The barrage of up to 200 ballistic missiles Tehran fired at Israel on 1 October was the latest in a series of escalatory steps taken by Israel and Iran, as a conflict that began in Gaza a year ago threatens to spread across the region. Arab Gulf states have largely been bystanders to the events, but could yet fulfil important roles – by providing mediation, influencing allies and helping to stabilise energy markets.
A media report in late September indicated that Riyadh was preparing to drop its unofficial price target of $100 for a barrel of oil in favour of trying to increase market share. The mooted shift in approach comes as officials have slashed their growth forecasts for the economy this year, amidst higher spending. Read more
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