Middle East

Iraq announced on Friday that it had returned the restricted airspace in the western part of 'country to civilian authorities. This ended the limits which had been in place for military operations since 2016. All previously reserved areas stretching across western Iraq, from north to southern, have been given to the authority for airports and navigation to be used by civil aviation. This move is expected to give Iraqi aviation officials more freedom to redesign flight paths, to 'ease restrictions on aircraft movements and to improve the efficiency of using airspace. In 2016, and 2017, large parts of Iraq's western...

Multiple trade sources reported on Friday that Saudi Arabia sold approximately?60,000,000 barrels of crude oil from its Gulf Port of Ras Tanura?inside of the Strait of?Hormuz to be loaded via ship-to -ship transfer in?the?Omani ports of Sohar during this month and next. Saudi Aramco, the state-owned oil company, is resuming its exports to the Gulf, which are now between 1 million and 1.5 million barrels of oil per day, on average. This figure is similar or slightly higher to August's level. It has helped to cool global?oil? prices, as it compensates for the volume lost in Yanbu at the Red...

The capacity of Etihad Airlines to carry passengers is higher today than it was a year earlier, the chief executive announced on Monday. Gulf carriers are recovering from the disruptions caused by the U.S./Israeli war against Iran, which has affected revenue this year. The industry standard for measuring passenger capacity, the available seat kilometers (also known as "available seat miles") is 15-17% higher at Etihad in Abu Dhabi than it was a year earlier. Antonoaldo Neves, CEO of Antonoaldo Neves, also stated that the load factor (which measures how well a airline fills available seats) was 92% in august. The...

Emirates, the Gulf carrier, said that its winter bookings were 'up on the year' on some routes, and it is expanding to new destinations. This comes after a successful summer, which was "above expectations", as airlines in the region recovered from the Iran War. Emirates said in a press release that South Africa, Brazil and India, along with Nepal, were countries where the demand "is currently?tracking forward from last year". The report noted a shift in the way customers make travel decisions, with more people making them closer to departure. Fuel prices and flight disruptions in the Middle East and...

The Syrian government's plans to transform a former military airfield in Damascus, Syria into a hub of private jets are alarming rights groups and local residents. They say the redevelopment may disturb mass graves or override land claims. According to an article published by Syria's official news agency SANA, the civil aviation authority of Syria announced last week that it was preparing to reclassify Mezzeh Military Airport for limited civilian use, focusing on private and executive aviation. This would complement Damascus International Airport. The report stated that the removal of rubble and upgrading of infrastructure had already started. The project...

This week, the cost of'shipping' oil in the largest tankers reached record levels following the most intense wave of attacks against shipping since the U.S. - Iran war began late in February. According to Baltic Exchange, the shipping rate for supertankers, also known as very large crude carriers (VLCCs), loading oil in the Gulf of Oman to be shipped to China, reached around 450 on Worldscale, which is?roughly?$11.50 per barrel. The rate is at its highest level since it was introduced earlier this year after the U.S. and Israel war against Iran. The increase in rates is a sign of...

Peninsula, the charterer of the vessel Hercules Star, reported on Wednesday that a seafarer was killed during an incident with the Gibraltar flagged oil products tanker Hercules Star while it was anchored?off Dubai. Peninsula announced in a statement that it confirmed one death, but did not provide any details as to what the cause of death was. "In addition, one crew member is missing and a team of specialists is working to find them." The?other members of the crew are all present." Initial assessments from maritime security sources suggest that the ship may have been struck by a drone. UKMTO,...

Executives and analysts expect Indian steel prices to increase 'further' in the upcoming?weeks due to a pickup in demand for infrastructure?and?automotives following the monsoon. Meanwhile, higher coking coal prices will raise production costs at mills. While higher prices may help mills recover from margins squeezed due to rising coking coal costs but input costs for infrastructure, construction, and auto companies are increasing as demand increases. Government data revealed that mills in India, which is the second largest producer of crude steel after China, reduced prices for products like hot-rolled coils (HRCs) by 280 rupees per metric ton. According to commodities...

Scott Bessent, U.S. Treasury secretary, said on Wednesday that digital assets and the maritime industry as well as airlines could be targets of the Trump administration's plan to squeeze Iran’s economy. Bessent warned that "everyone" should not support Tehran when asked about Russian support of Iran during a Fox News interview following the G20 gathering in North Carolina. "My message to everyone is to'stay away. We 'all want this war to end. The fastest way to make it end is to have no one?support this regime", he said to "Fox & Friends", one day after Russian President Vladimir Putin threw...

