IMF Says Iran War Energy Shock Is "Large but Contained" as Gulf Economies Brace for a Contraction
The IMF's managing director says the energy price shock from the US-Iran war has been large but contained so far, though high prices are likely to linger. The World Bank expects GCC economies to contract by an average of 4.3 per cent this year.
Iran Says Hormuz Will Stay "Closed" Until the US Meets Seven Conditions — What It Means for the UAE
Iran's parliament speaker says the Strait of Hormuz will remain closed until Washington meets seven conditions tied to a collapsed June agreement. Shipping data suggests traffic is still moving, but at reduced levels and under heavy risk, with consequences for UAE trade, fuel and travel.
US and Iran Hold Quiet Talks in New York as Hormuz Deadlock Persists
Washington and Tehran are quietly engaging in New York in an effort to end seven months of conflict, sources say, but no breakthrough has emerged. The Strait of Hormuz and Iran's enriched uranium stockpile remain the main obstacles.