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Oil Retreats as Investors Await Iran Nuclear Talks

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann/File Photo
A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann/File Photo
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Oil Retreats as Investors Await Iran Nuclear Talks

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann/File Photo
A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann/File Photo

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.

Brent crude futures for August fell 66 cents, or 0.9%, to $71.23 a barrel by 0645 GMT, after earlier hitting $72.27, their highest since May 2019. US West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.10 a barrel, down 52 cents, or 0.8%.

Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore.

"The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he added.

Data showing a 14.6% year-on-year drop in China's crude oil imports in May on Monday also weighed on prices.

However, Brent and WTI have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel.

Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say.

A slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal and a drop in US rig count also supported oil prices.

Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.

While the European Union envoy coordinating the negotiations had said he believed a deal would be struck at this week's talks, other senior diplomats have said the most difficult decisions still lie ahead.

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Business

Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
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Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 

Saudi Arabia’s annual inflation rate slowed to 1.9 percent in November 2025, its lowest level in nine months, down from 2.2 percent in October, driven by easing housing costs and lower prices for food and beverages.

On a monthly basis, inflation remained broadly stable, edging up 0.1 percent compared with October.

According to data released on Monday by the Saudi General Authority for Statistics (GASTAT), the housing, water, electricity, gas and other fuels category rose 4.3 percent year on year in November, down from 4.5 percent in October. Within that category, actual housing rents increased 5.4 percent, slowing from 5.7 percent a month earlier.

Prices in the food and beverages category rose 1.3 percent, reflecting a 1.6 percent increase in the prices of fresh, chilled and frozen meat. The transport category climbed 1.5 percent, driven by a 6.4 percent rise in passenger transport services.

The personal care, social protection and miscellaneous goods and services category recorded the largest annual increase, up 6.6 percent, supported by a 19.9 percent surge in prices of other personal products, influenced by a 21.6 percent rise in jewelry and watch prices.

Prices for insurance and financial services increased 5.1 percent, led by an 8.4 percent rise in insurance costs. The recreation, sports and culture category rose 1.3 percent, reflecting a 2.1 percent increase in holiday package prices.

In contrast, prices for furniture, household equipment and routine household maintenance declined 0.3 percent. The restaurants and accommodation services category also fell 0.5 percent, as accommodation service prices decreased 2.3 percent.

GASTAT noted that the Consumer Price Index (CPI) measures changes in prices paid by consumers for a fixed basket of 582 items, while the Wholesale Price Index (WPI) tracks price movements of goods at the pre-retail stage for a fixed basket of 343 items.

Business

Northern Saudi Arabia Offers 240 Investment Opportunities Worth $10.6 Billion

Prince Faisal bin Khalid bin Sultan bin Abdulaziz during the inauguration of the Northern Borders Investment Forum, alongside the Minister of Investment (Asharq Al-Awsat). 
Prince Faisal bin Khalid bin Sultan bin Abdulaziz during the inauguration of the Northern Borders Investment Forum, alongside the Minister of Investment (Asharq Al-Awsat). 
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Northern Saudi Arabia Offers 240 Investment Opportunities Worth $10.6 Billion

Prince Faisal bin Khalid bin Sultan bin Abdulaziz during the inauguration of the Northern Borders Investment Forum, alongside the Minister of Investment (Asharq Al-Awsat). 
Prince Faisal bin Khalid bin Sultan bin Abdulaziz during the inauguration of the Northern Borders Investment Forum, alongside the Minister of Investment (Asharq Al-Awsat). 

The Northern Borders Investment Forum 2025 has unveiled more than 240 investment opportunities in northern Saudi Arabia, with a total value estimated at SAR 40 billion ($10.6 billion), spanning key sectors including livestock and food production, mining and energy, tourism and environment, and logistics.

Prince Faisal bin Khalid bin Sultan bin Abdulaziz, Governor of the Northern Borders Region, inaugurated the forum on Monday, at the Ministry of Interior Employees Club in the city of Arar. The event was attended by ministers, senior officials, experts and advisers, as well as company chairmen, chief executives and business leaders.

Prince Faisal said the forum reflects the government’s commitment to development and investment promotion, noting that the region possesses strong fundamentals, including natural resources, a strategic logistics location and advanced infrastructure. These advantages, he noted, position the Northern Borders as an attractive destination for high-quality investments aligned with Vision 2030.

