Middle East

The government of Oman said that an oil slick covers 390 square kilometres (150 sq miles) of ocean off its coast. This is after a ship?under sanctions? and?carrying Russian petroleum sustained damage. Two maritime security sources confirmed that the crew of?Caroline?Bezengi first reported problems on June 8, off Mukalla in southern Yemen. Initial assessments suggested that an explosion occurred onboard. In its first public disclosure, Oman announced on Monday that it is working to stop the oil spillage in its waters near the Hallaniyat Islands of southern Governorate Dhofar. According to a statement by Oman's?Environment Authority, carried by Omani state...

Two Turkish officials said on Sunday that ships are moving'smoothly' through the Turkish Straits to?the Black Sea, despite increased safety concerns. Bloomberg News reported on Saturday that Ankara has restricted commercial ship traffic into the Black Sea after attacks against vessels, including Turkish-owned vessels. The Turkish government has repeatedly warned Moscow and Kyiv about the attacks on ships in the Black Sea. It has urged the warring parties to take steps to ensure navigational security in the region. Hakan Fidan, the Turkish Foreign Minister said that Ankara has urged Moscow and Kyiv to declare a moratorium on attacks in the...

Three shipping sources reported that India's Reliance Industries paid between $23 and $25 million for a charter of a "supertanker" to lift Iraqi crude. This is due to the limited number of ships in the Gulf, as well as the high cost of each voyage. Shipping traffic through the Strait of Hormuz is well below the average of between 125 and 140 vessels per day before the Iran War began in February. This puts further pressure on buyers who are trying to move their cargoes. Reliance, operator of the largest refining facility in the world, located in India's western state?Gujarat...

Four?industry?sources' said that a proposed deal between Iran & Oman, which would give Tehran control of ships entering the Gulf via the?Strait of Hormuz, is not easily attainable?due U.S. sanctions & restrictive insurance clauses for any?payments. The narrow waterway connecting the Gulf to the Indian Ocean, before U.S. and Israeli airstrikes in February unleashed a war on Iran, was the main route used by a fifth or more of the world's oil and other essential goods. The waterway was open to all vessels without any fees. The biggest obstacle to ending the conflict has been the control of the strait....

The Black Sea region is the latest strategic trade chokepoint that has been hit by an escalating conflict. The Black Sea is an important route for grain, crude oil and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the...

The Black Sea region is becoming the latest strategic 'trade chokepoint' to be affected by an escalating conflict. The Black Sea is an important route for the shipment of?grains,?crude oils and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across...

The Liberia flagged dry bulk ship Minoan Pioneer was struck by an unknown projectile Tuesday while sailing through the Strait of Hormuz. The crew abandoned the vessel, and one seafarer went missing. The projectile is said to have struck the engine room while a fire broke out in the accommodation area. The crew is fighting a?fire, and needs assistance. Meanwhile, the third engineer has been reported as'missing. The vessel's Greece based operator, Modion Maritime Management, did not respond immediately to a request for comment. One of the maritime safety sources confirmed that a'salvage operation' had been launched and a tugboat...

According to satellite images and shipping experts, a sanctions-hit oil tanker has been leaking oil near the coast of Oman. The spill has increased in recent days and is increasing concern about possible environmental damage. Ship tracking data indicates that the Caroline Bezengi stowed Russian oil at its Black Sea port, Novorossiysk, before departing for its latest voyage. Two maritime security sources confirmed that the ship first reported problems on June 8, off the southern Yemeni Port of Mukalla. They added that preliminary assessments suggested that an explosion had occurred onboard. Satellite image taken on July 28 shows that there...

Saudi Arabian state oil producer Saudi Aramco raised its official prices for liquefied petroleum gas by between 6% and 7% in August, traders reported on Friday. This was due to a higher demand for the product on global markets. Algeria's Sonatrach raised LPG prices between 19% and 23 % for August, according to traders. Saudi Aramco’s August OSPs have increased by $40 per metric tonne to $620. For propane, the price has increased by $40 per ton up to $640. Butane is a good alternative. LPG comes in two types: Propane (also known as butane) and propane. Both have different...

