Saudi Arabia’s quarterly fiscal deficit more than doubled as the kingdom’s oil revenues tumbled on the back of disruptions from the US-Iran war and lower fees paid by state oil giant Aramco.

Saudi Arabia’s quarterly fiscal deficit more than doubled as the kingdom faces the financial toll of the US-Iran war that began more than eight months ago.

Saudi Arabia’s economy contracted again, albeit at a slower pace, putting the kingdom on track for one of its worst economic performances in years even before a recent escalation in the kingdom’s conflict with the Houthis.

Saudi Arabia’s oil industry managed to ride out concerns in the early days of the Iran war and keep exports flowing. Now, with the Houthis staging deadly attacks on the kingdom and signs of disruption stacking up, the worry has shifted to the rest of the economy.

The head of the IMF said that Iraq has approached the Washington-based lender for a new program, a request she said the fund intends to support.

Lebanon’s central bank this week revoked the local license of Bank Saderat, one of Iran’s biggest lenders, as the US raises pressure on nations to cut commercial ties with the Islamic Republic.

Lebanon’s central banker expects a breakthrough by the end of the year in International Monetary Fund talks on a controversial law stipulating how to repay depositors whose savings were caught up in the country’s financial collapse.

The International Monetary Fund will start talks for the final review of Egypt’s $8 billion loan program after this month’s annual meetings and aims to sign off by December, a top official said.

Saudi Arabia’s fiscal buffers and backup oil-export facilities are helping curb the damage to the Middle East’s largest economy from the Iran war, according to the International Monetary Fund.

Egypt said it’s ready to offer any kind of support to Saudi Arabia in its fight with Houthi militants in Yemen, as the conflict spills further into the kingdom with recent strikes on its airports.

Saudi Arabia increased its projected budget deficit for the year, and said its economy will probably contract, as it steps up spending to mitigate the fallout from the ongoing regional war.

Gulf Arab states are set to urge US President Donald Trump to avoid any escalation of hostilities with Iran at a meeting on Tuesday, according to several people familiar with the matter.

The US-Iran war has reached crisis point for Saudi Arabia and its de facto leader, Crown Prince Mohammed bin Salman.

Egyptian inflation slowed in August after quickening the month before, an unexpected easing that came despite price pressures stemming from the Iran war.

Saudi Arabia sold $3.25 billion of dollar bonds Tuesday, with the deal’s healthy demand a positive sign amid economic strains caused by the US-Iran war.

Egypt held interest rates for a fourth meeting in a row, choosing caution after inflation quickened and prospects dimmed for an imminent end to the Iran war.

Egypt unlocked about $1.8 billion in financing after clearing the penultimate review of its expanded International Monetary Fund program.

Saudi Arabia’s quarterly fiscal deficit contracted by almost 75%, benefiting from a spike in global oil prices even as the Iran war shrank the economy.

Saudi Arabia’s economy posted its deepest quarterly contraction since the Covid-19 pandemic, driven by a sharp downturn in its critical oil industry — a stark sign of the damage the US-Iran war is wreaking on Persian Gulf nations.

Egypt left interest rates unchanged for a third consecutive meeting, opting for caution with a fragile US-Iran ceasefire at risk of unraveling.