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Saudi Arabia, US Deepen Cooperation in Vital Sectors

The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA
The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA
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Saudi Arabia, US Deepen Cooperation in Vital Sectors

The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA
The agreements include deals with US aerospace and defense firms Boeing and Raytheon. SPA

Saudi Arabia and the United States signed 18 partnership agreements in fields including energy, communications, space and healthcare during a visit by US President Joe Biden.

They include a group of leading American companies, such as Boeing Aerospace, Raytheon Defense Industries, Medtronic and Digital Diagnostics, IKVIA in the healthcare sector, and many other US companies across the energy, tourism, education, manufacturing and textiles sectors.

There were also agreements in clean energy projects, nuclear energy and uranium.

The deals were signed by the Saudi Ministers of Energy, Investment, Communications and Health with their US counterparts.

The agreements align with Saudi Vision 2030, led by Crown Prince Mohammed bin Salman, as it seeks wider investment opportunities in promising sectors that can benefit the peoples of both nations.

The Saudi Space Authority signed the Artemis Accords with the US Space Agency (NASA), which would allow it to undertake the joint exploration of the Moon and Mars in cooperation with the American space agency.

It grants the Kingdom a seat in the international coalition preparing for the civil exploration and use of the Moon, Mars, comets and asteroids for peaceful purposes.

The Ministry of Communications and Information Technology (MCIT) signed a memorandum of cooperation with IBM, a leading digital tech company, to upskill 100,000 young women and men over five years within eight innovative initiatives that can position the Kingdom as a hub for technology and innovation in the Middle East and North Africa region.

MCIT also signed a memorandum of cooperation with the US National Communications and Information Administration (NTIA), which includes cooperation between the two countries on 5G and 6G technologies. The agreement targets accelerating the growth of the digital economy and enhancing the pace of research, development and innovation in the Kingdom's digital ecosystem.

The Saudi and US Ministries of Energy signed a partnership agreement on clean energy, which includes defining areas and projects of cooperation in this sector. They also agreed on cooperation on civil nuclear energy and uranium, while reinforcing the efforts of the two countries in promoting clean energy and climate action.

The Saudi and US ministries of health also signed a memorandum of cooperation on public health, medical sciences and research. The deal aims to support and bolster existing relations in public health among individuals, organizations and institutions.

It also seeks to consolidate joint efforts in addressing public health issues and medical, scientific and research challenges, as well as the exchange of information, expertise and academics.

The memorandum also aims to organize joint training for workers in the health and medical fields, while addressing the proper application of health information systems, research and development and health innovation.

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Business

UK Economy Shrinks in April as Middle East War Hits

People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)
People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)
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UK Economy Shrinks in April as Middle East War Hits

People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)
People hold umbrellas in Piccadilly Circus, in London, Thursday, June 11, 2026.(AP Photo/Alberto Pezzali)

Britain's economy contracted in April as the Middle East war hit growth, official data showed Friday, dealing a setback to Prime Minister Keir Starmer as he grapples with a fresh political crisis.

Gross domestic product fell 0.1 percent in April following growth of 0.3 percent in March, the Office for National Statistics said in a statement.

Surging energy prices triggered by the war, which began with US-Israeli strikes on Iran on February 28, have reignited inflationary pressures and threatened to derail growth.

"Before the conflict in the Middle East, growth was higher than expected and inflation was falling," finance minister Rachel Reeves said in response to the figures.

"This is not a war we wanted or joined, but one that will have an impact at home," she said.

Britain's defense and armed forces ministers quit Thursday in a row over military spending, piling pressure on Starmer who is facing calls to step down.

Defense Secretary John Healey resigned warning that Starmer's long-awaited Defense Investment Plan (DIP) for funding over the next decade -- which the leader has yet to publish -- risked making Britain "less safe.”

In the evening Al Carns became the second senior figure in defense to quit, resigning as armed forces minister, along with Healey aide Pamela Nash.

The resignations weaken Starmer's authority at a precarious moment, a week before a by-election that could prompt a bid to replace him.

Business

Iran’s Oil Production Slumped Due to US Blockade, Closure of Hormuz

The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
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Iran’s Oil Production Slumped Due to US Blockade, Closure of Hormuz

The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)

Iran's oil supplies have registered a sharp decline since the tightening of the US naval blockade and the near-total closure of the Strait of Hormuz, which has also paralyzed the movement of oil and slashed exports by Gulf producers, the monthly report of the Organization of the Petroleum Exporting Countries (OPEC) revealed on Thursday.

Iran’s crude oil production slumped by 19% last month, according to data from OPEC, while the US blockaded the country’s ports during their ongoing conflict.

Iran was the primary contributor to last month’s sharp decline. The cartel reported that Iranian output fell by 19%, or 546,000 barrels, to 2.33 million.

The blockade of the Strait of Hormuz has also affected collective regional figures. Crude oil production by OPEC declined by 177,000 barrels per day (bpd) in May compared with April, driven mainly by a sharp drop in Iranian output, while the group maintained expectations for stronger global oil demand growth in 2026.

Total OPEC crude production averaged 33.13 million barrels per day in May, down by 185,000 daily barrels from the previous month.

The 11-member group trimmed its forecast for global oil demand growth this year to 970,000 barrels per day, citing geopolitical conflict in the Middle East. OPEC had predicted 1.17 million barrels in the previous report.

Meanwhile, OPEC maintained an optimistic outlook for the near future, betting that post-shock energy demand will rapidly rebound.

It raised its 2027 global oil demand growth forecast to 1.73 million bpd, up from the previous projection of 1.54 million bpd.

OPEC's June 2026 monthly report described the global economy's first-half performance as resilient despite the geopolitical environment, leaving its macroeconomic growth forecasts unchanged alongside the demand revision.

Business

Oil Extends Losses as Trump Calls Off Planned Strikes on Iran

FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Extends Losses as Trump Calls Off Planned Strikes on Iran

FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices fell over $1 on Friday, extending losses from the previous session after US President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.

Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while US West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, to $86.11.

Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying discussions with ‌Iran had progressed and ‌a peace deal that would reopen the Strait ‌of Hormuz ⁠to shipping could ⁠be signed as soon as this weekend. Iran's semi-official Fars news agency reported that Tehran had not approved the text of any agreement.

"While this could, of course, be yet another false dawn, the market's reaction has been both swift and decisive," said IG market analyst Tony Sycamore.

He added that even as oil prices correct downwards, "as long as the price can hold above support in the low $80s, the ⁠risks remain firmly skewed to the upside."

On Thursday, Iran announced "the ‌closure" of the Strait of Hormuz, through which ‌vessel traffic was already severely limited, saying it would fire on any ship trying ‌to pass through the waterway. The strait normally carries a fifth of global ‌oil and liquefied natural gas shipments and Tehran's months-long blockade has kept energy prices elevated.

State media reported on Friday that Iranian forces prevented a tanker from transiting the Strait of Hormuz without coordination.

The US military said on social media that commercial ships continued to transit ‌the waterway.

"We would be cautious about assuming that the extension of the ceasefire is a done deal. Even ⁠if it is, ⁠it could be fragile. And clearly, if nuclear talks do not progress, it could very easily fall apart," said ING analysts in a Friday note.

"We believe the market reaches an inflection point in late July if we do not see oil flows resuming before then. This is when inventory levels and seasonally stronger demand push prices significantly higher towards $120-130 per barrel."

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day (bpd) from a previous 1.17 million bpd, marking its second straight downward revision.

The producer group also said consumption would rebound later, raising its demand growth forecast for 2027. It expects 2027 oil demand to rise by 1.73 million bpd, up 190,000 bpd from its previous forecast.