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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA
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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA

Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammad Al-Yousef has said that trade and economic relations between Oman and Saudi Arabia are experiencing significant growth, reflecting the strength of the fraternal and historical ties between the two countries.

During a news conference organized by the Omani Ministry of Information under the theme "Oman and the World," Al-Yousef explained on Thursday that joint projects reflect the efforts made to enhance economic cooperation between the two nations, particularly in areas that support trade exchange, regional economic development and expanding cooperation in fields such as energy, industry, technology, and tourism.

He highlighted Saudi Arabia’s efforts in opening the land route linking the Kingdom to Oman, which represents a qualitative leap in enhancing bilateral trade movement. It has facilitated the mobility of both companies and citizens and boosted tourism and public communication, alongside supporting both nations’ efforts to achieve economic integration through building advanced infrastructure, he said.

"Saudi-Omani relations are strong and prosperous, witnessing growth in all areas. We are confident that the continued cooperation between us will yield strategic gains that serve the interests of both countries in the commercial, industrial, or tourism sectors,” the minister said.

He also pointed out that Saudi Arabia has made significant strides in developing the industrial sector and modernizing the logistical infrastructure, which opens new horizons for joint cooperation, especially in areas related to industrial integration and investment in major projects.

He highlighted the recent visit by Saudi Minister of Commerce Majid Al-Kassabi to Oman, where he discussed several initiatives that both sides aim to implement in the near future, as well as opportunities to launch joint projects between the private sectors of both countries, particularly in industrial fields.

Al-Yousef stressed the Saudi-Omani relationship serves as a model for Arab economic cooperation, and that the future holds many opportunities to strengthen this cooperation at all levels.

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Business

Global Markets Regain Momentum after Strait of Hormuz Reopening Announcement

Traders at the New York Stock Exchange (Reuters)
Traders at the New York Stock Exchange (Reuters)
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Global Markets Regain Momentum after Strait of Hormuz Reopening Announcement

Traders at the New York Stock Exchange (Reuters)
Traders at the New York Stock Exchange (Reuters)

Global markets moved sharply on Friday after Iran said it would reopen the Strait of Hormuz to all commercial vessels, prompting investors to rapidly reassess geopolitical supply risks.

Iran’s foreign minister said the strait was fully open to all commercial shipping for the duration of the ceasefire, in a move that coincided with a truce in Lebanon.

Abbas Araghchi said in a post on X that vessel transit through the strait would follow the coordinated route previously announced by Iran’s Ports and Maritime Organization.

The announcement partly eased concerns over global energy supplies and quickly fed through to markets, with oil prices falling sharply after the remarks.

Oil prices tumble

Oil prices fell more than 10% on Friday, extending earlier losses. Brent crude futures dropped $11.12, or 11.2%, to $88.27 a barrel at 1311 GMT, while US West Texas Intermediate crude futures fell $11.40, or 12%, to $83.29 a barrel.

"Comments from Iran's foreign minister indicate a de-escalation as long as the ceasefire is in place, now we need to see if the number of tankers crossing the Strait increases substantially," UBS analyst Giovanni Staunovo said.

The decline reflects a temporary easing of the geopolitical risk premium that had supported oil prices in recent weeks, as investors watch whether the ceasefire could broaden into a wider regional de-escalation.

Dollar slips

The US dollar index fell after Iran’s announcement, down 0.46% at 97.765. The dollar slipped 0.6% to 158 yen, while the euro rose 0.6% to $1.1848, its highest level in two months.

The Canadian dollar strengthened against its US counterpart, while Canadian government bond yields fell.

The loonie rose 0.3% to C$1.366 per US dollar, or 73.21 US cents, after trading between 1.3661 and 1.3707 during the session.

Global equities extend gains

Global equities, already trading at record levels, added to gains after the announcement.

The STOXX Europe 600 rose 1.4%, while futures on the S&P 500 climbed 0.9%.

