Middle East

For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper for the world's critical?oil artery could make energy markets more vulnerable and lead to higher prices. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed to a ceasefire on Tuesday, which was mediated by Pakistan. Tehran must halt its blockade against oil and gas through the Strait. According to an Iranian official, the waterway through which a fifth or more of the world's gas and oil flowed prior to the U.S./Israeli war against Iran, it...

Norwegian Shipowners' Association said that the two-week ceasefire agreement between the United 'States' and Iran had not yet provided enough clarity to allow Norwegian ships 'to resume sailings' through the Strait of 'Hormuz. The industry group, which represents 130 companies and 1,500 vessels in total, stated that the Gulf security situation remains uncertain, and that owners are seeking more information. In a press release, Knut Arild Hardeide, CEO of the NSA said: "We take note of the signs of a 'ceasefire' but the situation along the Strait of Hormuz is still?unresolved? and unpredictable? Shipping companies have been forced to suspend...

Data from market sources and LSEG revealed that Russia's seaborne gasoil and diesel exports dropped 3% between February and?March to 3.06 million metric tons, as drone attacks disrupted fuel loads at key ports. Sources said that the ultra-low-sulphur Diesel shipments from Primorsk in the Baltic, Russia's largest outlet for diesel exports fell to 1.713 millions tons, down 2.6% since February. Last week, Ukrainian drones repeatedly attacked the Russian Baltic ports Primorsk & Ust-Luga. Following drone attacks, the two ports halted oil and fuel loadings on March 22. The next day, a drone attack caused a fire to break out at...

Bahrain circulated a revised draft U.N. Security Council resolution on protecting commercial ships?in and around Strait of Hormuz. The language was retained, authorising "all necessary measures" but removing a reference to 'binding enforcement. The shipping through this waterway has already been slowed down to a near halt, after Iran attacked vessels during its conflict with Israel and the United States. Bahrain's first draft was seen and supported by other Gulf Arab countries and Washington. It explicitly invoked Chapter VII (of the U.N. Charter) which allows the Security Council authorise measures from sanctions to military power. Diplomats stated that adoption of...

The Iran War has disrupted the global trade via the Strait of Hormuz. This vital waterway is normally used by a fifth of all?oil & liquefied gas in the world. Iran's Revolutionary Guards warned that vessels passing through the narrow Strait would be "targeted" after the U.S. launched attacks on the country on 28 February. Here is a list with reported attacks. MARK 1 V.Ships, the manager of V.Ships, said that a crew member died on the Marshall Islands flagged crude tanker MKD VYOM after it was struck by a projectile while the vessel was sailing off the coast of...

Tanger Med in Morocco, Africa's biggest container port, is planning to increase calls from ships due to escalating tensions around the Middle East, said the port's managing director on Monday. Container carriers such as Hapag-Lloyd, Maersk and CMA CGM have announced this month that they will reroute vessels around Cape of Good Hope. Idriss Aarabi, the managing director of Tanger Med told me by email that rerouting would increase transit time from 10 to 14 extra days for vessels diverted via Cape of Good Hope in order to reach Tanger Med. Aarabi stated that the port of Tanger Med in...

The Asia-Pacific region is facing its toughest test yet since the COVID-19 Pandemic. There are few options available to policymakers as they try to protect their economies from an energy shock which is hitting them harder and earlier than anywhere else. Asia purchases about 80% of oil shipped through the Strait of Hormuz. According to commodity analysts at J.P. Morgan, shortages are expected to worsen in April and May, meaning that authorities will have to act quickly. Diesel prices have tripled in Manila for 'drivers' of jeepneys, colourful minibuses with a lot more power. Vietnam is facing a jet-fuel shortage,...

These are the top stories from the business pages of the New York Times. These'stories' have not been verified and we cannot vouch for the accuracy of these stories. In an effort to ease the de facto blockade Washington imposed on Cuba, the United States has allowed a Russian oil tanker to arrive in Cuba. Jonathan Greenberger is the next global editor-in-chief of Politico. Tom Homan, Trump's top border official, said that Immigration and Customs Enforcement (ICE) agents may remain at U.S. Airports even after they are paid again. This is because the shutdown of Homeland Security has caused a...

