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New Delhi warns shipowners against using Indian seafarers along the Hormuz route
India has instructed shipowners, managers and recruitment agencies not to use seafarers from the country on vessels traveling through 'the Strait of Hormuz'. This is due to renewed fighting in the region. According to data from the government, India is third in the world for seafarers. More than 300,000 sailors work across global shipping fleets. In an order late Wednesday, the Directorate General of Shipping stated that "no Indian seafarers will be deployed on vessels undertaking voyages involving passages through the Strait of Hormuz." In the last three days two Indian seafarers were killed as tensions in the Middle East escalated. The shipping regulator stated that recent?attacks against vessels have "significantly" increased the risk faced by seafarers, and commercial ships operating within the conflict-affected region. The order stated that "in view of the increased security situation in the Persian Gulf Region... the Directorate considers it necessary to take enhanced precautionary measures in order to safeguard the interests" of Indian seafarers who are serving on ships in the region. The 'Directory also directed the masters of vessels to be vigilant in regard to the'security situation of the Persian Gulf,?Strait of Hormuz, and adjacent waters and called for continuous monitoring of navigational warnings. New Delhi also "lodged" a strong protest with Iran by summoning the deputy ambassador for one of Tuesday's deaths. Reporting by Nidhi verma, Writing by Hritam mukherjee, Editing by Edwina gibbs
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Maguire: Europe's next energy crisis is right in front of us.
The energy traders of Europe have been glued to Gulf maps in recent weeks. The Rhine should be on their radar. The renewed 'confrontation' between Washington and Tehran is pushing oil prices up and reviving fears about the safety of shipping through Strait of Hormuz. But there is another threat that is much closer to home. The water levels in key inland shipping gauges, including Cologne and Kaub (on the Rhine) and Budapest (on the Danube), have dropped to a level that is rarely seen except during major droughts. This has forced barges and their cargo loads to be reduced and increased transport costs. Low rivers can be an inconvenience on their own. When combined with the rising geopolitical tensions of the Middle East they become more dangerous. KEY TRADE ROUTES The rivers of Europe are the secret arteries that run through its energy system. Fuel imported via Rotterdam and Amsterdam must still be transported inland to refineries and chemical plants, as well as industrial consumers. Every ton of coal or diesel, gasoline, chemicals, biofuel, or other fuels that is not transported by barge requires additional vessels, higher rates, and longer delivery time. While renewed U.S. Iran hostilities threaten oil flow through Hormuz once again and drive energy prices higher, Europe's shrinking waters risk turning an external shock into a much broader logistic crisis. The timing of this attack could not be worse. The Rhine is the most important commercial waterway in Europe. The Rhine is used by the German industry to transport around?200 millions of tons of goods each year, including fuels and industrial materials. Water levels at Kaub, the most critical bottleneck on the river, have fallen to an exceptionally low level for July. This has forced vessels to sail partially loaded. Depending on the vessel type and route, some operators have reported freight reductions up to 80%. The Danube also tells a story. Budapest's water levels are now at lows that are more often associated with droughts in the late summer. Shipping companies report that vessels are operating at a fraction of their normal capacity. Freight surcharges have also risen as operators try to compensate for the reduced cargo volume. Stress Test The European energy system is increasingly dependent on flexibility in logistics. After the loss of Russian pipeline gas to Europe, Europe rebuilt energy security by importing LNG, oil products, and alternative fuels via seaborne imports. As long as the cargoes can reach European ports, the markets will be adequately supplied. Ports are just the beginning. The Rhine links Germany's industrial heartland with North Sea import terminals. The Rhine is a major transport route for coal for power plants, chemical feedstocks and petroleum products for inland consumers. When river levels collapse, cargo is shifted to rail and trucking systems that are already congested and expensive. It is not always a shortage. It is more often a dramatic rise in the cost of delivery that directly affects energy and industrial costs. MOUNTING FEES Economic damage is not a theoretical concept. In previous Rhine droughts (notably in 2018), Germany suffered measurable industrial disruptions and losses of output. This episode taught us that river levels are macroeconomic variables. When barges are not moving efficiently, industrial production, fuel distribution, and profitability all suffer. Add the Middle East to your list. The Strait of Hormuz is the world's largest oil transit chokepoint. Oil prices have already risen due to attacks on ships, military strikes and increasing threats. Concerns about tanker movements are also back. The increased risk of a total closure will increase insurance, freight, and commodity costs. The interaction of these two risks poses a danger to Europe. Oil prices are usually