The first of five Iranian tankers carrying fuel for gasoline-starved Venezuela entered the South American country's exclusive economic zone.
Primarily dependent on oil money, the Gulf economies are losing billions of dollars as the oil prices have hit the lowest points in history.
In an attempt to threaten Turkey over its limited cross-border operation in Syria, many European countries discontinued selling arms to Ankara, while they continue to sell weapons to Saudi Arabia to fuel its full-scale war in Yemen.
Two years ago, the kingdom’s young and inexperienced ruler was confident he could “get rid of” Iran from the Middle East, but now has shifted towards seeking dialogue.
The drop in the kingdom's credit outlook comes as it faces the risk of being dragged into a regional conflict with Iran.
Donald Trump cannot drag the US into another war ahead of an election and Iran is suffering from a crumbling economy and an increasingly frustrated populace.
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
After hitting a peak just a month ago, oil prices have plunged, leaving many to wonder about the exact reasons behind the wild fluctuations.
The International Energy Agency sats that the rapid rise in output, particularly in the US, could well outweigh any pick-up in demand and begin to push up global oil inventories this year.
"If war comes, make no mistake: The North Korean regime will be utterly destroyed," US Ambassador to the UN Nikki Haley tells the UN Security Council convened after Pyongyang launched an intercontinental ballistic missile on Tuesday.
Several gas stations have run out of petrol because of the political crises in the country. According to the former Venezuelan deputy energy minister, the country with the world's largest oil reserves can no longer satisfy its own demand.
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