Tensions in the Gulf could reach a breaking point as a senior Iranian official said Iran would “definitely” close the Strait of Hormuz if an EU oil embargo disrupted the export of crude oil. Mohammad Kossari, deputy head of parliament's foreign affairs and national security committee, issued the warning in respone to a decision by the European Union on Monday …

Most oil sales throughout the world are denominated in United States dollars (USD). According to proponents of the petrodollar warfare hypothesis, because most countries rely on oil imports, they are forced to maintain large stockpiles of dollars in order to continue imports. This creates a consistent demand for USDs and upwards pressure on the USD's value, regardless of economic conditions …

Loyalists of Libya's deposed leader seize control of former government stronghold and raise Gaddafi's green flag. Loyalists of Libya's ousted leader Muammar Gaddafi have seized control of the town of Bani Walid, raising the former government's green flag, an official and a commander have said. The retaking of the town, 150km southeast of Tripoli, the capital, comes as Libya's new leaders have …

Minister of Haj Bandar Hajjar, left, meets with Sri Lankan Senior Minister for Urban Development Abdul Hameed Mohamed Fowzie at his office in Jeddah on Wednesday. (SPA)     RIYADH: Haj Minister Bandar Hajjar said Wednesday that around 80 countries have requested an increased quota of Haj pilgrims, but the ministry has to restrict the number of Hajis according to …

Before the United States goes to war with Iran, as many Americans seem anxious to do, we should first understand how Iran became our implacable enemy. U.S. presidents from Eisenhower to Carter viewed Iran as our friend. The CIA didn't see this coming, and neither did our State Department. The story goes back to the early days of World War …