Oman's Foreign Ministry?said Sunday that it?"condemns" attacks on its land, adn that no one has claimed responsibility. Authorities are investigating "sources and motivations" of the attacks, without giving any further details or naming a specific attack. Oman reported on Saturday that a worker had been injured in a drone attack at the Salalah port of the Gulf nation. Danish container shipping company Maersk later announced it temporarily halted operations?at the Salalah port?after the attack. Iranian media reported that Iran's Revolutionary Guards claimed on Saturday they had targeted a U.S. Support vessel "considerably" away from Salalah Port. The statement continued, "As...

Kuwait 'International Airport 'was targeted by multiple drone attacks Saturday, causing significant damage to the radar system, but resulting in no injuries, according to state news agency KUNA, citing Kuwait Civil Aviation Authority. Later, the spokesperson for the authority said that the attacks were perpetrated by Iran and its proxies as well as the armed groups it supports. Kuwait's fire department, meanwhile said a??fire? that broke out??? in fuel tanks at an airport on Wednesday after a previous drone assault had been extinguished AFTER 58 CONSECUTIVE HOURS, KUNA reported??on Saturday?. Tehran launched strikes on Israel, as well as on Gulf...

The U.S. aircraft carriers Gerald R. Ford and the USS Enterprise, which were deployed to U.S.-Israeli missions against Iran, have anchored at Split, Croatia, for repairs and maintenance. On March 12, the 'Ford', the world's biggest carrier and newest ship, was supporting Operation Epic Fury in the Red Sea when a fire in its laundry room caused three injuries. A?U.S. Officials at the time confirmed that nearly 200 sailors were also treated for smoke-related issues. It took several hours to put out the fire, which affected 100 sleeping berths. The warship was deployed for nine months, and took part in...

The European powers accused Russia on Thursday of assisting Iran in targeting U.S. troops in the Middle East War and said that they would bring the matter up with the U.S. Secretary of State Marco Rubio during a G7 meeting of 'foreign' ministers in France. Rubio will attend the second day gathering of Western Democracies ministers. This is taking place in the midst of wars with Iran and Ukraine, uncertainty over the economy and growing unease about the unpredictable U.S. Foreign Policy under Donald Trump. Two Western security officials and a regional official near Tehran have confirmed that Russia provided...

For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper at this world-critical oil chokepoint may leave energy markets exposed and lead to higher prices for many years. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed on Tuesday to a ceasefire for two weeks, mediated by Pakistan. Tehran must halt its blockade against oil and gas traffic in the Strait. According to an Iranian official, the waterway through which a fifth (21 miles) of the world's oil and natural gas passed before the U.S./Israeli...

Federal Reserve policymakers could consider lowering interest rates this year, now that the?announcement of a two-week pause in the Iran conflict?has eased fears about a resurgence of inflation. However, with the uncertainty surrounding the prospects for peace, and oil prices 30% higher than their prewar level, it is still far from certain. On Wednesday, traders bet on the possible impact of a lasting Middle East settlement and the reopening of Strait of Hormuz for shipping. Israeli airstrikes in Lebanon and an Iranian attack on a Saudi Arabian pipeline have raised uncertainty about the temporary truce. Minutes from the Fed meeting...

On Wednesday, the top U.S. General said that U.S. soldiers were ready to resume combat if Tehran did not reach a negotiated settlement. The Trump administration was trying to portray this 'war' as a decisive win against Iran. The remarks were made a day after Donald Trump backed away from a threatened civilization ending assault on Iran, on Tuesday night. Two hours before the deadline that he set for Tehran to open up the blockaded Strait of Hormuz. U.S. officials and Iranian officials will meet for talks in Pakistan on Friday. "We hope Iran chooses peace," said General Dan Caine...

An industry source said that Iran attacked Saudi Arabia's East-West Pipeline only a few hours after a ceasefire agreement was reached to pause the Iran war. It hit its sole crude oil export route ever since hostilities started. An industry source said that the Iranians targeted Saudi Arabia's East-West Pipeline - its sole outlet for exporting crude - as well as other facilities within the Kingdom. After?Iran closed the Strait of Hormuz and trapped huge quantities of oil and natural gas in the Gulf, prices soared. Sources said that the flow of oil through the pipeline is expected to be...

