Economy · July 2026

Oil prices rallied on July 10, 2026, amid renewed supply risks in the Strait of Hormuz, driven by ongoing U.S.-Iran hostilities. The UAE's oil output surged to a record high in June, doubling pre-crisis levels, according to the IEA. ADNOC ordered $900 million in new LNG carriers to expand its global fleet, while Russian fuel disruptions pushed Central Asia into an energy crisis. Oil tankers continued crossing the Hormuz on the Oman side despite the flare-up. Qatar blocked a defense deal between Israel and Volkswagen. India expanded its strategic oil reserves with a new ONGC storage plan. Delta said higher airfares are expected to last despite a drop in oil prices. Etihad Airways delayed Abu Dhabi-Taiwan flights due to Typhoon Bavi.