Saudi Budget Deficit More Than Doubles as War Hurts Oil Finances

Saudi Arabia's fiscal deficit surged significantly as its oil revenues plummeted due to disruptions caused by the US-Iran conflict. The war's impact on global oil markets has strained the kingdom's financial stability, which relies heavily on oil exports. This shift highlights the broader implications for global oil prices and the economic resilience of one of the world's largest oil producers. The situation underscores the vulnerability of economies heavily dependent on oil and the ripple effects of geopolitical tensions on international trade.