He added that the forum provides an institutional platform to discuss sector-specific opportunities, showcase investment enablers, including incentives, financing and regulatory frameworks, and translate outcomes into practical programs and executive initiatives in coordination with national ministries and agencies.

For his part, Saudi Minister of Investment Khalid Al-Falih said the forum serves as a strategic platform to strengthen investment in the Northern Borders Region, support business growth and advance sustainable development goals under Vision 2030.

Also speaking at the event, Qutaiba Badawi, head of Syria’s General Authority for Border Crossings and Customs, highlighted the forum’s role in fostering professional dialogue and development cooperation, noting Saudi Arabia’s continued progress in improving its business environment and investment competitiveness.

The forum’s main panel discussion, titled “Northern Borders: A Global Investment Destination — Energy as a Driver of Growth and Sustainable Development,” brought together senior officials from the environment, energy, commerce, education and investment sectors, who underscored the region’s promising economic potential and partnership opportunities.

 

 

 

Business

Saudi Logistics and Supply Chain Investments Reach $74.6 Billion  

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at Monday's conference. (Asharq Al-Awsat)
Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at Monday's conference. (Asharq Al-Awsat)
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Saudi Logistics and Supply Chain Investments Reach $74.6 Billion  

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at Monday's conference. (Asharq Al-Awsat)
Saudi Minister of Transport and Logistics Services Saleh Al-Jasser speaks at Monday's conference. (Asharq Al-Awsat)

Investments in Saudi Arabia’s supply chain and logistics sector have reached approximately SAR 280 billion ($74.6 billion) since the launch of the National Transport and Logistics Strategy, Saudi Minister of Transport and Logistics Services Saleh Al-Jasser said on Monday.

Speaking at the opening of the seventh Supply Chain and Logistics Conference in Riyadh, Al-Jasser said the strategy, launched by Prince Mohammed bin Salman, Crown Prince and Prime Minister, has raised the contribution of transport and storage activities to 6.2 percent of gross domestic product. He added that air cargo volumes rose 34 percent year on year to 1.2 million tons.

The conference attracted strong participation from policymakers, sector leaders and international stakeholders.

Al-Jasser said Saudi Arabia has entered a new phase in its ambition to rank among the world’s top 10 countries on the World Bank’s Logistics Performance Index, after jumping 17 places to 38th out of 160 countries.

The minister noted that the number of logistics hubs across the Kingdom has increased by about 30 centers, supporting economic diversification and strengthening Saudi Arabia’s role in global supply chains. He attributed the sector’s progress to leadership support and the goals of Vision 2030.

Saudi Arabia also ranked among the top four emerging markets out of 50 countries in the Agility Logistics Index 2025. Employment in the logistics ecosystem has grown to 651,000 workers, he underlined.

Al-Jasser described the Kingdom as a key pillar in safeguarding global supply chains and a central hub for Arab logistics integration amid ongoing global challenges.

The conference brings together 150 exhibitors and 14,000 participants, highlighting the sector’s importance to trade, tourism, industry and quality of life.

Al-Jasser revealed that Saudi Arabia’s aviation sector is undergoing unprecedented expansion, including airport development, fleet growth and supply chain integration, positioning the Kingdom as a reliable global logistics partner.

The Kingdom has also become a host for major international logistics events. Last year, it staged the inaugural Global Logistics Forum, and next year it will host the second UNCTAD Global Supply Chain Forum, in cooperation with the United Nations and the Saudi Ports Authority.

At the conference, Sulaiman bin Mohammed Al Rubaian, senior vice president of Aramco Procurement and Supply Chain Management at Saudi Aramco, said the company’s Iktva (In-Kingdom Total Value Add) program has contributed about SAR 900 billion ($240 billion) to Saudi GDP over the past decade.

He said the program created more than 200,000 direct and indirect jobs, established 350 local manufacturing facilities, and enabled the local production of 47 products manufactured in the Kingdom for the first time.

Al-Jasser also inaugurated the exhibition accompanying the conference, where leading local and international companies showcased logistics technologies and services.

Over two days, the event will witness the signing of 93 agreements and memoranda of understanding worth SAR 19.05 billion ($5.2 billion), supporting the development of new logistics projects across the Kingdom.