The stock markets of the United Arab Emirates closed higher on Friday. Abu Dhabi led the gains, as a strong corporate earnings boosted investor confidence. Abu Dhabi's benchmark index? jumped 0.4% in the second session of gains. Alpha Dhabi Holding rose 1.5% before its earnings announcement later that day. Adnoc Drilling gained 1.2% after it reported a 2% increase in net profit for Q2 to $359 Million, surpassing analyst estimates. Joseph Dahrieh said that despite external pressures the UAE stock market could continue to be resilient. Dubai's main index rose?0.1%, thanks to a rise of 1% in the Salik Company,...

The Egyptian cabinet confirmed on Thursday that a 'drone' was responsible for the fire which engulfed the two gas ships at Egypt’s Mediterranean port of Damietta. This is the first confirmation that the blaze that broke out a day before was not an accident. The cabinet said that no party had claimed responsibility and authorities continued their investigations, taking the?necessary steps to protect Egypt's security. Ambrey, a British maritime security company, said that on Wednesday a "drone" had struck a U.S. owned gas storage tanker in the port. This was an initial assessment which raised concerns over a possible 'further...

Ambrey, a British maritime security company, said that a drone had hit a U.S. owned gas storage tanker in Egypt's Mediterranean port of Damietta. This was an initial assessment, which could indicate a new outbreak of conflict throughout the Middle East. Egypt's petroleum minister confirmed that there was a fire in the port, but did not mention a drone strike and did provide no explanation for the incident. Inchcape, a port services company, said in an unrelated message that two gas tanks had caught fire at Damietta. Three sources who were familiar with the incident confirmed that a drone struck...

After reporting the third drone attack on oil assets in the city, Libya's National Oil Corporation said it would declare force majeure and stop operations at the Zawiya Refinery if the attacks continued. NOC reported that the drone's latest attack targeted an oil mixing and filling facility operated by Zawiya Oil Refining Company. It fell near the main oil tank of the company and the pipeline network which is used to produce "oils" for the domestic market. There were no reported injuries or damage to property. Authorities did not immediately claim responsibility for the attacks and have not revealed who...

Ship-tracking data revealed that U.S. imports of Middle Eastern oil are expected to reach 600,000 barrels a day in August. This is the highest level since the Iran War began. A 'brief opening of the Strait of Hormuz, and the rerouting of?Saudi crude through the Suez Canal, pushed barrels towards American ports. A dozen ships carrying Middle Eastern crude headed for U.S. port after a memorandum signed between the U.S.A. and Iran on June allowed vessels to leave the maritime chokepoint. Cargoes that travel through the Suez Canal from the Red Sea port in Saudi Arabia, Yanbu, to the United...

Six supertankers flying the Saudi flag have altered course in recent days in 'the Gulf of Aden,' and are now heading south to afria. This is in response to 'threats made by Yemen Houthi to target Saudi shipping. According to AIS tracking on LSEG/MarineTraffic, the tankers were in formation, heading towards southern Africa after having returned from Asia with no cargo. They did not transit the southern Red Sea through the Bab el-Mandeb 'chokepoint. Ship tracking revealed that one of the tankers, "Dilam", had Gibraltar on its itinerary. Bahri, the Saudi vessel's operator, and other Saudi officials have not responded...

Calculations showed that the average daily natural gas supply to Europe by Russian energy giant Gazprom via TurkStream's undersea pipe fell 5.2% compared to a year earlier, falling from 48.8 million cubic meters in July. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine did not extend the five-year transit agreement with Moscow that expired in January of 2025. According to calculations based on data from the European Gas Transmission Group Entsog, total Russian gas supplies via TurkStream were?at 1,51 billion cubic metres in July last year. This is down from 1,59 bcm. The...

Iraq is planning to sign a?agreement for a year to continue Iraqi crude?flows?through?the Turkish?port of Ceyhan. This was announced by the oil ministry, according to Iraqi News Agency. The agreement would renew a 'decades long bilateral arrangement which expired on Monday, which allowed the operation of Baghdad’s 'only working export pipeline, the Iraq Turkey Pipeline (ITP). Salim al Rikabi, INA's spokesman, said that Iraq's Oil Minister is visiting Turkey on Saturday to sign an agreement providing for a daily capacity of 750,000 barallons. The extension will give time to negotiate a comprehensive agreement. The Turkish government wants the pipeline with...

