Economy · June 2026

Oil prices fell after the U.S. and Iran signed a ceasefire agreement, leading to the reopening of the Strait of Hormuz and the release of over 60 million barrels of oil for shipment to Asia. OPEC maintained its strong oil demand forecast through 2050, while Kuwait started an output hike aiming to top 2 million barrels soon. A Qatar LNG tanker sailed for Hormuz as Middle East peace returned. Oil prices dropped as Europe saw new energy projects, with Germany considering extending its oil reserve relief and Sweden choosing Rolls-Royce to build its first new nuclear reactor since the 1980s. Saudi Arabia topped the global cybersecurity index for the third year. India's energy import bill jumped 82% due to high oil prices. Dubai property sales have fallen ‘off a cliff’ since the start of the Middle East war.