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Bahrain Signs MoU with Eni to Explore Oil, Gas

Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.
Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.
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Bahrain Signs MoU with Eni to Explore Oil, Gas

Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.
Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.

Bahrain's National Oil and Gas Authority (NOGA) and Italy's Eni have signed a memorandum of understanding (MoU) on pursuing petroleum exploration of Block 1, an offshore area of over 2,800 square kilometers.

Bahrain's Crown Prince Salman bin Hamad Al Khalifa noted that King Hamad bin Isa Al Khalifa has issued directives to intensify oil drilling.

This statement was made during Sunday’s meeting between the Crown Prince and Eni Chief Executive Claudio Descalzi in the presence of Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa to sign the MoU to explore and develop oil and gas production in Block 1 with a depth spanning from 10 meters up to 70 meters.

The Bahraini minister stated: “With this signing, we aim to hold various discussions to review all relevant aspects of the technical and commercial terms of the potential exploration and development within a reduced time-frame”.

He affirmed that NOGA attaches great importance in strengthening relations and enhancing cooperation with all international oil companies and providing all means of support and assistance, in order to secure the kingdom's energy needs to ensure the sustainability of growth and realize the vision of the Kingdom of Bahrain 2030.

This can happen through the exploration of oil and gas in the land and sea areas and increase the portfolio of NOGA holding company by establishing more firms specializing in the oil industry and implementing many related projects, said the minister.

Descalzi hailed the MoU and the opportunity to explore the potential of Block 1 which will allow Eni to start cooperating and investing in Bahrain.

"Entering in Bahrain will enable our company to expand its presence in a key region of the Middle East, in line with our strategy aimed at diversifying our exploration portfolio across basins with liquid hydrocarbon potential while keeping high-quality stakes throughout the exploration phase,” he said.

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Oil Falls, Asian Stocks Climb on Hopes of US-Iran Hormuz Deal

The crude oil tanker Idemitsu Maru, owned by a subsidiary of Idemitsu Kosan, sails through Ise Bay near Chita City in Aichi Prefecture on May 25, 2026, after becoming the first crude tanker bound for Japan to transit the Strait of Hormuz since the Iran conflict began. (Photo by JIJI Press / AFP) / Japan OUT
The crude oil tanker Idemitsu Maru, owned by a subsidiary of Idemitsu Kosan, sails through Ise Bay near Chita City in Aichi Prefecture on May 25, 2026, after becoming the first crude tanker bound for Japan to transit the Strait of Hormuz since the Iran conflict began. (Photo by JIJI Press / AFP) / Japan OUT
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Oil Falls, Asian Stocks Climb on Hopes of US-Iran Hormuz Deal

The crude oil tanker Idemitsu Maru, owned by a subsidiary of Idemitsu Kosan, sails through Ise Bay near Chita City in Aichi Prefecture on May 25, 2026, after becoming the first crude tanker bound for Japan to transit the Strait of Hormuz since the Iran conflict began. (Photo by JIJI Press / AFP) / Japan OUT
The crude oil tanker Idemitsu Maru, owned by a subsidiary of Idemitsu Kosan, sails through Ise Bay near Chita City in Aichi Prefecture on May 25, 2026, after becoming the first crude tanker bound for Japan to transit the Strait of Hormuz since the Iran conflict began. (Photo by JIJI Press / AFP) / Japan OUT

Oil prices fell and Asian stocks climbed on Monday over hopes a deal between the United States and Iran to open the Strait of Hormuz could be brokered.

The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel respectively, said AFP.

The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.

But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.

US President Donald Trump said on Sunday he had informed US negotiators "not to rush into a deal".

"The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side," a post to Trump's official Truth Social account said.

Iran's Tasnim news agency said based on their information key clauses of a possible agreement remained unresolved.

One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.

The release of Iran's frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.

Markets across Asia climbed in early trade on hopes Washington and Tehran will be able to overcome these hurdles.

