More Gulf oil is getting through the Strait of Hormuz, easing fears of a global supply shortage.

Kuwait and Qatar are now shipping about 70% as much oil as they did before the Iran war, Bloomberg reports. They are using smaller ships to carry crude through the strait and transfer it to larger tankers waiting in safer waters.

Daily oil traffic through Hormuz has nearly doubled since mid-July, rising to between 7 million and 8 million barrels. In turn, oil prices have fallen to about $87 a barrel from more than $120 in late April.

Iran’s military, meanwhile, said it reached an agreement with Oman on a revenue-sharing arrangement in talks aimed at resuming shipping traffic through the Strait of Hormuz.

The statement issued by the Islamic Revolutionary Guard Corps comes after the U.S. said earlier this week it would toughen sanctions on Iran to further weaken its economy and force its surrender.

After attacks on at least 16 of its ships over the past six months of conflict with Iran and Yemen’s Houthis, ADNOC is making a major investment to enlarge its fleet and move more of its energy supplies around the world.

The UAE national oil company’s shipping arm agreed to pay $444 million for two LNG carriers, bringing its vessel purchases this year to $2.7 billion, the company said.

Owning ships has become a strategic advantage for ADNOC as attacks in the Strait of Hormuz and the Red Sea disrupt traffic and send freight rates soaring.

The company also plans to boost oil output and natural gas production after having quit OPEC in May.

Axel Springer, the transatlantic media company that publishes Bild, The Telegraph, Politico and Business Insider, announced today that it has invested in The Circuit as a first step in its expansion into the Middle East.

The Circuit publishes The Daily Circuit, a newsletter covering business and technology trends across the Middle East, and provides tailored briefings for institutions, companies, and industry events. 

Axel Springer appointed Frank Mahlberg, currently Chief Operating Officer of the BILD Group, to the newly created role of Managing Director Axel Springer Middle East, headquartered in Abu Dhabi. The move establishes Axel Springer’s presence in the UAE for the first time.

Mahlberg will coordinate Axel Springer’s activities in the UAE and represent it throughout the region, the company said in a press release. His responsibilities include building new partnerships and identifying growth opportunities for Axel Springer’s brands and products. 

“Axel Springer will use its presence in this dynamic region to build new relationships and partnerships for our brands and businesses,” Mahlberg said. “We look forward to exploring the potential of this market as part of our values-driven growth strategy.” 

The company said it aims to become the leading provider of digital and AI-supported journalism in the free world.

Saudi Arabia wants to get ships moving again by picking up part of their insurance tab.

Riyadh is considering a state-backed program that would provide up to $186 million in commercial coverage for ships sailing through the Gulf or Red Sea, the Financial Times reports.

The Saudi Export-Import Bank would provide additional backing, with other Saudi insurers and international firms potentially joining.

Six months of war with Iran have sent insurance costs soaring and squeezed trade through waterways that Gulf economies rely on for oil exports and imports of food, cars and machinery.

Saudi Arabia has already resorted to sending some oil tankers thousands of miles around Africa to avoid Houthi attacks in the Red Sea.

Who knew?

It turns out that French President Emmanuel Macron and Crown Prince Mohammed bin Salman both love “manga” comics so much that they plan to build a $7 billion theme park outside Paris partly dedicated to the Japanese form of graphic novel.

The two leaders agreed on the project during a two-day Paris summit, where they also sat together to watch the Esports World Cup finale.

The theme park’s construction will be led by Saudi Arabia’s Qiddiya Investment Co., which is owned by Saudi Arabia’s Public Investment Fund.

Besides the manga enclave, the project will house two other theme parks, along with hotels, restaurants and luxury residences.

Saudi oil bound for Asia is taking a 17,000-mile detour around Africa as Houthi threats make the kingdom’s Red Sea export channel a perilous path.

The disruption is forcing Aramco and its customers to sail along increasingly costly routes since Iran effectively shut the Strait of Hormuz and the Houthis threatened shipping through the Bab el-Mandeb, Bloomberg reports.

Since the Houthis announced a blockade of Saudi ports in July, tankers loading at Yanbu have increasingly headed north through the Suez Canal to Egypt’s Mediterranean coast rather than south through the Bab el-Mandeb.

The problem is that ships headed from there to Asia must travel around the vast African continent, more than doubling the journey to roughly 17,000 miles (27,400-kilometer). Several Asian refiners nevertheless prefer that option, after struggling to find vessels willing to collect cargoes at Yanbu.

Meanwhile, Iran’s new security chief, Mohsen Rezaei, warned that Tehran would treat countries helping the U.S. tighten economic pressure as enemies and could prevent “even a single drop of oil” from leaving the region.

Saudi Arabia’s space economy is projected to nearly quadruple to $31.6 billion by 2035 as the kingdom invests in satellites and digital technologies.

Key areas of satellite use will be climate monitoring, agriculture, water management and disaster response, according to a report by the Communications, Space and Technology Commission and the International Telecommunication Union. 

The expansion is part of a broader push to develop digital infrastructure and space-based services while using technology to address environmental challenges, Arab News reports.

“Saudi Arabia is committed to unlocking the full potential of artificial intelligence and digital innovation as powerful enablers of sustainable development,” Abdullah Al-Swaha, Minister of Communications and Information Technology, said in the report.

Saudi Crown Prince Mohammed bin Salman heads to Paris on Sunday for a two-day visit that mixes geopolitics, business and Saudi Arabia’s multibillion-dollar bet on gaming.

French President Emmanuel Macron will host MBS for talks on economic ties and regional stability, and the two leaders will convene the Franco-Saudi Strategic Partnership Council for the first time, Arab News reports.

The visit comes as France and Saudi Arabia seek closer coordination on the Middle East amid the war with Iran and follows Macron’s trip to the kingdom in December 2024.

MBS and Macron will also attend Sunday’s closing ceremony of the Esports World Cup, which moved from Riyadh to Paris this year due to the regional conflict and is being held outside Saudi Arabia for the first time.

The tournament offers a showcase for one of the kingdom’s biggest diversification bets, with the Public Investment Fund committing $38 billion to turn Saudi Arabia into a global gaming hub.