Iran detains 18 crew of foreign tanker captured in Gulf of Oman

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• US prepares to seize additional tankers near Venezuelan coast after first vessel taken, say sources

  Six?sources with knowledge of the situation said that the U.S. was preparing to intercept additional ships transporting Venezuelan crude oil after the seizure this week of a 'tanker. This will increase pressure on Venezuelan president Nicolas Maduro. This was the first time that an oil tanker or cargo from Venezuela had been intercepted by U.S. authorities, who have imposed sanctions on Venezuela since 2019. The U.S. is executing a massive military buildup in southern Caribbean, and President Donald Trump is campaigning for Maduro to be ousted. Sources said that the seizure had put shipowners and operators involved in transporting Venezuelan crude on high alert. Many were reconsidering their plans to leave Venezuelan waters as planned in the next few days. Sources familiar with the matter, who declined to name themselves due to the sensitive nature of the subject, said that the U.S. is likely to continue to intervene directly in the weeks to come against ships transporting Venezuelan oil, which may have also transported oil from countries under U.S. sanction, like Iran. U.S. ASSEMBLES ?TANKER TARGET LIST: SOURCE PDVSA, Venezuela's oil company of state, did not respond to a comment request. Venezuela's government said this week that the U.S. seizure was a "theft." The White House National Security Council didn't immediately respond to a comment request. According to a person familiar with the matter, the U.S. is preparing a list of sanctioned oil tankers that could be seized. According to two people, the U.S. Justice Department (justice) and Homeland Security (homeland security) had planned the seizures for several months. The Maduro government would be financially strained if Venezuelan oil exports were to cease or reduce. They are the main source of revenue for Venezuelan governments. The new U.S. approach focuses on what is called the "shadow fleet" of tankers, which transports sanctioned crude oil from Venezuela and Iran to China, its largest buyer. The sources said that a single vessel would often make separate runs for Iran, Venezuela, and Russia. Sources claim that the seizure by authorities of the Skipper tanker caused at least one shipper temporarily to suspend three newly loaded shipments of Merey export grade Venezuela, which totaled almost 6 million barrels.

• German court stops authorities from selling suspected Russian oil tanks cargo

  The German top fiscal court has ruled in two separate cases that the authorities cannot sell or otherwise use an oil tanker and the cargo it carries, seized near the Baltic Sea coast. Federal Fiscal Court announced on Thursday that the owners, who are not identified, had won an earlier court challenge against the confiscation procedures of customs authorities. Customs officials appealed but the federal court upheld their earlier decision. The Panama flagged tanker Eventin was discovered drifting in the?German coast in January, after leaving Russia with approximately 100,000 metric tonnes of oil valued at around?40million euros ($47million). The court said that it was bound for India. German authorities suspect that the vessel is part of "shadow fleet", which Russia uses to avoid European Union sanctions after its full-scale invasion in Ukraine 2022. Industry experts warn that such ships, which are often uninsured or operate outside of conventional standards, can pose serious safety and environmental hazards. Other European countries have raised similar concerns. In October, French soldiers boarded an alleged shadow fleet tanker near Saint Nazaire. The German finance ministry, which oversees customs and is responsible for the handling of the tanker, has said that the court's ruling was preliminary, but a final decision on what the authorities can do about the vessel is still pending. The ministry confirmed that the tanker remains moored off the island of Ruegen, but declined to comment on the next steps. The Russian authorities said that they had no information on the owner or ship. EU sanctions are aimed at putting pressure on Moscow and limiting its ability to fund the war in Ukraine. They target shadow fleet vessels that transport oil, weapons and grain despite restrictions.