Michael Brown, senior research strategist at Pepperstone, said improved prospects for navigation through the Strait of Hormuz clearly reduce the geopolitical risk premium, supporting risk appetite.

He added that this shift explains the positive market reaction.

Bond markets cautious

In bond markets, yields on benchmark 10-year US Treasury notes were steady at 4.27%, while two-year yields stood at 3.74%, signaling a cautious balance in monetary policy expectations.

Canada’s 10-year government bond yield fell 8.3 basis points to 3.421%.

In Europe, German two-year government bond yields hit their lowest in a month.

Yields on the two-year Schatz - highly sensitive to interest rates and inflation - fell as much as 11.2 basis points to 2.412% before trimming losses to 2.43%, down about 9.6 basis points on the day. Yields had reached their highest since last July in late March at around 2.77%.

Markets also pared bets on further rate hikes by the European Central Bank, pricing in about an 8% chance of a hike at the next meeting, down from 15% earlier in the session.

The deposit rate is now seen at 2.44% by year-end, versus 2.55% previously.

Precious metals rise

In precious metals markets, spot gold rose about 2% to $4,881 an ounce. Silver jumped more than 5% to $82.30 and platinum gained 3% to $2,149.15, supported by increased demand for safe-haven assets despite lower oil prices.

Business

Georgieva: Venezuela Likely to Get IMF Loan Support after Necessary Groundwork

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks at a news conference following the International Monetary and Financial Committee (IMFC) meeting during the World Bank and IMF spring meetings at IMF headquarters in Washington, Friday, April 17, 2026. (AP Photo/Jose Luis Magana)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks at a news conference following the International Monetary and Financial Committee (IMFC) meeting during the World Bank and IMF spring meetings at IMF headquarters in Washington, Friday, April 17, 2026. (AP Photo/Jose Luis Magana)
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Georgieva: Venezuela Likely to Get IMF Loan Support after Necessary Groundwork

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks at a news conference following the International Monetary and Financial Committee (IMFC) meeting during the World Bank and IMF spring meetings at IMF headquarters in Washington, Friday, April 17, 2026. (AP Photo/Jose Luis Magana)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks at a news conference following the International Monetary and Financial Committee (IMFC) meeting during the World Bank and IMF spring meetings at IMF headquarters in Washington, Friday, April 17, 2026. (AP Photo/Jose Luis Magana)

The International Monetary Fund will likely provide Venezuela with a financial support program as part of its re-engagement with the South American oil exporter provided that certain conditions can be met, IMF Managing Director Kristalina Georgieva said on Friday.

Georgieva told a press conference in Washington that Venezuela faces "a very tough road" to restore macroeconomic and financial stability.

The IMF and World Bank announced their re-engagement with Venezuela on Thursday night after no dealings since March 2019 and no full economic assessment since 2004.

"After a seven-year-long pause, we are committed to actively engaging with Venezuela, to do our part to help the ⁠country achieve macroeconomic and ⁠financial stability, to help the people of Venezuela to see better days," Georgieva said.

But getting to a loan program will take a lot of effort on the part of both Venezuela and the IMF, she said, adding: "It is not going to be an easy process."

IMF Western Hemisphere director Nigel Chalk told a separate briefing that an IMF mission team for Venezuela has been formed and is engaging on a virtual basis with the government ⁠of acting President Delcy Rodriguez, who assumed power after the US ouster of former president Nicolas Maduro in January.

Georgieva said first on the IMF's list of priorities to prepare for a Venezuela program is sorting the country's data adequacy, which she said "falls very short and you can't make good decisions if you don't have good data."

The global crisis lender has reached out to the country's finance ministry, central bank and statistical agency, Reuters quoted Georgieva as saying.

Adequate data would shed light on a complex web of debt, estimated at over $150 billion that will need restructuring before any loan program can proceed. The IMF's loan approval process requires a detailed debt analysis to ensure that borrower countries' debts are sustainable.