absorbed. Usually, temporary shipping disruptions can be managed. Low river levels are usually manageable. When all three occur simultaneously, however, the system is significantly less resilient. European refiners could face higher crude prices?because there are tensions in the Gulf, while distributors struggle to move fuels into the inland due to restricted barge traffic. Chemical producers may face rising feedstock costs at the same time as logistics costs rise. Utility companies may find that alternative fuels are readily available in ports, but are more difficult and expensive to transport to the places where they are required. Each problem reinforces each other. The energy supply chain in Europe is beginning to look like a funnel. RISK STACK INTERTWINED Ironically, policymakers are increasingly separating climate change from geopolitics and recommending separate solutions. Recent events indicate that they are becoming deeply intertwined. Heatwaves and dry conditions are not only lowering Europe's river levels, but also increasing electricity demand. This puts pressure on the energy infrastructure. Geopolitical conflict has also reduced the margin of error in global fuel markets. What appears to be a weather issue in Germany could quickly turn into an energy security concern across Europe. It is important that traders pay attention to the river gauges in Kaub and Budapest, as well as to the missile launches taking place in the Gulf. The other measures the risk of geopolitical conflict. One measures geopolitical risk. For decades, Europe’s energy security was shaped primarily by tankers, pipelines and diplomacy. It may increasingly be shaped by rain. As rivers shrink and conflicts increase, the continent learns an uncomfortable truth. Sometimes the most dangerous energy chokepoints are not halfway across the world but right in your backyard. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Bousso: The oil fortress of China will change the global order.
China surprised the oil industry during the Iran War, using powerful levers in order to protect itself from the largest energy shock for decades. It established itself as an independent, opaque and massive force on the global energy market. China's efforts to counter the "energy supply shock" -- a sharp cut in crude imports, a restriction on exports of refined fuels, and a reliance on its domestic stocks -- culminated ten years of campaigning to reduce China's heavy reliance on foreign energy supplies. This gives a glimpse of how future crises might unfold. China's assertive policy, despite the lack of transparency surrounding many Beijing's policies, points to a future where energy market blind spots could be more important than visible data. It also suggests we may be entering a new era where China's energy dynamic is a weapon, both offensive and defensive - rather than a vulnerability. DIAL UP or DIAL DOWN China was insulated from the price volatility following the war in Iran that began on February 28. Brent crude soared from $72 to $118 a barrel in late March after the Strait of Hormuz was effectively closed. By early July, it had returned to its pre-war level. In recent days, the global benchmark rose again as U.S. - Iran strikes increased. Beijing stopped purchasing as prices increased. Customs data revealed that June deliveries fell by more than 41% compared to a year ago, reaching 7.12 million barrels a day (bpd), their lowest level since Oct. 2016. This continued a steep decline in May. The magnitude of the slowdown that caught many analysts and traders off guard was a crucial factor in allowing the global economy absorb the loss of more than 13 million barrels per day of Middle Eastern exports. This shift was particularly striking, given China's significance to the world oil markets. In 2025, China imported an unprecedented 11,55 million barrels per day (bpd), roughly two thirds of its total oil consumption and 16 percent of the global demand. This dependence made China highly vulnerable to disruptions in Gulf supply. Beijing was well-prepared for the crisis. China's 4,4% increase in crude oil imports was largely due to an aggressive stockpiling program that resulted in an estimated 1.3 to 1.5 billion barrels of crude in storage. This is equivalent to over 100 days worth of imports. However, reducing?imports is only one part of the strategy. China suspended the export of refined products in March to ensure that its domestic market is well-supplied. The controversial move concerned Asian countries such as?Australia and the Philippines who were already struggling with acute fuel shortages. Beijing will export around 800,000 barrels per day of fuels by 2025. This is about 12% of Asian refined oil imports. In July, the government eased some of its restrictions to relieve Asia's fuel markets. The episode showed how quickly Beijing could tighten supply if conditions worsened again. OIL FORTRESS MINDSET What is China's strongest line of defense -- its huge oil stockpile -- was only deployed sparingly, suggesting Beijing has considerable dry powder. Beijing does not provide official data about inventory levels and movements. Traders and policymakers must rely on indirect indicators to get a picture. Calculations based on crude exports and domestic production less refinery throughput suggest that inventories declined between April and July by a modest rate of 500 000 to 1 million barrels per day. Beijing reduced refining instead, which led to a limited inventory draw. The June throughput, at 12.5 million?bpd was 18% lower than a year ago. This is