Tokyo soared more than three percent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.

Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney and Wellington also climbing.

Kuala Lumpur was down 0.1 percent.

"The weekend news flow has once again focused on the prospects for a negotiated deal between the US and Iran," said Chris Weston, head of research at Pepperstone.

"According to reports from Donald Trump, a memorandum of understanding has been 'largely negotiated', with details to be announced at some stage soon, although there appears to be limited urgency," Weston said.

Investors will also be keeping an eye on how the US Federal Reserve and its new chief Chair Kevin Warsh react to Personal Consumption Expenditures (PCE) data this week, as well as European inflation metrics.

"The inflation story remains central to the entire setup," said SPI Asset Management analyst Stephen Innes.

"Investors will receive another critical read on Thursday with the release of the Personal Consumption Expenditures index, the Federal Reserve's preferred inflation gauge.

"After several hotter-than-expected consumer and producer inflation reports earlier this month, markets are increasingly concerned that elevated oil prices and supply disruptions tied to the Middle East conflict are beginning to seep into the broader inflation pipeline."

The conflict erupted after the United States and Israel attacked Iran on February 28, and Iran responded with missile and drone attacks across the region.

The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran's ports.

Business

Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
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Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)

Morocco's state-owned carrier Royal Air Maroc (RAM) said on Saturday it would temporarily suspend several routes to African and European destinations due to ‌rising jet ‌fuel prices, ‌elevated ⁠operating costs and ⁠weak demand.

Tensions in the Middle East have driven a surge in global jet fuel ⁠prices, putting ‌pressure ‌on carriers and ‌prompting temporary route suspensions.

RAM ‌will pause flights linking Moroccan airports with several African cities ‌of Bangui, Brazzaville, Kinshasa, Douala, Yaounde and ⁠Libreville, ⁠the airline said in a statement.

It will also halt flights to the European destinations of Malaga, Barcelona, Lyon, Bordeaux, Marseille and Brussels.

Business

Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)
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Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)

Financial Advisor to the Iraqi Prime Minister Mazhar Mohammed Saleh revealed on Saturday that Iraq has not yet submitted a formal request for a loan from the International Monetary Fund (IMF).

The Iraqi News Agency quoted Saleh as saying that “Iraq enjoys close relations with the IMF, and since 2003, it has concluded more than five agreements, three of which were Stand-by Arrangements, while the other agreements related to emergency support.”

Iran's war has caused significant disruptions in supply chains, especially in the energy sector, which was severely affected by a near-complete closure of the Strait of Hormuz, through which about 20 percent of global oil supplies pass.

Saleh stated that “the Fund has played a significant role in supporting the Iraqi economy over the past 23 years, especially since Iraq is now considered one of the biggest victims of the ongoing war in the region, considering that 85 percent of its oil exports pass through the Strait of Hormuz. This has caused significant harm and international concern, given that Iraq is an important and active member in the stability of the region and world markets.”

He pointed out that there is an Iraqi government team in contact with the IMF, meeting with Fund officials for consultations twice a year.

He clarified that “Iraq signed an agreement with the IMF on July 7, 2016, for a Stand-by Arrangement by providing a significant loan, which played a major role in supporting the general budget,” noting that “signing an agreement with the Fund is a matter decided by the Iraqi government, and this does not prevent consultations between the two parties, as Iraq is a member of this institution responsible for global stability.”

Saleh mentioned that “Iraq will borrow from the International Monetary Fund if the need arises, but there is no formal request from the government yet, and the current need is for the war in the region to stop, and for its geopolitical impacts on oil exports to cease.”

He added that “technical assistance from the IMF is available now, unlike the issue of financing, which requires the approval of a program by the Iraqi government.”

He explained that “the loan itself represents a reform program to support the budget or to achieve social goals, such as supporting the health and education sectors, because it is a human investment that must be subject to conditions defining expenditure directions and commitment to a reform program agreed upon by the Iraqi state and the IMF.”