Economy · July 2026

Oil prices fell sharply on Monday, July 27, 2026, after the United States and Iran paused fighting over the weekend, easing fears of supply disruptions in the Strait of Hormuz. Brent and WTI dropped more than 6-7%, while European natural gas plunged 8%. The pause raised hopes for safe passage through the key shipping route, bringing prices near a one-week low. Houthi threats in the Red Sea have reduced tanker traffic to a multi-month low, prompting Indian refiner MRPL to bar crude suppliers from using the Hormuz and Red Sea routes, while Saudi crude tankers have been rerouted via the Suez Canal. UAE businesses are expanding: DIB launched the Jaywan debit card, Aster Clinics plans to invest Dh100 million to grow to 100 facilities, and Hashim Group opened a new hypermarket in Sharjah. Saudi Arabia planted 72 million mangrove trees, aiming for 100 million by 2030, and reported planting 159 million trees overall while restoring one million hectares of degraded land. Russia said its fuel crisis is easing as refineries restart, and Kazakhstan resumed CPC oil exports after a week-long shutdown in the Black Sea.