Economy · July 2026

On July 29, 2026, Iran announced it halted three oil tankers attempting to pass through the Strait of Hormuz, while the UAE's ADNOC continues its LNG exports despite the risks. The moves come amid heightened tensions in the region, with a U.S.-Saudi consortium planning a $5 billion Gulf refinery outside Hormuz to mitigate such threats. Taiwan also paused $800 million in spot LNG purchases from Papua New Guinea, though this appears unrelated to the Hormuz situation. Fresh Middle East strikes and a draw in US crude inventories sent oil prices surging on July 29, 2026, weighing on Asian markets, with South Korea's Kospi index falling 6%. The U.S. Senate advanced a sweeping Russia sanctions bill in an 86-12 vote, while oil prices spiked again as Donald Trump threatened to 'hit Iran hard'. Glencore reported a $3.3 billion trading profit as Iran war rattled oil markets, and Saudi firms announced big profits and projects. The Dow plunged over 1,100 points on inflation and oil worries, while chip stocks fell and Oman announced a plan for the Strait of Hormuz.