Latest News
-
British paratroopers drop hantavirus-suspected samples on Tristan da Cunha
British paratroopers dropped medics and supplies on Britain's remotest overseas territory, Tristan da Cunha. This was after a suspected case of hantavirus had been confirmed. Six paratroopers - and two military clinicians - from the 16 Air Assault Brigade jumped 'from a RAF A400M transport plane that flew 6,788km (4,218miles) from RAF Brize Norton in Oxfordshire to Ascension Island. Then another 3,000km due south to Tristan da Cunha. On Saturday, oxygen and other medical supplies were dropped alongside the aircraft. A RAF Voyager refueled the A400M in mid-flight. In a statement, the Ministry of Defence stated that this was the first time UK military personnel have deployed medical 'personnel' to provide humanitarian assistance via parachute jump. Supplies were intended for a British passenger who, according to UK authorities, was on a cruise ship that docked in the island between April 13-15 and was affected by an outbreak of hantavirus. The WHO reported that the man had symptoms consistent with hantavirus and was stable in isolation. The Ministry of Defence said that oxygen supplies were at an all-time low on the island, and an airdrop of medical personnel with vital care was the only way to reach the patient before it was too late. Tristan da Cunha is home to around 200 people and lies halfway between South Africa, South America, and Africa. It's the most remote inhabited island in the world, located more than 2,400km away from its nearest inhabited neighbor, St Helena. The island is usually staffed by a two-person medical team to provide for its needs. It can only be reached by boat, as there is no airstrip. On May 7, a military plane delivered PCR tests to Ascension Island where a British man had debarked from the cruise ship before he was'medically evacuated' to South Africa. "The arrival of parachutists, medical personnel, and medical supplies has hopefully reassured Tristan da Cunha's people," said Brigadier Ed Cartwright. He is the Officer Commanding 16 Air Assault Brigade. (Reporting and editing by Aislinn laing)
-
Ministry of Defense: South Korean ship hit by unidentified object in Strait of Hormuz on May 4, says
After a Friday inspection, the Foreign Ministry announced on Sunday that the stern of a South Korean shipper's bulk carrier, HMM, was struck by an unidentified object while it was stranded on the Strait of Hormuz on May 4. Seoul reported an explosion and fire on the same vessel, the HMM Namu, in the strait while it was anchored near the United Arab Emirates. The incident did not cause any injuries. U.S. president Donald Trump stated at the time that an Iranian attack was responsible for the incident. Seoul investigated the incident and the vessel, which was damaged by fire on Monday, was towed into a port in Dubai. The ministry stated that it was unclear what the object was and that debris would be collected to analyze. Trump asked South Korea to join a U.S. led effort, currently suspended, dubbed "Project Freedom" to ensure shipping through the Strait after?the incident. The Iranian embassy in South Korea denied responsibility for this attack. The embassy did not respond immediately to a request made outside of normal working hours for comment on the object. A spokesperson for the HMM declined to comment on this statement. Reporting by Heejin KIM Editing by Bernadette BAUCH
-
Swiss Air CEO says no immediate fuel shortage, eyes contingency plans
Swiss International Air Lines' CEO said in the NZZ on Saturday that the airline has enough jet fuel to last for the next six weeks. However, the company is exploring contingencies such as "tankering", amid industry warnings of fuel shortages linked to the Iran War. The newspaper Neue Zurcher Nachricht quoted SWISS CEO Jens Fehlinger as saying that "the current forecasts of our suppliers, oil companies and refineries, are good." European airlines are warning of possible jet?fuel shortages in the coming weeks due to the U.S. - Iran conflict, which has caused energy prices to soar and curtailed'supply. "If there were to be a kerosene shortage, it would be first seen in Africa and?Asia. He told NZZ that he saw no evidence of this at the moment. The outlook is stable. However, Fehlinger stated that the airline, along with its parent company, Lufthansa Group were working on contingency planning, including "tankering," which involves filling up aircraft to capacity at a location where fuel supplies are plentiful, and then bringing additional fuel back to Zurich. Fehlinger said that such practices are currently prohibited by regulation, but there may be discussions with policymakers about reopening the possibility. He said that another option would be to strategically refuel at airports with good infrastructure along flight routes. For example, in Vienna, for flights from Europe to Asia. According to Fehlinger, the high oil prices will likely affect fares in time. SWISS has protected itself against recent fuel market volatility by hedging 80% of its kerosene requirements for the year. This will limit the immediate impact of increasing prices. He said that the airline had only seen a 20% rise in fuel costs.
