#saudi-crown-prince

#saudi-crown-prince

The energy shock from the Iran war pushed consumer prices to their highest level in nearly two years, with the Consumer Price Index rising 3.3 percent from a year earlier.

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

The global misery caused by Iran's closure of the strait demonstrates a clear need for long-term solutions that are solidly rooted both in law and in fact.

The so-called 'petrodollar' system wasn't well understood for most of this time, but a secret deal between Henry Kissinger and Saudi Arabia ensured the dollar would remain the dominant reserve currency.

After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.

Cathay Pacific has cancelled all flights to and from Dubai and Riyadh until at least 31 May, allowing customers to rebook, reroute, or refund their tickets.

The war in Iran has created an energy shock in Africa, as the continent relies heavily on oil and gas imports from the Middle East.

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.

The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.

Saudi Arabia just made its most aggressive move yet in that generational project. The kingdom announced a new $40 billion technology investment fund, developed in partnership with American venture capital heavyweight Andreessen Horowitz (a16z), aimed at positioning Saudi Arabia as a global hub for artificial intelligence, cloud infrastructure, and advanced computing.

The level of accuracy in some of this targeting you can see it in our neighbours as well as the kingdom indicates that this is something that was premeditated, preplanned, preorganised and well thought out.

The global impact of the Gulf countries is not limited to oil. This region is a hub of the international economy and if it decides to focus on its defense and to start pulling investments and to stop its [economic] engagement with the international community, the effect will be felt in every household in the world.