Europe

?Ship sources reported that two merchant vessels were hit by gunfire while attempting to cross the Strait of?Hormuz. After receiving a mariner's notice a day before, a number of commercial vessels attempted to transit the strait. The notice stated that passage was allowed but limited to Iran-approved lanes. Sources in maritime and shipping security said that on Saturday, "at least two ships" reported that Iranian boats had fired shots. These incidents occurred in the waters between Qeshm Island and Larak. Sources said that the vessels returned without completing their crossing. The United Kingdom Maritime?Operations agency (UKMTO), said that it received...

Overnight, Russian local governors reported that Ukrainian drones had struck two industrial cities along the 'Volga River, as well as a port on the Baltic Sea near St Petersburg, which exports petroleum products. Governor Alexander Drozdenko announced that a fire was extinguished in the Vysotsk port, where a terminal operated by Lukoil handles the export of diesel fuel, vacuum gas oil, and naphtha. Vyacheslav Federischev, the governor of Samara region, confirmed that industrial targets were attacked in Syzran and Novokuibyshevsk. These cities are located around 1,800 kilometers (1,118 miles), to a southeast of Vysotsk. He didn't name the oil refineries,...

Shipping companies welcomed Iran's announcement that the Strait of Hormuz was open, but they said a clarification would be needed before ships could enter the Gulf. The Foreign Minister Abbas Araqchi announced on Friday that all commercial vessels were welcome to use the Strait of Hormuz during a 10-day ceasefire agreement in Lebanon. This led to a drop in the price of oil and other commodities, while the stock market rose. Arsenio Dominguez, Secretary-General of UN shipping agency 'the International Maritime Organization' (IMO), said: "We are currently evaluating the recent announcement regarding the reopening of Strait of Hormuz in terms...

Uganda announced on Thursday that it had appointed Citibank as the 'financing partner for its 2.7 billion euro ($3.19 billion), Standard Gauge Railway (SGR) Project. Uganda's Finance Ministry posted on the X Platform that it is "in discussions with the World Bank for support of the project." The Washington-based global financier confirmed earlier this month that it was considering "a range of potential financing options" to finance the project. The post stated that a?Ugandan delegation in Washington attending the IMF and World Bank spring meetings met officials from Citibank headed by Richard Hodder. Uganda handed over the SGR project in...

Two children are killed by a drone attack in Ukraine * Tuapse Port?hit by fragments of drone * Tuapse, a major port in southern Russia (details on the port's importance and fire at the port). MOSCOW, 16 April - Two children were killed and a fire was started by a major Ukrainian drone attack in the Black Sea port Tuapse, according to Russian officials and media. Tuapse, one of Russia's southernmost ports, is a major oil export hub and handles bulk dry cargo like coal and fertiliser. It is also home of a major oil refinery with the same name,...

Iran may 'consider' allowing ships to pass through the Oman side of Strait of Hormuz without risk of attack as part of its negotiating proposals with the United States to avoid a new conflict. Due to Iran's disruption of traffic in the strait that handles around 20% of world oil and liquefied natural gas, the war has caused the biggest-ever global disruption of?oil? and gas?supplies. Since the Iran War began on February 28, 20,000 seafarers, including tankers and other vessels, have been trapped?inside of the Gulf. Source, who declined to be named due to the sensitive nature of the issue,...

According to calculations, the discount for Russian Urals Oil on a FOB Basis for cargoes that?load from the Baltic Port of Primorsk in the month of April?was reduced to $15-$17 a barrel against dated Brent, from $24-$27 a barrel?in the second?half?of March. This was due to falling freight rates which reduced the?costs to Russian sellers. LSEG data show that the urals price in Russian ports has remained at a 12-year high of $100 per barrel. This is due to strong Brent prices and a combination of softer freight rates, firmer premiums, and strong premiums, which are boosting Russian producers' revenues....

Austrian 'Economy Minister Wolfgang Hattmannsdorfer said during an official trip to India on Wednesday that the 'war in the Middle East - a reduction in fuel supplies - will be felt throughout Europe by next month. Oil prices have soared as a result of the Israeli and U.S. strikes against Iran and the response of Tehran, which has largely closed down shipping in the Strait of Hormuz. Western governments are now looking for ways to cushion this blow to consumers. Hattmannsdorfer told?reporters from New Delhi that "the upheavals in recent weeks will arrive Europe with a 'time lag. His office...

