{"id":64619,"date":"2026-07-11T10:08:16","date_gmt":"2026-07-11T14:08:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/saudi-arabia-backs-us-iran-mediation-amid-deepening-russian-fuel-crisis\/64619\/"},"modified":"2026-07-11T10:08:16","modified_gmt":"2026-07-11T14:08:16","slug":"saudi-arabia-backs-us-iran-mediation-amid-deepening-russian-fuel-crisis","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/saudi-arabia-backs-us-iran-mediation-amid-deepening-russian-fuel-crisis\/64619\/","title":{"rendered":"Saudi Arabia Backs US-Iran Mediation Amid Deepening Russian Fuel Crisis"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Saudi Arabia and Pakistan<\/strong> have formally called for &quot;maximum restraint&quot; and the resumption of <strong>US-Iran diplomatic talks<\/strong> following a week of military escalations that threatened a fragile June ceasefire.<\/li>\n<li><strong>Russia\u2019s fuel crisis<\/strong> has reached a critical stage, with <strong>Moscow fuel stations<\/strong> closing and at least six regions implementing <strong>odd-even gasoline rationing<\/strong> due to sustained Ukrainian drone strikes on refineries.<\/li>\n<li><strong>Brent Crude (<a href=\"\/stock\/BRENT\">BRENT<\/a>)<\/strong> prices have surged to <strong>$113 per barrel<\/strong>, a 57% increase from earlier lows, as maritime traffic through the <strong>Strait of Hormuz<\/strong> remains restricted by 94%.<\/li>\n<li><strong>Iraq\u2019s Federal Integrity Commission<\/strong> is accelerating the recovery of stolen state assets, having reclaimed over <strong>$25 million<\/strong> in the last two years while preparing new international memoranda to extradite accused officials.<\/li>\n<\/ul>\n<h2>Saudi Arabia Urges De-escalation in US-Iran Standoff<\/h2>\n<p>Saudi Foreign Minister <strong>Prince Faisal bin Farhan<\/strong> affirmed the Kingdom&#39;s support for mediation efforts during a high-level call with his Pakistani counterpart, <strong>Ishaq Dar<\/strong>, on Saturday. The discussions focused on containing recent tensions that erupted despite the <strong>Islamabad Memorandum of Understanding (MoU)<\/strong> signed in June 2026. Both leaders emphasized that renewed conflict undermines regional stability and called for the &quot;necessary time and space&quot; for mediators to revive the peace process.<\/p>\n<p>The diplomatic push comes as Saudi Arabia navigates a complex security landscape. While Riyadh has restored high-level communication channels with Washington\u2014including a call between <strong>Crown Prince Mohammed bin Salman<\/strong> and the U.S. President\u2014the Kingdom remains concerned about its exclusion from formal nuclear negotiations scheduled for mid-July. <em>Market analysts suggest that Saudi Arabia&#39;s proactive diplomacy is aimed at preventing a wider regional war that could further disrupt global energy markets.<\/em><\/p>\n<h2>Russian Fuel Shortages Trigger Rationing and Station Closures<\/h2>\n<p>A deepening fuel crisis is paralyzing domestic transport across Russia as Ukrainian drone strikes continue to disable major refining infrastructure. In <strong>Moscow<\/strong>, several fuel stations operated by <strong>Rosneft (<a href=\"\/stock\/ROSN\">ROSN<\/a>)<\/strong> and <strong>Lukoil (<a href=\"\/stock\/LKOH\">LKOH<\/a>)<\/strong> have been forced to close or implement strict sales limits. The crisis has spread to over 90% of Russian regions, with authorities in <strong>Oryol, Nizhny Novgorod, and Lipetsk<\/strong> introducing license plate-based rationing to manage dwindling supplies.<\/p>\n<p>The impact on the Russian economy is becoming increasingly visible, with reports of <strong>two-hour wait times<\/strong> at pumps and a burgeoning &quot;grey market&quot; for gasoline on social media platforms. President <strong>Vladimir Putin<\/strong> recently acknowledged the &quot;certain shortage&quot; during a cabinet meeting, as the country continues its temporary ban on the export of diesel and jet fuel. <em>The disruption to the fourth-largest refinery in the country, the Nizhegorodnefteorgsintez facility, has been a primary driver of the current supply vacuum.<\/em><\/p>\n<h2>Iraq Intensifies Global Hunt for Embezzled Funds<\/h2>\n<p>The <strong>Iraqi Integrity Commission<\/strong> is finalizing a series of international memoranda of understanding aimed at recovering billions of dollars in public funds transferred abroad. This &quot;Dawn Crackdown&quot; operation has already led to the recovery of <strong>$25 million<\/strong> and the seizure of assets linked to high-ranking former officials. Iraqi authorities are currently pursuing legal proceedings in five countries, including <strong>Jordan, Lebanon, and Kuwait<\/strong>, to enforce judicial rulings on movable and immovable properties.<\/p>\n<p>To manage these reclaimed assets, the Iraqi government has instructed the Ministry of Finance to establish a <strong>dedicated bank account<\/strong> for recovered funds. This move is intended to improve financial transparency and ensure that returned capital is used to strengthen public finances rather than being absorbed into routine state revenue. <em>The United Nations Development Programme (UNDP) has praised these efforts as essential for building public confidence and long-term economic stability in Iraq.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Saudi Arabia and Pakistan have formally called for &quot;maximum restraint&quot; and the resumption of US-Iran diplomatic talks following 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