A historic disruption to the world’s oil production sent crude prices smashing through the $100 barrier Monday for the first time in nearly four years, before prices settled just below $100. In fact, oil prices very nearly hit $120 a barrel overnight before reports surfaced that Western nations would discuss steps to alleviate high fuel prices. As oil prices have surged, so too have gasoline prices. Oil traders don’t think $100 oil is here to stay. Meanwhile, absent a compelling solution to the strait’s closure, oil prices will continue to march higher.

The minister revealed that more than 600,000 taxpayers have voluntarily submitted new or amended tax returns, resulting in approximately EGP 80bn in additional tax payments. The government is also set to launch three advanced tax centres managed by e-Tax to provide specialised services on behalf of the Egyptian Tax Authority. Further incentives aimed at reducing the burden on the private sector include:Reducing value-added tax (VAT) on medical machinery and equipment from 14% to 5% to support expansion in the healthcare sector. Deducting interest on foreign loans from the tax base for private sector companies participating in strategic projects. Henno affirmed the association’s support for the government’s programme to build a competitive economy through investment promotion and foreign trade.

Egyptian President Abdel Fattah Al-Sisi said lasting peace in the Middle East cannot be achieved without the establishment of an independent Palestinian state with East Jerusalem as its capital, reiterating Egypt’s rejection of any attempts to displace Palestinians from their land. Al-Sisi made the remarks during a speech at a military-organised educational symposium marking Egypt’s Egyptian Martyrs’ Day, attended by senior state officials and military leaders. He warned that the region is facing a critical moment amid ongoing conflict, cautioning that further escalation could lead to significant humanitarian, economic and security repercussions. During the event, Al-Sisi honoured families of fallen soldiers and wounded service members. The ceremony also featured artistic performances and documentary films commemorating Egypt’s war heroes.

Egypt will raise the national minimum wage and implement a package of government spending cuts to mitigate the domestic economic impact of regional military escalation, Prime Minister Mostafa Madbouly announced on Monday. The Prime Minister added that Arab national security is an “indivisible part” of Egyptian national security. To address the economic fallout, the committee approved a suite of measures to rationalise government expenditure and consumption. Amid these austerity measures, Madbouly underscored the importance of social protection for low-income citizens. Petroleum Minister Karim Badawi reported significant increases in the prices of petroleum products and gas, alongside rising transport costs and the closure of several regional oil fields.

Egypt has appointed Islam Azzam as the acting chairperson of the Financial Regulatory Authority (FRA) under Presidential Decree No. 10 of 2009, which governs the regulation of non-banking financial markets and instruments. Azzam brings extensive experience in non-banking financial markets, regulation, and oversight. During that period, he oversaw the capital market, insurance, and non-banking financial sectors. The FRA is the sole body responsible for regulating and supervising non-banking financial markets in Egypt.

Under the agreement, Mitcha’s founder and Shark Tank Egypt investor Hilda Louca will join Converted as Partner and Executive Director. The deal will also accelerate the rollout of Converted Orders, a new product designed to enable highly targeted advertising campaigns focused on generating actual sales. Converted Orders operates through a unified system that combines digital advertising, payment processing, and order verification. Its platform integrates digital advertising tools with payment processing and order management systems, using proprietary data and advanced AI models to optimise targeting, bidding strategies, and creative performance. The integration of this community into the Converted ecosystem is expected to expand product capabilities while creating new growth opportunities for designers, merchants, and brands across Egypt and the wider region.

Military confrontations in the Middle East entered their tenth day as Iran continued exchanging strikes with the United States and Israel, while Tehran simultaneously witnessed a major political shift with the appointment of Mojtaba Khamenei as the country’s new Supreme Leader following the death of his father. Reacting to the development, U.S. President Donald Trump told Fox News that he was “not happy” with the appointment of Iran’s new Supreme Leader, without elaborating further. Israel’s Maariv newspaper reported that an Iranian missile strike in central Israel killed two people. It also stresses the importance of ensuring the security of all states in the Middle East and beyond. “It is unlikely that any level of security can be achieved in the Strait of Hormuz under the fires of war ignited by the United States and Israel,” he said.

Granite Financial Holding has received approval from Egypt’s Financial Regulatory Authority (FRA) to launch a new USD-denominated fixed-income fund, marking a significant milestone in its expansion within the CashTech sector. Granite’s Dollar Account offers competitive cumulative daily returns under full regulatory supervision, supported by e-KYC procedures, daily subscriptions, and weekly redemptions. By investing exclusively in savings instruments and dollar-denominated assets, the fund provides clients with stable returns in hard currency. Hisham Akram, Founder and CEO of Granite Financial Holding, stated: “The FRA’s approval represents a pivotal step in Granite’s journey, enabling us to expand our liquidity management solutions. This initiative combines safety with competitive daily returns and reinforces our ability to introduce innovative dollar-denominated products to meet Egypt’s growing appetite for fixed-income instruments.”

Egypt’s Ministry of Agriculture and Land Reclamation announced that the Central Administration of Plant Quarantine has successfully secured access to the Panamanian market for Egyptian citrus exports, marking a new step in expanding Egypt’s agricultural trade presence in Latin America. Officials said the development forms part of broader government efforts to diversify Egypt’s export destinations and reduce reliance on traditional markets. Expanding into new regions, including Latin America, is viewed as an important strategy for strengthening the resilience of Egypt’s agricultural trade amid global economic and geopolitical challenges. Egypt is considered one of the world’s leading exporters of citrus fruits, particularly oranges, which represent one of the country’s most important agricultural export commodities. Egyptian citrus products are currently shipped to dozens of markets across Europe, Asia, Africa, and the Middle East.