According to LSEG and industry sources, Russia is likely to 'raise its export duties on liquefied petroleum gases in May - by about 25 times compared to april. Export duty on a propane-butane mixture is currently $5.2 per ton. The levy has been reinstated for the month of April, after being?zero between June 2025 to March 2026 due to?weak prices. Sources said that the export 'duty' on a mix of butane and iobutane could be as high as $119 per tonne in May. Since the U.S. - Israel war with?Iran began in late February, LPG exports have plummeted from the...

Russian drones attacked Ukraine’s Izmail port in southern Odesa overnight, damaging a civilian Panama flagged?vessel. Ukrainian?officials? said? on Tuesday. Oleksiy Kulba, Ukraine's Vice Prime Minister, said that several strikes had been recorded in the port area. He added that different infrastructure elements and equipment have also been damaged. Kuleba, a Telegram user, said that the enemy was "once again" deliberately targeting critical infrastructure and logistical facilities in the Odesa region. He said that one of the strikes caused a fire which was quickly put out. Ukrainian Sea Ports Authority stated that the port continues to operate. Oleh 'Kiper, Regional Governor...

Data from industry sources show that despite the disruptions caused by drone attacks on key ports in March, Russia's seaborne product exports rose 0.9% compared to February. Drone strikes in late March on the Baltic ports Primorsk, Ust-Luga and the terminal infrastructure caused fires to fuel tanks and storage containers. Meanwhile, persistent storms and further drone strikes forced the port of Novorossiysk at the Black Sea to halt loadings early last month. The traders claimed that a ban on the entry of non-ice class tankers into Russian Baltic ports impacted vessel availability and hampered loadings last month. Data from industry...

Irish police cleared protesters who had blocked the only oil refinery in Ireland on Saturday, after a senior government minister said that protests over surging fuel prices created a "very danger economic moment" for Ireland. Protesters angry by a rise of more than 20% in diesel prices following the U.S./Israeli war on Iran have used tractors and trucks to block a Whitegate refinery and a fuel terminal, as well as a few roads in Dublin's capital. The government said that hundreds of petrol stations were left 'without fuel,' putting emergency services at risk. State broadcaster RTE reported that police detained...

The long-term contract between Turkey and Iran for the?import of natural gas is due to expire within the next few months. Both countries could discuss a possible extension. However, no?negotiations have yet been initiated, according to the Turkish energy minister. The agreement expiring in July calls for a delivery of 9,6 billion cubic meters of gas per year. However, actual flows are often far below the agreed amount. Turkey imported 7,6 bcm of gas from Iran in 2012, which accounted for 13% total imports. Data from regulators shows that the pipeline's contracted volume was last reached in 2022. According to...

Spain's energy regulator and competition authority?said? on Friday that it had opened formal investigations into the country's biggest energy companies and power grid operator in relation to the unprecedented blackout last year which occurred in Spain and Portugal. Evidence was found of long-term violations of certain power sector regulations. The watchdog has opened investigations into the grid operator Red Electrica (a unit of Redeia) as well as the energy companies Iberdrola Naturgy Endesa Repsol. The watchdog also stated that it was investigating individual power stations. Iberdrola declined to make a comment. The other companies named did not immediately respond to...

The Iran war caused turmoil on the global aluminum market, but the impact is now spreading to the copper and nickel supply chain. The conduit is sulfur - a byproduct of the Gulf oil and gas industry that has been trapped since the Strait of Hormuz shut on February 28. According to the U.S. Geological Survey, this region is responsible for a quarter or more of global oil and gas production. Sulfuric acid is a key input for ?copper miners using solvent-extraction technology on oxide ores and for nickel production from high-pressure-acid-leach (HPAL) ?plants. Unfortunately, sulfur is used in fertilizers....

Robert Fico, the Prime Minister, said that Slovakia would file a lawsuit against the European Union in "the coming days" to challenge its decision to ban Russian Gas Imports. The EU's decision was adopted by a?"qualified?majority". Fico, who criticized the way in which the regulation was adopted, said that the suit would be filed at the EU Court of Justice. A majority of countries voted to ban Russian 'gas imports by the end of 2027. This allowed the EU to override the opposition from Slovakia and Hungary earlier this year when they voted to approve the measure. Fico stated that...