the lowest since March 2020 when COVID-19 reached its peak. China's capacity to release stocks on a larger scale remains untested. The Hormuz Crisis showed that Beijing has a tool to radically alter the global oil balance. Beijing has also steadily decreased its dependence on oil imports, by increasing domestic production. This reached a record of 4.3 million bpd in last year. Electric vehicles are reducing demand and reducing its strategic importance. These trends, taken together, suggest that China's position in the global energy system is changing. PRICE TAKER TO PRICES MAKER China has been viewed as the largest oil consumer in the world for decades. Its consumption was heavily influenced by global conditions. Iran's crisis proved that it could also affect those conditions. China's ability to quickly adjust imports and exports, up or down, effectively transforms it into a price maker. This role is traditionally associated with major producers like OPEC, Russia, and more recently the U.S. Oil is not the only issue. China has shown that it is less dependent on international energy markets by demonstrating its ability to withstand a major shock in the supply of fuel while reshaping global and regional fuel flows. This marks a significant break from the deep interdependence of energy that characterized the last two decades. This resilience is obvious for Beijing but a less dependent energy relationship creates new frictions. China's ability to withstand global shocks, and influence market balances in its own way, could lead to tensions with the U.S. The greatest impact of the Iran 'war may not have been the chaos it caused, but rather the fact that China has the ability to handle such shocks on its own. This could have a profound impact on the global oil markets, as well as the balance of power in the world. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. 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Russia claims to have struck military targets in Kyiv and Ukrainian ports
The Russian defence ministry announced on Thursday that it had struck military and industrial facilities in Kyiv and infrastructure in Odesa, Pivdennyi, and Odesa ports as well as a vessel. Moscow and Kyiv both intensified their attacks against key economic targets. Ukrainian forces have targeted Russian energy infrastructure including oil tankers. Meanwhile, Russia has intensified attacks on Black Sea ports over the past few weeks. Officials in Ukraine said that Russian missiles?hit at least two districts?in the Ukrainian capital of Kyiv?early on Thursday morning, causing fires and killing 2 people. The Russian defence ministry has said that it struck Ukrainian military and industrial sites in Kyiv, which were involved in the production and storage medium- and longer-range drones. The government also stated that it was targeting infrastructure facilities in the ports of Odesa and Pivdennyi which are used for receiving, storing and handling military cargoes and fuel. The Russian Defence Ministry said that a maritime?vessel as well as a high-speed?boat belonging to Ukrainian armed forces were also hit?while on their way?to the ports of the Odesa area.
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Sales of UAE's Fujairah bunkers in the first half of 2026 plummet amid US/Iran war
The U.S. - Iran 'war' has affected supplies at the?key Middle Eastern ship fuelling hub near the Strait of Hormuz. Fujairah has lost its lead as the top bunkering hub in the world. China's Zhoushan Port is now poised to overtake Fujairah this year, as the third largest hub in the world. According to S&P Global's data on the Fujairah Oil Industry Zone, marine fuel sales in Fujairah for the first half 2026 were about 1.63 metric?tons (10.40 million barrels), down 55% compared to the?first halves of 2025. Volumes continued to decline, reaching a new low of 86,000 tons in June. Sales of low-sulphur fuels for marine vessels, which include both residual fuels and gasoline, accounted for 51% of the total volume in June, while sales high-sulphur fuels for marine vessels accounted 49%. The first drop in sales occurred in March, after the war began at the end February. Infrastructure was also attacked, causing loading operations to be hampered. Fujairah imports fuel oil from Middle Eastern countries such as Iran and Russia. The majority of Middle?Eastern exports usually leave via the Strait. Fuel oil from Russia has also been declining month-on-month since 2026, as Ukraine intensified its attacks on Russian refineries. The reduced supplies tightened the market in 'Fujairah. The market was replenished in early July following a'short-lived U.S.Iran ceasefire. However, sources on the market said that despite the return of hostilities, supply streams were uncertain. Fujairah Oil Industry Zone statistics showed that the remaining?fuel oil inventory at Fujairah rose to above 7.3 millions barrels (1.2million?tons) during the week ending July 6. This was the highest level since early March. Stockpiles have decreased again slightly this week. (Reporting and editing by Harikrishnan Nair; Jeslyn Leerh)
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Texas is hit by a flash flood a year after the Camp Mystic disaster