The Egyptian Linear Alkyl Benzene Company (ELAB) recorded its highest production levels since its establishment, producing 141,000 tonnes of Linear Alkyl Benzene (LAB) during the 2025 fiscal year, according to results presented at the company’s general assembly meeting. Badawi noted that ELAB plays a vital role in Egypt’s petrochemical industry by meeting growing domestic demand while exporting surplus production to international markets. For his part, ELAB Chairperson Ayman El-Garm reviewed the company’s financial and operational results for the 2025 fiscal year, noting that the company achieved its highest LAB production rate since operations began in 2008, reaching approximately 141,000 tonnes while maintaining strict compliance with environmental protection and occupational safety standards. El-Garm explained that LAB is the company’s primary product and a key raw material used in the manufacture of industrial detergents. He added that ELAB successfully marketed all of its production by meeting domestic demand while exporting surplus quantities to international markets, including countries in Western Europe, Africa, and Asia.

Egypt’s Minister of Water Resources and Irrigation, Hany Sewilam, and South Africa’s Minister of Water and Sanitation, Bimmy Majodina, opened a joint virtual seminar marking International Women’s Day to discuss the role of women in water management and international water cooperation. The seminar, held under the theme “Water for People”, brought together female engineers, scientists and water-sector specialists from Egypt and South Africa to exchange expertise and highlight women’s contributions to water governance and water diplomacy. For her part, Majodina said the two countries share strong cooperation in the water sector, noting that Egypt and South Africa were selected among 12 countries to represent Africa at the United Nations Water Conference 2026 scheduled for December 2026. She added that Egypt and Japan will co-chair the interactive dialogue titled “Water for Planet”, while South Africa and France will co-chair the dialogue on “Investments for Water”. Majodina also expressed interest in participating in Cairo Water Week 2026 scheduled to take place in Cairo in October 2026.

Egypt’s Minister of Industry Khaled Hashem held an expanded meeting with a number of ceramic and porcelain manufacturers to discuss the key challenges facing the sector and explore potential solutions to support its growth and sustainability. Manufacturers also highlighted the difficulty of upgrading production equipment and improving operational efficiency due to limited liquidity, in addition to customs restrictions imposed by some countries on Egyptian ceramic and porcelain exports. At the beginning of the meeting, Hashem reaffirmed the ministry’s commitment to advancing the ceramic industry and increasing the local component in its products in order to enhance competitiveness in both domestic and export markets. The minister stressed the importance of reaching an agreement between ceramic and porcelain manufacturers, the Egyptian Natural Gas Holding Company (EGAS), and the Ministry of Petroleum on a legal framework to restructure outstanding natural gas debts owed by companies. Accordingly, the minister instructed the ministry’s Industry Affairs sector to prepare a detailed study on domestic demand for ceramic and porcelain products, including production levels and consumption trends.

Global oil markets are facing escalating chaos as major producers begin cutting output and prices surge toward $100 a barrel following the effective closure of the Strait of Hormuz amid the ongoing conflict involving Iran, the United States, and Israel. The disruption, now in its ninth day, shows no sign of an imminent resolution, leaving the vital corridor largely impassable. On the Shanghai International Energy Exchange in China, crude futures ended trading at the equivalent of $109 per barrel. Saudi Arabia intercepted drones targeting the 1m barrel-per-day Shaybah oil field over the weekend, while Iranian strikes have continued against Bahrain and Qatar. The crisis has also sent jet fuel prices to record levels.

Minister of Investment and Foreign Trade Mohamed Farid Saleh and Minister of Agriculture and Land Reclamation Alaa Farouk held a high-level coordination meeting with representatives from sovereign, economic and diplomatic bodies as part of the state’s strategy to strengthen Egypt’s investment and trade presence across Africa. Discussions also addressed the feasibility of establishing a specialised investment entity dedicated to the African market. He noted that sectors linked to food security and agricultural development present promising investment opportunities capable of generating tangible added value for both African economies and Egyptian investors. Farouk also emphasised that directing Egyptian investment towards African markets would help secure sustainable supply chains for strategic crops and essential commodities, reduce the import bill and strengthen African countries’ resilience to global crises. He noted that investment in agriculture remains a primary driver of comprehensive development due to its strong capacity to generate employment and support the development of rural communities across the continent.

Mojtaba Khamenei, the 56-year-old cleric who spent decades as the most powerful “gatekeeper” in the Islamic Republic, was named Iran’s third Supreme Leader on Sunday, formalising a transition from the shadows to the pinnacle of state authority. While his father climbed to the presidency and eventually the supreme leadership in 1989, Mojtaba remained largely out of the public eye. Supreme Leader Office PowersThe office of the Supreme Leader is the central pillar of the Iranian political system, combining religious authority with absolute political and military command. Article 110 of the Iranian constitution grants the Supreme Leader vast powers, including:Determining the general policies of the Islamic Republic after consultation with the Expediency Council. Mojtaba Khamenei becomes only the third person to hold the office since 1979, following the republic’s founder, Ruhollah Khomeini, and his late father.