Saudi Arabian state oil producer Saudi Aramco raised the official selling price of liquefied petroleum gas by between 1% and 3% in September, traders reported on Tuesday. This was due to a higher demand for the product on global markets. Algeria's Sonatrach raised LPG prices between 4%-7% for September, according to traders. Saudi Aramco’s September OSPs have increased by $5 per metric tonne to $625. For propane, the price has been reduced by $20 per ton up to $660. Butane is a good alternative. LPG comes in two types: Propane (also known as butane) and propane. Both have different boiling...

According to port officials and terminal data, the U.S. - Iran conflict has largely'shut down' commercial traffic in the Strait of Hormuz. The Strait of Hormuz, before U.S. and Israeli attacks on Iran in late February triggered a war in the region, was an important route for oil shipments around the world and other international trade. Since then, the security risks have reduced waterway traffic. Aqaba, too, has seen an increase in trade. "If we talk about container trade...we have grown by 5%. And the growth is driven primarily by the 'volumes', the increased volumes towards the greater Levant, and...

The European Union's?Aviation Safety Agency extended Monday its warning for airlines to avoid airspace over the waters of the Persian Gulf in Bahrain, Kuwait and Qatar, while reducing an earlier advisory which recommended avoiding all airspace within the four countries. The latest advisory comes just hours after U.S. and Iran resumed hostilities, the first since late July. EASA's newest advisory to the Persian Gulf nations stated that "while risks remain high over the waters of this region, operations necessary for arrivals or departures at aerodromes in the affected Flight Information Regions can be carried out with enough mitigation." The agency...

Bloomberg News reported that Saudi?Aramco informed at least two European refinery?customers on Friday that they would not receive any crude?oil in the next?month due to an attack on Saudi Arabia’s main pipeline into the Red Sea. The report stated that European refiners usually buy Saudi crude under term contracts that guarantee monthly deliveries, but Aramco informed its customers that the next month's delivery will not take place. Saudi Arabia informed European customers earlier that some crude cargoes will be cancelled due to a 'drone attack' which shut down its East-West pipeline, damaged three pumping station and disrupted oil loading at...

Trade sources reported on Friday that Saudi Arabia sold 60 million barrels from its Ras 'Tanura port in the Strait of Hormuz to be loaded via ship-to -ship transfer into Omani ports of Sohar and Sohar next month. Saudi oil exports within the Gulf have helped to cool global 'oil prices. They could compensate for the volume lost in Yanbu on the Red Sea, where 'exports slowed down after the East-West Pipeline was attacked by the Yemeni Houthis. Sources said that Chinese and South Korean refiners were among the top buyers, and some volume would be shipped to India and...

The oil prices dropped for a third consecutive day on Friday, as easing concerns about Saudi supply disruptions overrode 'anxiety' regarding a possible escalation of the Middle East conflict in light of new fighting between Saudi Arabian forces and Yemeni Houthis. Brent crude futures dropped 79 cents or 0.75% to $104 per barrel by 0319 GMT. US West Texas intermediate futures also fell 70 cents or 0.69% to $101.20 per barrel. Both benchmarks fell about 1% Thursday. Brent prices are set to suffer their first weekly loss in three weeks, falling 0.5%. WTI, on the other hand, is expected to...

Oil prices dropped about 1% on Friday, continuing their losses from the previous session. However, they remained above $100, as optimism about alternative?ways to get barrels of oil from the Middle East?to?markets trumped concerns over Saudi Arabia's strikes against Yemen's Houthis. Brent crude futures dropped $1.01 or 1% to $103.77 per barrel at 0020 GMT. US West Texas Intermediate Futures also fell $1.03 or 1% to $100.88 per barrel. Both benchmarks closed Thursday with a loss of about 1%. The markets largely ignored concerns over new supply threats, even though Saudi Arabia and Yemen’s Houthis, backed by Iran, exchanged new...