• After US tanker seize, over 30 ships sanctioned by the US are at risk in Venezuela

  Shipping data shows that Washington could punish more than 30 U.S. sanctioned oil vessels doing business in Venezuela after the Coast Guard confiscated a supertanker transporting Venezuelan crude to be exported. The President Donald Trump announced the seizure on Wednesday. It was the first time that an oil "cargo" from Venezuela had been seized. Venezuela has been subject to U.S. sanctions against it since 2019. This is also the first action taken by the Trump administration since he ordered the massive military buildup of the region. Shipping sources say that the U.S. actions, in which Trump intensifies pressure on Venezuelan President Nicolas Maduro's government, have put many ship owners, operators, and shipping agencies on high alert. Many are now reconsidering their plans to leave Venezuelan waters as planned. Experts and analysts claim that the targeting of Venezuelan cargoes will cause short-term delays in exports and could scare away some vessel owners. Washington has not interrupted Venezuelan oil exports before, as they are transported by third-party vessels. VENEZUELA: OVER 80 TANKERS ARE WAITING IN OR NEAR VENEZUELA Venezuela accused the U.S. "of blatant theft", describing the seizure of the goods as "an international act of piracy." The supertanker seized, referred to by a group of risk managers as the Skipper is part of "a shadow fleet" of vessels that transport sanctioned oil from their origins to their final destinations. They may turn off their signals or hide their location in other ways. Since Washington imposed sanctions on Venezuela, traders and shippers who deal with Venezuelan oil have increasingly used these tankers. Prior sanctions against Venezuelan-related vessels and oil flows left a swirling of tankers loaded with oil waiting for weeks or even months to leave to avoid "conflicts". According to data collected by TankerTrackers.com, on Wednesday, there were more than 80 vessels in Venezuelan waters, or near the coast, that had oil or were waiting to load it. This included more than 30 vessels under U.S. sanction. According to Lloyd's List Intelligence, an analysis of maritime data, the global shadow fleet comprises 1,423 tanks, 921 of which are subject to U.S. or European sanctions. The tankers are usually old, the ownership is opaque and they do not have top-tier insurance to meet international standards. According to vessel monitoring data, the ships mainly transport sanctioned crude oil from Russia, Iran, and Venezuela to Asian -destinations. Many ships have taken separate trips, carrying oil from Venezuela or Iran and then Russian cargoes. Shipping and company data indicate that in Venezuela, the vessels load under false names at ports operated by PDVSA, the state-owned PDVSA. Typically, they do not reveal their location until after leaving the Atlantic Ocean on their way to Malaysia or China. PDVSA didn't immediately respond to a comment request. Frontline, a Cyprus-based oil shipping company, estimates that 15% of the global fleet of very big crude carriers, capable of carrying a maximum of 2 million barrels of cargo per voyage, have been sanctioned. In recent years, the U.S. added nearly all of PDVSA’s fleet, as well as a few?tankers that transport Venezuelan crude oil to Cuba. Cuba is also under U.S. sanction. Russia and China - both heavily sanctioned - have been using similar strategies for years to circumvent these restrictions. Venezuelan oil exports jumped to over 900,000.00 barrels per day during November. Imports of naphtha, which is needed to dilute Venezuela's extra-heavy crude oil, mainly from Russia, also doubled at 167,000 bpd. This increased stocks for the upcoming weeks. Venezuela and Iran have also collaborated for the past to use their fleets. Chevron, PDVSA’s main joint-venture company, confirmed on Wednesday that the company is operating normally. (Reporting and editing by Christian Plumb, William Mallard and Marianna Saul)

• Cyprus and Malta say that if Russia is a bad actor, it shouldn't affect the legitimate maritime sector.

  Cyprus and Malta, two key EU shipping nations, said that discussions on the 'need to tighten sanctions against 'Russia, including a possible blanket -ban on maritime services, shouldn’t be done at the expense legitimate businesses. Exclusively reported on December 5, the Group of Seven and the European Union were in discussions to replace the price cap on Russian oil with a complete ban on maritime services in order to reduce the revenue from?oil that is used by Russia in Ukraine. Cyprus, Malta and Greece, which together have the largest fleets in the EU, say that tightening sanctions shouldn't target bona-fide maritime businesses. "There must be a holistic strategy," said?Cypriot foreign minister Constantinos Kombos. He stated that although additional pressure was needed on Russia, the focus should be also placed on sanctions dodging. He said, "There are many actors involved in this and it undermines our collective efforts." (Reporting and editing by Chris Reese, Nick Zieminski and Jonathan Saul; Reporting by Michele Kambas and Jonathan Saul)

