Coface

Mainz – October 29, 2026 -- Credit insurer Coface downgraded the country risk ratings of Saudi Arabia, the United Arab Emirates and Qatar, and expects the Middle East conflict alone to cut global growth by a combined 0.5 percentage points in 2026 and 2027. The rating changes, covering seven economies in total, come as escalating geopolitical tensions push up energy, commodity and financing costs.

Oil up more than 50%, gas prices nearly double

Renewed fighting between Iran and the United States and further escalation between Russia and Ukraine have strained global supply chains. Energy prices have climbed sharply despite a clear recovery in oil exports through the Strait of Hormuz and the rerouting of trade flows. Coface economist Markus Kuger said oil has risen by more than 50 percent, natural gas prices have almost doubled and industrial metals remain expensive.