On Wednesday, a flash flood 'watch' was issued across a large area of Texas as heavy rains turned rivers into raging torrents that could be life-threatening and wiped out over 100 roads. This led to the rescue of dozens of people who were stranded. According to Texas Governor George Abbott the Nueces River Basin was the hardest hit area. It runs from a plateau north of San Antonio down through flood-prone Texas Hill Country regions devastated by flooding in 2025. Last year's flooding disaster claimed the lives of almost 140 people, 27 of whom were children. They died at Camp Mystic, which is located along the Guadalupe River. Both watersheds are draining into the Gulf of Mexico. Abbott told reporters in a late afternoon news briefing that no deaths had been reported. He urged residents to pay attention to flood warnings. The governor warned that there would be rising waters for the next 24-48 hours. He also said more than 75 people, mostly stranded drivers, had been rescued. "We're dealing with a flood that will likely break records in Texas history." Local media footage showed vehicles and roads submerged in deep currents muddy water. A state transportation official stated that at least 114 streets, highways and other public areas were washed away by the downpours on Wednesday. "LIFE-THREATENING RAINSPLASH EVENT" Abbott issued on Tuesday a disaster designation for 59 counties, covering roughly one-fourth of Texas. He activated emergency response plans, and 1300 personnel from 30+ agencies. Abbott announced that a flood?watch had been posted for the majority of the region and a flash-flooding emergency was in place for Kendall County which is adjacent to San Antonio. State emergency management chief W. said, "This is a potentially life-threatening rain event." Nim Kidd, the state's emergency management chief, told reporters that meteorologists reported rain rates up to 7.6 cm (3 inches) per hour. Abbott stated that the showers which began on Monday dumped up to 15 inches of rainfall on the flood-stricken area by Wednesday. Another 10 to 15 inch rain is expected to fall through Thursday morning. Texas wasn't the only state to be threatened by torrential rainfall and high water. Due to heavy monsoonal rains that have swept the region, the National Weather Service has issued a flash flooding watch for Thursday in much of central Arizona and southern Arizona. This includes Prescott, Phoenix, Tucson, and the border with Mexico. Similar advisories were issued for scenic canyon areas in southern Utah. Weather service: The Southwest was hit by heavy rains, flooding, and a heat wave that brought sweltering and humid weather.
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US Aviation Industry urges Congress to allocate $20 billion for air-traffic control upgrades
The U.S. aviation sector asked Congress to allocate $20 billion on Wednesday to complete a massive project to modernize America’s aging air traffic control system and reduce systemic flight disruptions. A coalition of aviation companies, including airlines, aircraft manufacturers, airports and unions, said that $20 billion was needed to upgrade or replace hundreds of old air traffic control systems, to deploy the latest technologies for controllers, and to develop advanced tools to manage airspace traffic to improve safety. The Congress allocated $12.5 billion for the project of replacing outdated technology and increasing staffing in air traffic control towers. The new spending will be largely devoted to developing new software which could make air travel more efficient. The letter signed by Boeing and Airbus as well as Airlines for America, U.S. Travel Association (USTA), Air 'Pilots Association (Air?Pilots Association) and many others stated that "Our nation’s aviation system is an important national asset but is under increasing pressure." Sean Duffy, U.S. Transportation secretary, told Congress in April that he wanted $10 billion to fund the next phase. The U.S. Department of Transportation had initially requested $19 billion. Duffy said that he would like to receive the remaining funds later. Jerry Moran, a Republican senator from Texas, said that Congress may give more funding to the project later in this year. FAA air traffic system was hit by several failures. These included serious outages at Newark Airport last year. Initial $12.5 billion was a result of decades of complaints about airport congestion, flight delays and aging technology. In a report from 2023, it was stated that the FAA’s communication system had been outdated for several years and they could no longer obtain spare parts for some systems. A separate report stated that 51 of the FAA’s 138 air traffic control telecoms systems were not sustainable. By the end of 2028 airports would have 5,000 high-speed network connection on fiber, wireless and satellite, 27,000 radios, and 612 radars. Reporting by David Shepardson, Editing by Chris Reese & Nia Williams
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US strikes Iran once again as Tehran warns about 'existential warfare' with America
After reimposing its naval blockade, the U.S. attacked Iran's missile and coastal defense sites on Wednesday, while Iran threatened more regional energy exports by saying that it was in an "existential war" with America. This latest escalation is coming days after the collapse of a fragile truce, which raised the possibility of full-scale conflict, although analysts see it as less likely. Since Iran announced late Saturday that it had closed Strait of Hormuz, hostilities have increased. The military operations have also prevented ships from passing through the crucial artery that carried about a quarter of the world's oil and gas before the war. Brent crude oil closed Wednesday at an all-time high of $84.95 per barrel, a month's highest price. U.S. Central Command reported that the military attacked coastal defense systems, cruise missile storage