• Azerbaijan SOCAR and Hungary MVM sign new Gas Supply Deal

  SOCAR, Azerbaijan’s state energy company, and MVM ONEnergy of Hungary have?signed a natural gas supply contract?that takes effect on 'January '1, 2026. Azerbaijani gas is gaining in importance since the collapse of Russian gas exports to Europe following Moscow's invasion of Ukraine in February 2022, and subsequent Western sanctions. SOCAR stated that the new agreement was based on the old contract. SOCAR signed an agreement with MVM CEEnergy in June 2023 for a?supply? of 100 million cubic meters?of natural gas. Deliveries will begin in April 2024. A source familiar with the deal said that Azerbaijan would export around the same volume in 2026 that it did in?2024. This is approximately 100 million cubic meters. The volumes will be supplied during the winter. MVM Group owns a 5% stake in Azerbaijan's Shah Deniz Gas Field and a 4.5% stake in South Caucasus Pipeline Company. Azerbaijan exports gas to 15 countries mostly in Europe. According to the energy ministry, its gas exports reached 18.3 billion cubic meters in the first nine month of 2025. Reporting by Nailia bagirova, Editing by Tomaszjanowski

• The share of Chinese-made copper increases in LME stock due to higher exports

  Data from the London Metal Exchange showed that, in November, the share of copper made in China among all available stocks increased. A favorable price arbitrage encouraged Chinese exports. The percentage of copper stock that is available or on a warrant The data revealed that the percentage of - of Chinese Origin in LME Warehouses had increased to 85% by the end of the last month from 82% at the beginning of October. A LME warrant is an ownership document. The absolute amount of Chinese copper stocks on the LME rose to 130,225 tonnes at the end last month from 100,400 tonnes in October, as the higher LME prices than domestic prices in China made it more lucrative to ship metal abroad. The U.S. Comex Exchange, which holds over 60% of global copper inventories, does not accept Chinese copper brands. However, the metal may still be stored at U.S. storage facilities outside the Comex network. China-made Nickel accounted for 70% available LME nickel stock, a flat rate compared to the previous month. The percentage of aluminium stock available The data shows that the percentage of aluminium with a Russian origin at LME warehouses rose to 53% from 51% last month, and the percentage of Indian origin aluminium remained constant at 40%. The amount of Russian metal decreased by a mere?850 to 256.875 tons but the percentage share increased as aluminium from Bahrain Oman Qatar and Indonesia was exported. Indian aluminium stock increased by 12,175 tons, to 214,525 tonnes. LME has prohibited metal produced in Russia after April 13, 2024 from its warehouse system. This is to comply with U.S., and British sanctions over Russia's invasion of Ukraine 2022. Metal produced before April 13, 2024 can still be traded but many traders are avoiding it. (Reporting and editing by Alison Williams; Tom Daly)

• Orban: Turkey will guarantee the flow of Russian gas into Hungary

  Orban announced on Monday that Recep Tayyip Erdoan, the Turkish president, and Viktor Orban, Hungary's prime minister had agreed that Turkey would guarantee that Russian natural gas could continue to flow into Hungary. Hungary's reliance on Russian gas since the beginning of the Ukraine conflict has been criticized by several European Union allies and NATO members. Hungary has signed a 15 year deal with Russia in 2021 to purchase 4.5 billion cubic meters of gas per annum. Last year, Hungary increased its purchases from Gazprom, importing approximately 7.5 billion cubic meters of Russian gas through the Turkstream pipeline. Orban, in a state-run channel M1 broadcast press conference, said: "Today, I agreed with President Erdogan that you will guarantee the route, so that we can ship (gas) from Russia into Hungary." Orban said that Hungary had received 7.5 billion cubic metres of gas via the Turkstream pipeline this year. Orban had pushed for an exemption to U.S. sanctions after a friendly meeting in Washington with President Donald Trump. Orban met with Russian President Vladimir Putin at the end November in Moscow. On Facebook, he said he was in Moscow to "ensure Hungary's energy supplies are secure for the winter and the next year". (Reporting and editing by Barbara Lewis; Anita Komuves)

