Oil holds drop as Saudi Arabia moves to restore vital pipeline

Saudi Arabia has uncovered substantial rare-earth and uranium deposits in its Madinah Region, according to a recent announcement at the International Atomic Energy Agency (IAEA) conference. Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy and Minister of Industry and Mineral Resources, reported the discovery of approximately 114 million tons of ore containing high concentrations of these crucial elements.

This development places the project among the most significant rare earth resource sites globally. In 2025, Saudi Arabia and the United States signed a cooperation agreement on critical minerals and supply chain security, leading to a partnership between Saudi mining company Ma'aden and American firm MP Materials. The country is actively pursuing a National Atomic Energy Project to explore uranium resources and evaluate their economic potential, with initial success in recovering uranium from phosphate fertilizer operations.

Saudi Arabia's energy transition to include nuclear power is being carried out within a robust regulatory framework, in line with international obligations.