Friday 07 / August / 2026
Turkiye, Pakistan and Saudi Arabia sealed a historic defense pact on Friday, signing an agreement "intended to strengthen collective deterrence against any act of aggression."
"The Makkah Joint Defense Agreement," read a joint statement, reflects "a shared commitment to further strengthening collective security."
A Turkish official cited by Reuters said the agreement was purely defensive in nature and open to any regional neighbors who might want to sign on.
The official said the pact does not replace or negate previous bilateral or multilateral agreements between signatories, nor is it directed at any one actor or threat.
The agreement was signed in Mecca, Saudi Arabia, by Saudi Crown Prince Mohammed bin Salman, Turkiye's President Recep Tayyip Erdogan and Paksitan's Prime Minister Shehbaz Sharif.
Oil prices, stock markets on roller-coaster after apparent collapse of Hormuz negotiations
Oil and stocks had another roller-coaster day on Friday with markets steady and oil slightly lower in Europe, and stocks retreating as oil prices rose in the US.
Stock and oil markets had been buoyed slightly this week by hopes that a promised US-Iran agreement to reopen the Strait of Hormuz would become reality and increase the flow of fuel and goods through the waterway.
Mirroring the hope and disappointment surrounding the strait conflict, the price for benchmark Brent crude rose almost 4% on Thursday before dropping 0.3% to $83.26 on Friday morning — down from $113 earlier in the war and significantly higher than $72 a barrel prior to it.