Prices fell by 2% to a new low on Thursday, easing supply concerns. However, prices remain above $100 per barrel due to fears that the Middle East conflict may worsen. Brent crude futures fell $2.67 or 2.5% to $103.13 per barrel at 12:03 pm. After reaching their lowest level since October 10, ET (1603 GMT) has now reached its highest level. US West Texas Intermediate futures fell $1.61 or 1.6% to $100.82 per barrel, the lowest level since September 11. Both contracts dropped about $3 on Wednesday. Tim Waterer is the chief analyst at KCM Trade. He said that crude...

Preliminary ship tracking data on Thursday showed that the number of commodity?vessels transiting the Strait of?Hormuz dropped to three vessels?on Wednesday. This is down from?12 a?day?earlier. It's also well below the 10-day?average of 17 ships. These figures do not include any vessels who may have passed the waterway without their Automatic Identification System (AIS) transponders on to avoid detection. The data showed that at 0445 GMT, a Supramax dry-bulk?ship and a petroleum product tanker both entered the strait through the Iranian route. The data indicated that a Panamax tanker left the waterway via a dark route. The war in the...

The trial began on September 13 and lasted two days In 209 trucks, 38,000 barrels of oil were transported. Iran War disrupts Iraqi exports to the south By Aref Mohamed and Ahmed Rasheed BASRA (Iraq), Sept. 16: Iraq has launched a pilot project to transport crude oil from its southern oilfields by road to a Kirkuk oil storage facility. The goal is to increase supplies for the northern export system, and possibly to increase shipments via Turkey's Ceyhan Port. The initiative is part of Iraqi efforts to increase exports through the northern route, after the U.S. and Israeli war against...

According to three oil and security sources, two pumping stations that serve the vital 'East-West Pipeline' in Saudi Arabia have been damaged by an attack last week. Saudi Aramco did not reply to a comment request. The company operates the 1,200 km (745 mile) pipeline that runs across the Arabian Peninsula. Saudi Arabia's media office did not respond immediately to a comment request. Saudi officials said that the?pipeline which had helped to relieve the blockage in the Strait of Hormuz was temporarily shut down after an?attack by a drone coming from Iraq. Sources claim that the strike has damaged pumping...

The oil price?fell Wednesday after a 'two-day rally, following an unexpectedly high build up in the?U.S. Crude inventories remained high, and supply disruptions in Middle East persisted. Brent crude futures dropped 73 cents or 0.67% to $108.02 a bar at 0450 GMT. U.S. West Texas intermediate futures were down by $1.1, or 1.04% at $104.73 a bar. The Yanbu loading suspension raised supply concerns and Saudi Arabia reduced oil shipments to Europe. Both benchmarks closed more than $3 higher on Tuesday and were at their highest level since May 19. Market sources said on Tuesday that the American Petroleum Institute's...

Saudi Arabia offers more loadings of "crude oil" to Asian refiners through ship-to-ship transfers off Oman's Sohar port, after drone attacks damaged the key oil pipeline into the Red Sea. Sources say that Saudi Aramco, the state oil company, has offered its Arab Light grade as well as Arab Medium, Arab Heavy and other grades to buyers of term contracts in Asia, for loading at Sohar (outside the Strait of Hormuz). These offers suggest that Aramco is moving crude oil out of the Gulf to be transported outside of?the waterway. Aramco made two similar offers to Asian buyers in recent...

Saudi Arabia's air defences destroyed an Houthi drone in Yemen before it could enter the forbidden airspace above the holy city. The drone intercepted Tuesday evening was the second Houthi attack on Mecca following a ballistic rocket launch in July 2017. Turki al Malki, the spokesperson for the Houthi, said this in a press release. This follows a series of attacks by Houthi fighters aligned with Iran that has drawn Saudi Arabia further into the conflict. Mecca, home to the holiest places in Islam, is the focal point of the annual hajj. Its security is a "redline", said coalition spokesperson...

Investors assessed the?risks of supply after Saudi Arabia suspended oil loadings in its Yanbu port after a?attack against its East-West pipeline to the Red Sea. Brent crude 'futures' fell 93 cents or 0.86% to $107.82 a bar at 0028 GMT. U.S. West Texas intermediate futures were also down 97 cents or 0.92% at $104.86 a bar. The Yanbu loading suspension has sparked supply concerns, and Saudi Arabia has cut oil shipments into Europe. Market sources reported on Tuesday that the American Petroleum Institute's data showed that U.S. crude, gasoline, and distillate inventories rose all over last week. API data cited...