-
Tenerife welcomes a cruise ship affected by the hantavirus epidemic
The cruise ship that was hit by the deadly hantavirus epidemic arrived early on Sunday morning near Granadilla Port in Tenerife. The cruise ship will anchor near the Port of Granadilla in Tenerife for the evacuation and re-boarding of passengers. According to Spanish officials, the passengers will be tested to make sure they are asymptomatic by Spanish health authorities. They will then be transported on small boats to land. The passengers will be transported by sealed-off buses to the main airport of the Spanish island, which is about 10 minutes away. From there they will board their planes to fly to their respective countries. As a precaution, all passengers aboard the luxury cruise ship MV Hondius were deemed high-risk contacts by Europe's Public Health Agency late on Saturday. According to Spanish authorities, the evacuation will begin between 7:30 a.m. and?8.30 a.m. (06300-0700 GMT). Government officials announced on Saturday that Spanish nationals will disembark in groups first, followed by other nationalities. The ship will sail to Holland where it will be disinfected. Cape Verde's coast was the first port of call for the ship, which left on Wednesday to head towards Spain after World Health Organization and the European Union requested that the country?manage evacuation of passengers following the detection of the hantavirus. The WHO Director-General Tedros Adhanom Ghebreyesus, along with Spain's Interior and Health Ministers, and its Minister for Territorial?Policy, arrived in Tenerife on Saturday evening to coordinate the arrival of a ship. The WHO announced on Friday that 8 people were sick, three of whom died - a Dutch family and a German citizen. The WHO said that six of these people have been confirmed as having contracted the virus. Two other cases are suspected, it added. Hantavirus is usually transmitted by rodents, but can be transmitted from person to person in rare instances. WHO says the risk is low for the global population, but moderate for passengers and crew aboard the ship. Reporting by Corina Poons and Victoria Waldersee, Editing by Philippa Fletchcher
-
Qatari LNG tanker sailing towards Hormuz Strait, shipping data shows
According to LSEG shipping information, the Qatari 'LNG tanker Al Kharaitiyat sailed towards?the Strait?of?Hormuz after departing Qatar Ras Laffan enroute to Port Qasim Pakistan on?Saturday?. If the passage is successful, it will be the first time a Qatari LNG-tanker has transited the Strait since the beginning of the war against Iran. QatarEnergy has not yet responded to the?comment. According to LSEG, the vessel is managed by Nakilat Shipping Qatar Ltd, and sails?under Marshall Islands flag. It has a cargo capacity of 211,986 cu m. Sources at the time said that Iran's Revolutionary Guards stopped two Qatar LNG tanks, Al Daayen, and Rasheeda on April 6, and told them to remain in their positions without any explanation. Qatar is the second largest LNG exporter in the world, with most of its shipments going to Asian buyers. The 'Iranian attack' knocked down 17% of Qatar LNG export capacity. Repairs are expected to take three - five years. Reporting by Andrew Mills and Timour Azhari, Writing by Eman Aboushassira, Editing by Alexandra Hudson
-
Airport says that a Frontier Jet hit and killed a pedestrian on the runway in Denver while taking off.
The airport released a statement on May 9, stating that a Frontier Airlines passenger plane struck and killed a pedestrian?on the runway?at Denver International Airport?during a planned takeoff to Los Angeles late Friday night. Frontier reported that it had struck a person during takeoff, and the flight was abandoned. The unidentified pedestrian had jumped over the perimeter fence and was struck just two minutes after crossing the runway. The?statement' said that the individual was not believed to be a member of staff at the airport. A brief engine fire caused smoke to fill the cabin of an Airbus A321 carrying 224 passengers, seven crew members and all were safely evacuated. The airport reported that 12 people had minor injuries, and five of them were taken to hospitals in the area. Frontier stated that it was investigating the incident, and gathering additional information in coordination with airport authorities and other safety?authorities. It said that the airport had closed the runway where the incident took place and expected to reopen it within a few hours. They also added that they had 'examined and found intact the fence line which the individual crossed. Sean Duffy, the U.S. Transport secretary, said that local?law enforcers are investigating the occurrence with the support of the U.S. Federal Aviation Administration (FAA) and the Transportation Security Administration. Reporting by Shivani Tana, Preetika Parshuraman and Gursimran K. in Bengaluru. Editing by Aidan Lewis & Toby Chopra.
-
UK warships deployed to Middle East in anticipation of possible Hormuz missions
Britain announced on Saturday that it would be sending its warship HMS Dragon, to the Middle East to prepare for a possible multinational 'effort to protect shipping through the Strait of Hormuz once conditions permit. HMS Dragon was an air defence destroyer that was sent to Eastern Mediterranean in March shortly after the Iran War to defend Cyprus. The move to the Middle East comes after France deployed its carrier strike group in the southern Red Sea as part of a joint defensive plan to restore confidence in the trade routes. A spokesperson from the British Ministry of Defence stated that "the?prepositioning of HMS Dragon" is part of "prudent planning". This will ensure the UK's readiness to join a multinational coalition led by France and the UK, in order to secure the Strait when the conditions permit. France and Britain are preparing a plan to ensure a safe transit through the Strait when the U.S. and Iran reach a possible end of their 10-week-old war. Plan would require coordination with Iran, and?adozen countries have expressed a willingness to?take part. The Royal 'Navy is stretched and has to retire ships before they are replaced. (Reporting and editing by Alexandra Hudson.)
