Saudi Deficit Shrinks Three-Quarters on Wartime Oil Price Spike

Saudi Arabia's fiscal deficit has narrowed significantly due to rising oil prices, despite the impact of the Iran war on its economy.

The country's budget shortfall decreased by almost three-quarters in the second quarter compared to the previous period, according to the finance ministry.

The quarterly deficit stood at 34.3 billion riyals ($9.1 billion), down from a 125.7 billion-riyal shortfall in the first quarter.