudi Arabia and its derivatives to global markets, a move that enhances the Kingdom's ambitions to become a global hub for the production and export of clean fuel and low...
Oil Prices Rise as Tensions Return to Hormuz
SadaNews - Oil prices rose after attacks on ships in the Strait of Hormuz, highlighting the ongoing risks threatening movement in the waterway.
Brent crude climbed to nearly $73 a barrel, while West Texas Intermediate surpassed $69.
The British Maritime Trade Operations Authority reported that...
Gold Declines Amid Renewed Hormuz Tensions as Market Awaits Federal Minutes
SadaNews - Gold declined for the second day following renewed attacks on shipping in the Strait of Hormuz, serving as a reminder of the risks facing vessels transporting oil and natural gas through the waterway.
The precious metal dropped by as much as 0.9% to near $4,122 an ounce, having shed 0.3%...