-
Putin says to Fico that Russia will meet Slovakia’s energy needs
At a meeting at the Kremlin, Vladimir Putin told Robert Fico, Slovakia's Prime Minister on Saturday that Russia would do all it could to meet Slovakia’s energy needs. Slovakia is one of the few European countries that still buys?Russian oil and gas. The Druzhba Pipeline, built by the Soviets, is used to transport Russian oil into Slovakia. TurkStream is used to deliver natural gas from Russia. Fico arrived at Moscow for the celebrations to mark 'the Soviet Union’s victory over Nazi Germany during World War Two. In comments broadcast by?national television, Putin said that he would do "everything" to meet Slovakia's energy needs. Fico had chosen not to attend the Victory Parade at Moscow's Red Square. The Russian state media reported earlier that Fico would be attending the parade. Slovakia, a member of the EU, has "sought to keep political ties" with Russia. It has also argued that it is "too expensive to wean ourselves?"off Russian supplies after building their infrastructure around them. Reporting by Dmitry Antonov, Vladimir Soldatkin and Guy Faulconbridge; Editing by Aidan Lewis, Guy Faulconbridge
Where are the barrels of oil? IEA gap deepens confusion over looming glut: Bousso
The International Energy Agency (IEA) continues to predict a significant oil supply glut, but the uncertainty surrounding the location of nearly 1.5 million barrels of crude oil per day is putting this forecast into question. Since months, the oil market has been unable to find a direction. Prices have remained in a tight range as traders tried to understand starkly divergent projections of supply and demand from IEA and OPEC. The IEA has predicted a severe glut of oil this year and in the next year due to increased global production. The Paris-based agency's latest report, released on Tuesday provided an even more pessimistic outlook. It forecast a surplus in 2025 of 2,35 million barrels a day and 4 million bpd, or nearly 4%, of global demand, next year. OPEC on the other side expects that global oil supply will closely follow demand until 2026.
This difference is remarkable, as it has never been seen before in the history of the largest commodity market in the world.
Missing Barrels
On Tuesday, the murky picture of crude oil became even more muddy when the IEA reported that it had been unable to account 1,47 million bpd in its global balances. This is the equivalent of 1,4% of the annual demand. The IEA's "unaccounted balance" for July was 850,000 bpd or 370,000 bpd overall for the second-quarter.
This 1,47 million bpd number is a huge blind spot that has significant implications for global supply and demand. According to the IEA, supply exceeded demand by 2,04 million bpd during August. This means that, theoretically, oversupply can grow to 3.5 millions bpd, or even shrink to 500,000 bpd. This is a big difference which could have an impact on crude oil prices.
The IEA calculates the global oil balance using data from official government sources as well as private companies and analysts who provide figures on production, consumption and exports.
Due to the size of the oil market, it is not uncommon for forecasters' calculations to be "holes". This can be due to the delays in reporting by government agencies and the absence of certain data sets.
In fact, the IEA updates its historical data regularly. In its May monthly report, the agency revised upwards significant amounts of recent oil demand. This included increasing 2024 oil usage by 350,000 barrels per day, turning a reported surplus into a deficiency.
The sheer magnitude of missing barrels reported by the IEA in its August report should cause traders and investors to pause. This is especially true because it comes at a moment when the market has already been trying to make sense out of forecasters' wildly different projections.
Barrels that disappear
The IEA stated that the discrepancy in August "may be due to the delay of reporting data or the lack of data for non-OECD nations."
It will take some time to fully account for the missing barrels. It is reasonable to believe that the missing barrels are due in part to two factors which have confounded the crude market for the past year: the trading and stockpiling of China.
The first question is how much oil sanctioned is being traded. According to Kpler, the volume of crude oil transported by sea last week reached 1.25 billion barrels. This is the highest level since the Covid-19 Pandemic began. Oil held at sea, or "oil in water", has never been greater.
This buildup on the seas could be a precursor for a dramatic increase in storage overland - and a significant global surplus. The picture is further complicated by the fact over a quarter (25%) of the oil in the water comes from countries that are under western sanctions, namely Russia, Iran and Venezuela. The majority of oil produced by these countries is transported in so-called "shadow" fleet tankers, which evade western sanctions and often hide their location by turning off satellite transponders.
The IEA may have missed some barrels because it is difficult to track the movements of oil by sea.
CRUDE HARDING
There is also the issue of China's huge oil storage volumes.
According to the IEA's forecast, global observed inventories – oil in storage and on vessels – grew by 225,000,000 barrels from January to August, reaching the highest level for four years.
China, as the world's biggest oil importer, is clearly responsible for a large portion of the increase in inventories. Beijing, however, does not publicly disclose the size of its oil storage capacities or changes to inventories. In the absence government data, traders use secondary sources to estimate China's rapidly growing storage network. According to the IEA, Chinese crude stockpiles rose by 110,000,000 barrels between April 2025 and August 2025. This estimate is based on data provided by satellite analytics firm Kayrros.
It is possible, given the lack firm data, that China's crude stock has increased by much more, and this could account for another part the IEA missing barrels.
The IEA's mysterious missing barrels may indicate that the task of calculating production, consumption and exports in the vast global oil market will become even more difficult as geopolitics continue to obscure large portions of the market.
Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
(source: Reuters)