• Major Gulf markets decline ahead of Fed meeting

  The major stock markets in the Gulf experienced a quiet Monday with little trading, despite expectations of a U.S. Federal Reserve rate cut in this week. After three months of steady growth, U.S. consumer expenditures rose modestly in September. This suggests that the economy lost momentum at the end third quarter due to a lacklustre job market and rising costs of living. The Fed's dovish comments have further fueled expectations for monetary ease. CME's FedWatch shows that markets have priced in an approximate 88% chance for a rate cut of 25 basis points at the Fed meeting this week. The Fed's position has implications for Gulf economies where most currencies are pegged with the U.S. Dollar, making it a stable anchor for regional currency. Saudi Arabia's benchmark index of stocks edged up 0.1%, thanks to a 0.3% increase in Saudi National Bank. The bank is the largest lender by assets. Saudi Aramco, the oil giant, was up 0.4%. The possibility of lower interest rates for Americans, coupled with geopolitical uncertainties that could limit supply from Russia and Venezuela, supported oil prices. Even after the recent recovery, crude prices are still near multi-month lows. This puts pressure on the fiscal accounts of oil-dependent Gulf countries through lower revenues. Dubai's benchmark index of stocks was flat. The index in Abu Dhabi fell 0.1%. Qatar Navigation retreated 1.3%, while the benchmark Qatari fell 0.2%.

• Pegasus, a Turkish airline, signs a 154-million euro deal with Smartwings and Czech Airlines.

  Pegasus Airlines, a Turkish airline, announced on Monday that it had agreed to buy Czech Airlines and its subsidiary Smartwings for a total of 154 million Euros ($180 million). The deal is part of an expansion plan. In a KAP statement, Pegasus announced that it had reached an agreement with Prague City Air for the purchase of its stakes in CSA and Smartwings, as well as its subsidiaries. The debts of the two companies were included in the 154 million euro figure. Pegasus stated that the strategic investment would help to expand Pegasus's global reach and strengthen its presence in Europe. Pegasus' shares rose 3% on Monday in Istanbul. Pegasus stated that the completion of the deal depends on obtaining necessary approvals in Czech Republic and in other countries where Smartwings Group is active. The transaction should be completed in 2026. Smartwings is the largest leisure airline in the Czech Republic. It has air operator certificates in Czech Republic and Slovakia as well as Poland, Hungary and Czech Republic. The company offers 80 destinations across 20 countries. Smartwings' and Czech Airlines fleets have 47 aircraft. Smartwings is expected to generate around 1 billion euro in revenue by 2024. Pegasus operates 127 aircraft that fly to 158 destinations across 55 countries.

• Ukraine strikes Russian oil infrastructure on the Caspian Sea for a second time

  An official of the Security Service of Ukraine said on Friday that two Russian oil rigs were struck by Ukrainian drones in the Caspian Sea. Sources claim that SBU drones attacked the Filanovsky oil rig and Korchagin oil platform, both of which belong to Russia's Lukoil. This week, the Filanovsky oil rig, which is part of Russia's biggest Caspian field was attacked. This was the first such attack in the war, as Ukraine intensifies its campaign to disrupt Russian oil production. Source: According to preliminary reports, drones damaged critical equipment and suspended production on both platforms. Could not verify the information immediately. Lukoil has been contacted for comment. The Caspian Sea lies more than 700 kilometers (435 miles), away from the nearest Ukrainian border. Kyiv conducted drone strikes against Russian oil facilities in an effort to undermine Moscow’s ability to fund its war?in Ukraine. The strike has targeted oil refineries in particular, with many located?in Europe? of Russia. Last month, Ukraine expanded its campaign by targeting tankers that transport Russian oil through the Black Sea. In the last two months, Ukrainian drones have hit three of these vessels. (Reporting and writing by Tom Balmforth; editing by Kirby Donovan).

