Economy · June 2026

On June 30, 2026, oil prices fell to $72 per barrel for Brent crude as investors awaited US-Iran talks, with crude set to end June down about 20% and facing the steepest monthly and quarterly losses since 2020. Morgan Stanley cut its oil price forecast amid faster flows through the Strait of Hormuz, while the UAE exported record oil volumes after leaving OPEC. Analysts warned that a supply crunch from Iran could push oil below $40 per barrel. The UAE announced petrol and diesel prices for July 2026, as Etihad Rail launched passenger train services from Fujairah to Abu Dhabi. Saudi Arabia reported rising foreign investment and record low unemployment. The UAE's National Center of Meteorology launched the first Agentic AI assistants for weather forecasting. An Abu Dhabi-based firm is close to buying Shell's fuel stations in South Africa.