sites and launchers on Iran's Greater Tunb Island at around 6 am EDT (10:00 GMT) and completed the wave within 90 minutes. Central Command announced a second round of strikes nine hours later. The strikes target Iranian military capabilities used to threaten vessels freely traversing the Strait of Hormuz - an international waterway crucial to global commerce. Central Command stated on X that the U.S. Military is holding Iran responsible at the direction of Commander in Chief. Three U.S. official?reported that U.S. attacks aimed at forcing the strait open are also targeting Iranian capabilities which the U.S. wants to destroy before it executes more complex operations. Iran's Mehr News Agency reported that four locations in the vicinity of Ahvaz, near the northern end of Persian Gulf and Bandar Abbas - Iran's main port city along the Strait of Hormuz - were attacked following the latest round of attacks. Mehr reported that no casualties were reported in either case. Iran's Tasnim reported that explosions could be heard in Konarak, which is located at the southern tip of Iran along the Gulf of Oman. IRIB, the Iranian state broadcaster, reported that the U.S. attack occurred near a Ahvaz hospital which houses a pediatric center. This forced the temporary evacuation of the hospital. IRIB reported that families have gathered in the streets around the hospital to take care of their children. IRIB said that families had come out to the streets around the hospital to care for their children. Qalibaf stated that "we are in a war of essential and existence with America." The war has caused thousands of deaths and millions of displacements, mostly in Iran and Lebanon where the conflict between Israel and Iran's militant group Hezbollah re-emerged. TRUMP SAYS IRAN WANT TO SETTLE Trump struck an ebullient note, as has been his custom since the U.S. & Israel began hostilities in February 28. He said, "We will have Iran defeated very soon." They will be defeated very shortly. Trump said that the Iranians wanted to "settle" so badly at a roundtable at the Pennsylvania Defense Innovation Summit. "They don’t like what we’re doing and they want to settle." Trump said that we'll see if we can settle with them or if we need to finish the deal. Trump claimed that U.S. negotiators were in contact with Iranian counterparts on Tuesday to urge them to "make a deal." IRAN THREATENS OTHER SHIPMENT ROUTES Iran is trying to establish permanent control of shipping in the Strait of Hormuz, and to charge fees to vessels that pass through it. This would represent a "major shift" in the power balance in a part of the world where the U.S. was long the guarantor of safety. The Islamic Revolutionary Guard Corps announced on Wednesday that it had attacked U.S. military sites in the region including Bahrain, Kuwait, and Jordan. Kuwait reported that its armed forces had intercepted four missiles and twenty drones fired by Iran on Wednesday. However, no injuries or damage was reported. CEASEFIRE DEAL FAILS An interim ceasefire agreement signed last month was supposed to lead to future negotiations, including Iran's Nuclear Program, and a permanent truce. However, a return to discussions has stalled. Tasnim News Agency quoted Esmaeil baghaei, a spokesperson for the Iranian Foreign Ministry as saying: "We do not have any plans to negotiate at this time and we are focused on our defense." Qalibaf is the speaker of Iran's Parliament and said, if Iran did not gain from its Memorandum of Understanding with the U.S. "we would have no reason to adhere to this understanding." Qalibaf stated that Iran has never been a fan of war, but must be prepared to fight to the bitter end to protect its national security and interests. Qalibaf said Iran should also use "the instruments of diplomacy, and negotiation," adding that choosing war or negotiation as the only course of action is deemed illogical. (Additional reporting from Jarrett Renshaw, Carlisle, Pennsylvania; Muhammad Al Gebaly, Cairo; Writing and editing by Aidan Lewis and William Maclean; David Brunnstrom, Daniel Trotta, Alexandra Hudson and Ros Russell; Sanjeev Milglani, David Gaffen and Alexandra Hudson)
Search called off after one confirmed dead and three suspected dead in capsized boat found in San Francisco Bay
The U.S. Coast Guard called off their'search for missing people from a triple-deck pontoon that capsized in San Francisco Bay?a day earlier.
According to officials from the Coast Guard and San Francisco Fire Department, a pleasure boat with 20 people on board rolled and sank Tuesday near Alcatraz Island after being hit by a large sea.
Good Samaritans on other boats nearby, including a couple fishermen, rushed onto the scene to rescue many of the people clinging to a sinking boat's side before emergency response teams arrived.
Officials said that one victim was confirmed to be dead on the scene, and divers, other rescue personnel, and the Coast Guard and Fire Department launched a search of three missing passengers.
The Coast Guard announced that it would stop the search for survivors in the frigid water at sunset on Wednesday.
Authorities have not formally identified the victims. However, local CBS-owned television station KPIX-TV reported that the brother of the boat captain was pronounced dead. The three other people were the sister, sister-in-law, and friend of the captain.
On Wednesday, a Coast Guard official informed reporters that some passengers were below deck when the vessel was struck by a wave and overturned. This likely trapped some people in the sinking vessel.
(source: Reuters)