The drone attack that damaged two gas tanks in?Egyptian water has raised energy security concerns over the nearby Suez Canal, and a pipeline related to it. This is a vital route for Saudi Arabian crude oil exports since the beginning of the Iran War. While Iran and its Houthi-allied allies fired on oil tankers passing through the Strait of Hormuz, and Bab el-Mandeb in Egypt, Egypt's Suez Canal, and Sumed pipeline, continued to provide a?safe, Northbound export route for Saudi Red Sea Energy cargoes. Although no one has publicly claimed responsibility for the attack on Wednesday against the tankers in...

Two Turkish sources have said that the flow of crude oil from northern Iraq to Turkey's Ceyhan Port is expected to continue, as both countries negotiate a deal to allow the pipeline to run for another 12 months. An agreement that spanned decades expired on Monday. Iraq and Turkey, contrary to expectations, did not sign a 12-month extension on Tuesday during Prime Minister Ali al-Zaidi’s visit with President Tayyip Erdoan in Ankara. One of the Turkish officials said that the Iraq-Turkey Pipeline (ITP), Baghdad’s only export pipeline in operation, would continue to operate as long as both sides continued their...

According to an advisory dated July 29, London's'marine insurance' market has expanded 'the area it deems as high risk' in the Red Sea after attacks by Yemen's Houthi group on ships. However, Egyptian waters have been excluded. The Joint War Committee, made up of members from the London Insurance Company?Market and syndicate members, has a significant influence on insurance premiums. The advisory stated that the?high risk zone has been extended to include more of the coast along the Red Sea, adjacent to Saudi Arabian port cities. It also reaches as close as the Saudi port city of Jizan. The Iran-aligned...

Two people who are familiar with the discussions said that Saudi Arabia is looking to form an international coalition in order to protect ships from Houthi attacks on the Red Sea. Sources said that the composition of the coalition is still being finalised. It's also currently being discussed with dozens of other countries. The Saudi Center for International Communication didn't immediately respond to an inquiry for comment. The Iran-aligned Houthis announced on July 20 that they would impose "a naval blockade" on Saudi Arabia at the Red Sea in response to what they called a Saudi siege against Yemen. Riyadh...

Regional sources familiar with the matter said that Yemen's Houthi militia is considering charging fees to commercial ships navigating through the southern Red Sea a week after announcing a naval blockade against Saudi Arabia. The Iran-aligned Houthis declared a maritime boycott against Saudi Arabia on July 20th, opening up a "new" front against the U.S. Sources said that the Houthis are considering imposing fees for most traffic passing through the Bab el-Mandeb narrow gateway which connects the southern Red Sea to the Gulf of Aden. At this point, no timeframe for implementation was provided. The media office of the Houthis...

After he met with Iraqi Prime Minister Ali al-Zaidi, President Tayyip 'Erdogan' said on Tuesday that Turkey wanted to sign a comprehensive deal for energy cooperation as soon as possible. Erdogan, speaking at a press conference held after a signing event that was expected to include a deal keeping the Kirkuk-Ceyhan oil pipeline open 'for another year', said the state-owned Turkish oil and gas firm TPAO - would operate the Kirkuk oilfield currently used by BP. The deal to extend a decades-old agreement that governs the exports via the?pipeline, and which officially expired on Monday, was not signed by the...

Brookfield, a global investment firm, announced on Monday that it had raised $2 billion in private equity funds from strategic anchor investors including Saudi Arabia’s sovereign wealth fund. The fund will invest in Saudi Arabian companies and other Middle East firms. The Brookfield Middle East Partners fund (BMEP) aims to allocate half of its investments in Saudi Arabia. Brookfield, with a portfolio of?more than 1 trillion dollars, will contribute $500 million. Private equity firms from around the world have increased their investments in the Gulf region in recent years. They are attracted to the proximity of some of the largest...