• US FAA reviews Boeing MAX 10 cockpit alerting system

  By David Shepardson WASHINGTON DEC 12 - On Friday, the U.S. Federal Aviation Administration announced that it would review Boeing's enhanced flight crew alerting systems for the Boeing 737 MAX 10. These include a synthetic improved angle-of attack?system as well as a way to turn off stall warnings and overspeed alarms. Congress waived a December 2022 deadline for a new standard of safety for modern cockpit alerts on the MAX 7 or MAX 10. However, it required retrofitting the planes with future enhancements in the three years following the MAX 10 certification. Congress adopted the requirements as part of an aircraft certification reform that was passed following two fatal 737 MAX crashes in Indonesia and Ethiopia, which killed 346 people and caused a 20-month grounding. The FAA stated that it will also review, certify and incorporate design changes to all other models Boeing 737 'MAX aircraft to include the required safety enhancements. It will also monitor Boeing to ensure they take the necessary actions to 'provide service information for airlines on time to meet deadlines. Boeing did not immediately respond to a request for comment. Boeing, which sells the MAX 8 & MAX 9 models, has been trying to get FAA approval of the new MAX versions - the MAX 7 & MAX 10 - for many years. Southwest Airlines CEO Bob Jordan said on Thursday that he expected the MAX 7 to be certified in August 2026. The U.S. carrier will begin flying the single-aisle aircraft during the first quarter 2027. Boeing has faced delays in the certification process for its MAX 7 & MAX 10 models because of an engine de-icing problem. Boeing has also experienced delays in the certification of its widebody 777X aircraft. The FAA granted Boeing approval in October to increase its 737 MAX production from 38 planes per month to 42. This ended a cap of 38 aircraft that had been in place since 2024. The FAA imposed this unprecedented production cap soon after a'mid-air emergency' in 2024 involving a brand new Alaska Airlines 737 MAX 9 which was missing four bolts from a door plug. This caused a large hole to appear in the fuselage of the plane at 16,000 feet (4900 m). This incident exposed widespread safety and quality issues at Boeing.

• EU to charge 3 Euros Duty on E-Commerce Parcels from July 2026

  The European Union's finance ministers decided on Friday to impose a customs duty of?3 euro ($3.52) on low-value parcels that arrive in the EU. This is part of an effort to curb cheap Chinese ecommerce imports, such as those from online retailers Shein or Temu. The duty will be applied per item type starting July 1, 2026 and will remain in place until the EU Council of 27 governments finds a permanent solution to eliminate "de minimis" (or low value) duties exemptions for online purchases under 150 euros. As part of a revamp of its customs system in 2028, the bloc was due to remove this exemption. However, pressure has increased to act faster amid fears that Chinese goods are being dumped into Europe. The Council stated that "this temporary measure is in response to the fact such parcels enter the 'EU duty-free at present, resulting in unfair competition for EU vendors, health and safety concerns for consumers, and high levels of fraud." BUNDLE OF LOW-VALUE PARCELS DIRECT FROM CHINA According to a source at the Council, duty will be charged per product type based on tariff codes of six digits. The charge would be 3 euros for 10 pairs of socks with the same style, but 5 pairs of cotton socks and 5 pairs of wool socks would count as 2 item types. Barry Andrews of the Irish EU, who previously requested a 5-euro package levy, welcomed the 3-euro agreement per item and said EU countries would need to increase it "if this does not stop the flood" of cheap deliveries. Online platforms like Shein, Temu AliExpress, and Amazon Haul?send clothing, accessories, and gadgets directly from Chinese factories to shoppers at rock bottom prices. The customs waiver has led to an increase in the number of low value e-commerce packages that arrive in the EU. Last year, they doubled to 4.6 billion and more than 90% came from China. Imports are expected to increase this year. European retailers have generally welcomed the move to impose duties on low-value parcels. They say it's a step in the right direction towards a fairer market. The EU also considers a separate handling charge, which has been proposed by the European Commission to be 2 euros per parcel. When it will be implemented is unclear.