Authorities?said?that all eight people aboard a helicopter died?when it crashed?in Indonesia's West Kalimantan province?as they tried to recover the bodies and wreckage. Mohammad Syafii said that the Airbus H130 helicopter had lost contact five minutes after it took off from a plantation in Melawi. The location of the crash, or the loss of contact, is in an area of dense?forested terrain with steep hills," Syafii stated. He added that'rescuers found debris believed to be the tail from the helicopter about 3 km (2 miles), west of the point where contact was lost. The cause of the crash is still unknown....

Two U.S. officials and a Mexican official said that U.S. authorities raided Ikon Midstream's offices in Houston, Texas, to investigate fuel smuggling. Two U.S.-based sources confirmed that the operation?in which law enforcers executed a federal warrant? took place this week at?Ikon Midstream’s Houston headquarters. One source said that the operation targeted documents and computers. The exact reason or materials seized could not be confirmed. The raid was not previously reported. Joseph Slovacek confirmed to the company that "U.S. Customs and Border Protection executed a search warrant at Ikon. He stated that law enforcement cited previous reports about Ikon as the...

The Slovakian Foreign Minister said that the country is prepared to block the European Union’s?latest package sanctions against Russia?for their invasion of Ukraine, until the Druzhba?oil?pipeline is operational?again. Slovakia and Hungary are in a dispute with Ukraine about the suspension of Russian Oil Supplies through Druzhba following an outage in the line, which Kyiv claims was caused by a Russian Attack in late January. Kyiv has said that repairs will take time. However, Ukrainian President Volodymyr Zelenskiy stated?that Druzhba could be operational at the end of this month. TASR reported that Juraj Blanar, the Slovak Minister of Foreign Affairs was...

Friedrich Merz, the German chancellor, said that Germany would be willing to help secure transit routes through the Strait of Hormuz once hostilities ended, provided they had a mandate from the United Nations and German parliament approval. Merz, speaking to reporters the day before the talks in Paris, said that they would also discuss whether U.S. forces could participate in a missions. It has led to a halt in traffic through the Strait of Hormuz, which typically carries about 20% of world oil and liquefied natural gas flows. The war has caused a halt to traffic through the Strait of...

Insurers told a London 'court' on Thursday that the Nord Stream pipelines in Ukraine were targeted by Russia as a 'direct result' of its invasion. They are trying to avoid paying nearly 580 millions euros ($684million) for blasts which hit the pipelines. Nord Stream has filed a lawsuit against Lloyd's and Arch Insurance for explosions that occurred in September 2022, which ruptured the pipelines transporting Russian gas from under the Baltic Sea into Germany. The explosions, for which no one has claimed responsibility, have largely cut off Russian gas supplies in Europe. This marks a significant escalation of the conflict....

The Iran War is triggering a global crisis on the?aluminium markets, with potentially devastating effects in sectors such as construction, packaging and transport. Even if war ended tomorrow, it would take Emirates Global Aluminium up to one year to recover from damage caused by a missile attack?on the Al Taweelah Smelter last month. Aluminium Bahrain, which is the largest single-site production facility outside of China, was also hit. However, the extent of the damage is not known at this time. Alba and Qatar Aluminium had both reduced production prior to the attack due to power shortages. The Strait of Hormuz...

The Iran War is triggering a global crisis on the aluminium market that could have devastating effects in sectors such as construction, packaging and transport. Even if war ended tomorrow, it could take Emirates Global Aluminium up to one year to recover from damage caused by a missile attack on its Al Taweelah Smelter last month. The largest production site outside of China, Aluminium?Bahrain has also been?hit, though the extent of damage is not yet known. Alba and Qatar Aluminium had already reduced production prior to the attack due to power shortages. The Strait of Hormuz is severely restricted, and...

Slovnaft, a Slovak refiner of oil, said that it still had not reached an agreement with Croatia regarding tests to determine if the Adria pipeline can carry enough oil for Hungary and Slovakia. Existing shipments have?enabled?it to increase production. It is a new alternative route for oil to Slovakia and Hungary. This has been made more important by the Druzhba Pipeline, which runs through Ukraine and carries Russian crude. Slovnaft, a unit of the Hungarian oil and gas group MOL, has been able to increase processing following a decline caused by Druzhba's outage. Chief Executive Gabriel Szabo said this in...