Rodriguez, speaking on state television ⁠later in the ⁠day, said that Venezuela was "now part of the international statistical, economic, and financial system, which will allow us to share relevant information to strengthen our economy."

She added that sharing information would help strengthen the South American nation's economy, rebuild international reserves and better balance macroeconomic indicators.

The IMF also wants to work on capacity-building to strengthen Venezuela's economic institutions, Georgieva said, adding that authorities are engaging constructively and demonstrating "good faith."

Georgieva said the IMF is working closely with the World Bank and the Inter-American Development Bank to provide coordinated support for Venezuela that increases its impact.

News of the IMF's re-engagement with Venezuela sent prices of Venezuela's sovereign bonds and those of its state-owned oil company higher on Friday.

Venezuela's 2027 note rose 2 cents to 53.5 cents on the dollar, the highest price since 2017, while PDVSA's 2021 note added 2.7 cents to 46.75 cents.

Business

Oil Falls by 13% After Iran Declares Strait of Hormuz Open

Hafnia Lillesand, a crude oil and product tanker, sits at Viva Energy Australia's Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia April 14, 2026. (Reuters)
Hafnia Lillesand, a crude oil and product tanker, sits at Viva Energy Australia's Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia April 14, 2026. (Reuters)
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Oil Falls by 13% After Iran Declares Strait of Hormuz Open

Hafnia Lillesand, a crude oil and product tanker, sits at Viva Energy Australia's Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia April 14, 2026. (Reuters)
Hafnia Lillesand, a crude oil and product tanker, sits at Viva Energy Australia's Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia April 14, 2026. (Reuters)

Oil prices plunged by about 13% on Friday after Iran's foreign minister said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and US President Donald Trump said Iran has agreed to never close the strait again.

Brent crude futures fell $12.87, or 12.95%, to $86.52 a barrel by 10:50 a.m. EDT (1450 GMT), after falling to a session low of $86.09. U.S. West Texas Intermediate crude futures were down $13.50, or 14.26%, at $81.19 a barrel, after touching $80.56.

Both contracts were trading at ‌their lowest since ‌March 10, and set for their largest daily declines ‌since ⁠April 8.

Iranian Foreign ⁠Minister Abbas Araqchi said the Strait of Hormuz was open following the agreement of a ceasefire in Lebanon.

"Comments from Iran's foreign minister indicate a de-escalation as long as the ceasefire is in place, now we need to see if the number of tankers crossing the Strait increases substantially," UBS analyst Giovanni Staunovo said.

PROGRESS IN NEGOTIATIONS

The US and Iran have made progress in the negotiations over a three-page memorandum of understanding to ⁠end the war, according to an Axios reporter on X.

Prices had ‌already fallen earlier in the session as ‌possible further talks between the United States and Iran over the weekend and a 10-day ceasefire ‌between Lebanon and Israel raised investors' hopes the war in the Middle East ‌could be nearing an end.

Addressing a sticking point in talks, Trump said Tehran had offered to not possess nuclear weapons for more than 20 years.

"We're going to see what happens. But I think we're very close to making a deal with Iran," Trump told reporters ‌outside the White House on Thursday.

Trump also said on Friday that the United States has banned Israel from further bombing ⁠in Lebanon, using ⁠a harsher tone than usual with the longtime US ally.

Shortly after the announcement that the strait was open, a US official told Reuters that a military blockade of Iran involving more than 10,000 personnel remains in effect.

While the opening up of the strait was a step in the right direction, the European market would remain tight for a while, analyst Ole Hvalbye at SEB Research said, since it takes roughly 21 days for ships to move from the Gulf to Rotterdam, the main crude port in the region.

Traffic could be halted once again in the strait, if an agreement about Iran’s nuclear ambitions and lifting the US sanctions remains elusive, said Tamas Varga, an analyst at PVM Oil Associates.