Russian bomb kills 33 on buses in Kramatorsk as Kyiv loses powerHouthis hit Riyadh airport again as airlines suspend Saudi flightsTrump rules out Iran strikes before midterms as Hormuz traffic fallsBond selloff deepens as France becomes the market's stress gaugeEthiopian drones hit Eritrean troops in Tigray as war fears growUkrainian drones hit Yandex data centre and Omsk refineryEU trade chief talks in Beijing as Germany blocks Cosco takeoverAI demand lifts TSMC and Samsung to record resultsFrench school protests go on despite government pledgesWHO presses Russia for answers after plague institute deathThousands march in Madrid after evicted pensioner Maricarmen diesWTO doubles global trade growth forecast on AI boomItaly passes Meloni's bonus-seat electoral lawUS and Russia discuss US investor in Nord StreamUS suspends Microsoft, Adobe and major IT firms from green card programmeRubio calls Ukraine war a stalemate as Kyiv's team heads to USBritain keeps East Jerusalem consulate as 'UK mission' after Israeli closure orderWorld Bank sees Middle East economy shrinking as Asia stockpiles oilWeak demand for Nvidia-backed IPO raises AI funding concernsICC rules Duterte fit to stand trialGaza marks three years since 7 October with 82% of structures damagedIsraeli officer killed in southern LebanonResidents of occupied Ukrainian town risk 'road of death' for foodTwo Latvians arrested inside RAF Molesworth perimeterSouth Korea recalls ambassador from Ukraine over North Korean POWsFed's Waller says more rate hikes needed, with flexibility on paceUS opens direct talks with Myanmar's generalsSouth African anti-migrant protests turn violentRupee nears record low after RBI rate hikeMaduro and wife indicted over alleged torture of US citizensRoyal Navy member charged with spying for foreign powerMalaysia backs Myanmar's ASEAN return during Min Aung Hlaing visitChina nominates Song Li for WHO director-generalUK adds new Russia sanctions targeting finance and shadow fleetEuropean intelligence services weigh fallout from ex-BND chief Hanning caseIzmir mayor defects to Erdoğan's AK PartyAfrican Union launches its own credit rating agencyAt least 81 US aircraft lost or damaged in Iran war, CBO saysSouth Korea test-flies first home-grown hypersonic weaponChina-backed air training base in Laos watched warily by neighboursRussian bomb kills 33 on buses in Kramatorsk as Kyiv loses powerHouthis hit Riyadh airport again as airlines suspend Saudi flightsTrump rules out Iran strikes before midterms as Hormuz traffic fallsBond selloff deepens as France becomes the market's stress gaugeEthiopian drones hit Eritrean troops in Tigray as war fears growUkrainian drones hit Yandex data centre and Omsk refineryEU trade chief talks in Beijing as Germany blocks Cosco takeoverAI demand lifts TSMC and Samsung to record resultsFrench school protests go on despite government pledgesWHO presses Russia for answers after plague institute deathThousands march in Madrid after evicted pensioner Maricarmen diesWTO doubles global trade growth forecast on AI boomItaly passes Meloni's bonus-seat electoral lawUS and Russia discuss US investor in Nord StreamUS suspends Microsoft, Adobe and major IT firms from green card programmeRubio calls Ukraine war a stalemate as Kyiv's team heads to USBritain keeps East Jerusalem consulate as 'UK mission' after Israeli closure orderWorld Bank sees Middle East economy shrinking as Asia stockpiles oilWeak demand for Nvidia-backed IPO raises AI funding concernsICC rules Duterte fit to stand trialGaza marks three years since 7 October with 82% of structures damagedIsraeli officer killed in southern LebanonResidents of occupied Ukrainian town risk 'road of death' for foodTwo Latvians arrested inside RAF Molesworth perimeterSouth Korea recalls ambassador from Ukraine over North Korean POWsFed's Waller says more rate hikes needed, with flexibility on paceUS opens direct talks with Myanmar's generalsSouth African anti-migrant protests turn violentRupee nears record low after RBI rate hikeMaduro and wife indicted over alleged torture of US citizensRoyal Navy member charged with spying for foreign powerMalaysia backs Myanmar's ASEAN return during Min Aung Hlaing visitChina nominates Song Li for WHO director-generalUK adds new Russia sanctions targeting finance and shadow fleetEuropean intelligence services weigh fallout from ex-BND chief Hanning caseIzmir mayor defects to Erdoğan's AK PartyAfrican Union launches its own credit rating agencyAt least 81 US aircraft lost or damaged in Iran war, CBO saysSouth Korea test-flies first home-grown hypersonic weaponChina-backed air training base in Laos watched warily by neighbours
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Symbolic image: World Bank sees Middle East economy shrinking as Asia stockpiles oilSymbolic image

World Bank sees Middle East economy shrinking as Asia stockpiles oil

4 sources

The World Bank forecasts that the Middle East economy will shrink 2.1% in 2026 and Gulf economies 4.3%, the Jerusalem Post reports. Asian states are building oil buffers in response to the Iran war, with Saudi Arabia and the UAE joining a Japan-led push, according to Reuters and Bloomberg.

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