Commodities
Saudi Economy Contraction Hits 4.8% Amid US-Iran Conflict
Saudi Arabia's economy has experienced its sharpest decline since the COVID-19 pandemic, with a contraction of 4.8% year-on-year between April and June.
The downturn was driven by disruptions to oil exports caused by blockages in the Strait of Hormuz, which carries roughly 25% of global seaborne oil trade.
Saudi Arabia's oil sector contracted by 24.7%, compared with 2.9% growth in the first quarter, and the country's oil production remains below pre-conflict levels.