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Saudi, Bahraini Transport Ministers Discuss King Hamad Causeway Study

King Fahd Causeway, Asharq Al-Awsat
King Fahd Causeway, Asharq Al-Awsat
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Saudi, Bahraini Transport Ministers Discuss King Hamad Causeway Study

King Fahd Causeway, Asharq Al-Awsat
King Fahd Causeway, Asharq Al-Awsat

Saudi Arabia's Transport Minister Dr. Nabil Al-Amoudi met on Wednesday with Bahraini Transport Minister Kamal Al-Amoudi in Riyadh. The two discussed a report issued by the assigned consulting company for the King Hamad Causeway project.

After exchanging opinions and listening to third party observations, the attendees recommended studying other aspects related to the project and then presenting them to the team for further review and opinion.

The Bahraini Minister of Transport revealed in previous statements that the preliminary feasibility study of the railway project and King Hamad Causeway between the two countries estimated their budget at four billion dollars, and that the project contains two tracks for railway, transport of goods and passengers, Saudi Arabia with his country, with the establishment of 4 tracks for cars on the new bridge.

King Hamad Causeway aims to connect Saudi Arabia and Bahrain, running parallel to the existing King Fahd Causeway. The causeway is expected to be about 25 kilometers and allow passenger trains, freight trains and vehicles so as to reduce the traffic on the King Fahd Causeway.

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Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell by over 3% on Thursday after US President Donald Trump announced sweeping new tariffs which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.

Brent futures were down $2.66, or 3.55%, to $72.29 a barrel by 0918 GMT US West Texas Intermediate crude futures were down $2.69, or 3.75%, to $69.02.

Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries, initiating a global trade war that threatens to drive up inflation and stall US and worldwide economic growth, Reuters reported.

"The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20% tariff, but the final decision was more hawkish," Yeap Jun Rong, market strategist at IG, said in an email.

"For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs," he added.

Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.

UBS analysts on Wednesday cut their oil forecasts by $3 per barrel over 2025-26 to $72 per barrel, citing weaker fundamentals.

Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or impose retaliatory levies.

"Countermeasures are imminent and judging by the initial market reaction, recession and stagflation have become terrifying possibilities," said PVM analyst Tamas Varga.

"As tariffs are ultimately paid for by domestic consumers and businesses, their cost will inevitably increase impeding the rise in economic wealth."

In other news, US Energy Information Administration data on Wednesday showed US crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts' forecasts for a decline of 2.1 million barrels.

Market participants are also awaiting the outcome of an OPEC+ meeting on Thursday, which will discuss Kazakh output.