Even if Iran were to reopen the Strait of Hormuz, it would still take months before jet fuel supplies could'recover' due to disruptions in Middle East refining capacities. Oil dropped below $100 per barrel after U.S. president Donald Trump announced he had agreed on a ceasefire for two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. The Strait of Hormuz normally transports about a fifth of world oil trade. Willie Walsh (director general of IATA, the International Air Transport Association) told reporters in Singapore, that although he expects crude oil prices will fall,...

Two industry sources reported on Monday that a fire was started overnight at the Sheskharis Oil Terminal of 'Russia's Black Sea Port - Novorossiysk, following an attack by a Ukrainian drone. Ukraine intensified its aerial attacks against?Russian energy infrastructure including ports in an effort to reduce Moscow?s revenue from the sale of oil, which is the lifeblood for Russia?s economy. According to?sources, the blaze consumed?the main pier of Russia's oil pipe monopoly Transneft close to the berths 1a, 1b and 2. According to sources, Berth 1 can'service tankers up to a deadweight of 250,000 metric tons. While berth 2, 'can...

Data from LSEG/Kpler showed that an oil 'tanker' loaded with Iraqi crude was seen transiting the Strait of Hormuz near the Iranian coast a few days after Iran announced Iraq was exempted from any restrictions on transiting this vital -sea route. Kpler data shows that the Ocean Thunder loaded approximately 1 million barrels of Basrah heavy crude on March 2. It is expected to "discharge" its cargo in Pengerang, Malaysia by mid-April. Iran closed the Strait after U.S. airstrikes and Israeli strikes on Iran in late February escalated a conflict. Later, it said that vessels without U.S. and Israeli connections...

Three industry sources told Reuters that a Russian oil production cut is imminent due to Ukraine's strike on pipelines, port infrastructure and refineries, which has reduced export capacity by a million barrels / day or 5% of the total, according to their report. The conflict in the Middle East has already caused unprecedented disruptions in oil supply. A reduction in output from Russia, the second largest exporter in the world, will add to this. Ukraine intensified its attacks over the past month on Russia's oil-export infrastructure. Ukraine's drone attacks are the most intense of its four-year-long war. They target the...

Andrej Babis, the Prime Minister of Czech Republic, said on Thursday that the government had agreed to cap fuel retailer's margins and reduce excise tax to limit fuel prices rising. Other governments in central Europe have also taken measures to reduce the impact of fuel prices resulting from the conflict in the Middle East, and the rising price of oil. Babis said at a press conference that the "chaos", caused by the lack of coordination between the central European countries, was due to the fact they had adopted?various?measures in order to curb the fallout from energy crisis. He said that...

Calculations showed that the average daily natural gas supply to Europe by Russian energy giant Gazprom via 'the TurkStream' undersea pipe rose 22% compared to a year ago to 55 million cubic meters in March. The Strait of Hormuz was closed to most shipping because of the Iran War, leaving the energy markets exposed to danger. After Ukraine decided?not extend a five year deal with Moscow, which?expired on January?2025, the Turkey is now the only route to Europe for Russian gas. According to calculations based on data provided by the European Gas Transmission Group Entsog, total Russian gas supplied to...

Bloomberg News reported that Saudi Arabia's East-West Pipeline, which circumvents the Strait of Hormuz and pumps?oil to its full capacity of 7 million barrels per day, according to a source familiar with the issue. Bloomberg reported that Saudi Arabia exports 5 million barrels of crude oil a day from its Yanbu port, located on the?Red Sea. The country also exports 700,000 to 900,000 barrels per day in oil products. Could not verify the report immediately. Aramco, the Saudi Arabian oil company, did not immediately respond to an inquiry for comment. Aramco CEO Amin Nasser had earlier told reporters on a...

The Russian state-owned nuclear company Rosatom announced on Friday it had agreed to form a joint venture in logistics with the UAE-based port operator, DP 'World. Rosatom, a Russian company that builds nuclear plants in Russia and abroad, and owns transport assets there, will hold 51%, and DP World, 49%, according to DP World's spokesman. Rosatom will contribute its 92.4% share in the Russian container logistics group FESCO. DP World, on the other hand, will?provide cash based on FESCO's market value. The Federal Antimonopoly Service and the Government Commission on Foreign Assets must approve the deal. Rosatom stated that the...