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,...

U.S. senators on Wednesday raised pressure on Saudi Arabia and Russia to stop the price war that is sinking global oil prices as they held talks with the kingdom’s U.S. envoy and separately urged President Donald Trump to impose an embargo on oil from the two countries. Oil prices...