Oil prices recovered further on Friday, following steep gains in the previous session after U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia at an “appropriate time”. Prices were also supported by United States’ plans to buy up to 30...

Saudi Arabia announced 50 billion riyals ($13.3 billion) in budget spending cuts after the crash in oil prices and the coronavirus outbreak wreaked havoc on its public finances. As the kingdom doubled down in its price war with Russia, authorities signed off on expenditure reductions...

The United States on Thursday slapped sanctions on five companies based in the United Arab Emirates for allegedly shipping oil from Iran in defiance of President Donald Trump's unilateral sanctions. The Treasury Department said that the five companies bought hundreds of thousands of metric...

Seven Middle Eastern countries have suspended commercial flights due to the fast-spreading virus. The aviation industry's largest trade association announced Thursday that airlines in the region have already lost more than $7 billion in revenue. The International Air Transport Association,...