Gulf States economy · October 2026

Qatar took part in the 126th meeting of the Gulf Cooperation Council's Financial and Economic Cooperation Committee. The IMF praised the resilience of Gulf economies. Oil prices rose about 2% after China suspended fuel exports, with world oil prices climbing sharply. Tamoil cut petrol and diesel prices until October 31, while UAE petrol prices rose by more than 16%, prompting residents to plan Dubai Metro trips and remote work. Three oil tankers were hit by projectiles in the Strait of Hormuz on Tuesday, according to Marisks, and a supertanker was hit and caught fire near Oman in the Strait of Hormuz. An Emirates flight from Dubai to London declared a mid-air emergency, and Israeli airlines launched rescue flights for stranded passengers after an attempted hijacking on a Flydubai flight. El Al said it will run flights to return Israelis from Dubai, and Emirates airline said it will not allow travelers headed to Israel to fly the first leg into Dubai as Dubai-Tel Aviv flights stop. A court heard that the Abu Dhabi government, not Manchester City's owners, paid sponsorship money, and the UAE used a sanctioned Russian "shadow" airline on 100 flights to Africa and Asia.