Saudi Arabia's Economy Shrinks Due to Hürmüz Crisis
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Insights by Echo AI
The ongoing crisis in the Hürmüz Strait has led to a significant decline in Saudi Arabia's oil exports, causing its economy to shrink by 4.8 percent annually in the second quarter of 2026. The petroleum sector, which experienced a 24.7 percent decline, was the main driver of this contraction. The war between America and Iran is also cited as a contributing factor.
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