Latest News
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India considering Canada as potential crude oil supplier, envoy says
India is looking at Canada as a possible 'crude oil' supplier, said the High Commissioner Dinesh Patnaik on Wednesday, speaking at the Global Energy Show, in Calgary, Alberta. He added that Canada has new refineries designed to process heavy crudes, which makes Canadian grades an attractive option. Patnaik stated that officials from both countries meet regularly to discuss the?opportunities of sourcing Canadian energy. He also said that investors are still cautious about Canada's project and regulatory approval processes. This could have an impact on the pace of energy collaboration. Separately, Abu Dhabi National Oil Company'said Tuesday that it was 'exploring opportunities' in Canada’s upstream natural gas and liquefied sectors via XRG. Canada is the fourth largest crude oil producer in the world and ranks fifth for natural gas production.
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Iran War Anxiety Sends Global Container Shipping Rates Soaring
Costs of shipping goods from Asia to America have doubled since the start of the Iran War, due to a spike in fuel prices and a surge in demand by importers worried that costs will continue to rise as the conflict continues. Peter Sand, Chief Analyst at freight pricing platform Xeneta, said: "If you're looking for a way to gauge how serious you should take the energy crisis threat, then look at container shipping instead of?oil prices?because that risk is more clearly priced into the spiraling rates." This dynamic could feed into the already high inflation rate in the United States and represents a major challenge to the U.S. Administration of President Donald Trump since it began its war against Iran. U.S. Energy Sec. Chris Wright stated on Friday that in order to lower fuel prices, a solution with Iran is needed to increase oil flow through the Strait of Hormuz. According to the most recent weekly Drewry World Container Index (WCI), the off-contract spot price to send a container of 40 feet from Shanghai to Los Angeles on Thursday was $4,565, while the rate for Shanghai to New York was $5,505. Xeneta's and Drewry's Asia-to-U.S. Spot Rates are both up by almost 100% since the Iran Conflict began at the end February. However, they remain well below the $16,000 high of the COVID Pandemic that prompted a spree-buying frenzy by consumers. BUNKER SPIKE FUEL The U.S.-Israeli attacks on Iran, which have been raging for over 100 days without an end in sight - choking off the flow of oil via the Strait of Hormuz – the normal conduit for nearly?20% of world supply - are causing tensions to escalate. As a result, global oil reserves and emergency supplies are rapidly diminishing. Fuel analysts and maritime specialists warn that it may take a year to restore bunker fuel supply to normal, even if Trump can quickly seal an Iran?deal. Although there is no shortage of "bunker fuel" (a tar-like fuel found at the bottom of the barrel) used by marine vessels currently, the supply has been reduced and the fuel is being diverted to areas that are less affected by Iran's war. These disruptions, combined with some 'frontloading' by shippers, contributed to the price of this very-low sulfur?fuel oil (VLSFO), which rose to $845 on Tuesday across 20 major fueling centers since the start the Iran War, according to global marine fuel publisher Ship & Bunker. Prices were wildly different. Prices varied wildly. They were $1,211 at Fujairah in the United Arab Emirates, where ships transporting oil and fuel to the Gulf refuel. In Singapore, they were $770.50; in Rotterdam, Europe's main hub, $676; and in Los Angeles, the home of the busiest U.S. port, $918. Analysts said that bunker fuel can make up as much as 60 percent of the cost of a container vessel's voyage. Therefore, even small changes in price can cause freight rates to rise above what demand would warrant, they added. Gisele Wieddershoven of Blue Water Strategy, an energy and maritime advisory firm, said that if Hormuz is closed or only partially accessible in the second half 2026, there will be shortages, but not everywhere. Sea-Intelligence Maritime Analysis estimates that the Middle East conflict added $5.5 billion to bunker fuel costs since late February. Container carrier Hapag-Lloyd spends up to $50 million per week more just in order keep its ships moving. Some carriers, including?MSC and Maersk, have passed on some of these costs to their customers by adding emergency fuel surcharges to spot shipments. Many vessel operators are incorporating these costs into their annual contracts with customers on July 1. Steve Hughes, CEO at HCS International - a company that specializes in automotive shipping and sourcing - said, "Importers once again are?racing against the clock" to prevent higher costs. FACTORIES SQUEEZED Zac Rogers is the lead author of Logistics Managers' Index. This index provides an early indication of U.S. economic activity. He said that "there will be much less fuel used to move ships, and also less fuel needed to run factories that produce the components for filling up these ships." Collin Shaw of MEMA Original Equipment Suppliers, the president, stated that some vehicle part suppliers are frontloading raw material used to manufacture plastics and resins. In ?South and Southeast Asia, it is becoming more costly to replace the ?Middle East crude oil and liquefied-natural-gas-derived products in everything from plastic packaging to synthetic fabric. Henning Gloystein is the managing director for energy, climate, and resources at Eurasia. He said that some?factory operators may be forced to decide between closing down or losing money. He said that the "feeder ship" services, which shuttle goods from these factories to major port for global distribution, are also at risk of being reduced to conserve fuel for more lucrative shipping routes. Gloystein stated that the fuel shortage is more a result of high prices than a lack of supply. The effect is the exact same. (Reporting and editing by Rich Valdmanis, Aurora Ellis and Rich Valdmanis; Additional reporting and editing by Kale Hall and Mike Colias)
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Riyadh Air, a Saudi-backed airline, lands its maiden flight amid the Iran conflict
Saudi Arabia's Riyadh Air, a new airline in Saudi Arabia, launched its first London flight on Wednesday using its new Boeing fleet. CEO Tony Douglas played down the impact of Iran conflict saying that the startup would benefit if travellers avoided other parts of Gulf. As the aviation industry struggles to cope with the impact of war in the Middle East, and rising jet fuel prices, the state-backed carrier has launched its first service from London Heathrow using one of its Boeing 787 Dreamliners. Douglas claimed that Riyadh Air’s smaller fleet offered some protection from the crisis. Douglas said, "I am glad that I don't have a fleet 200 aircraft because it is a different challenge." When asked about launching in conflict situations, Douglas replied, "It's a little bit different." Douglas stated that the company plans to deliver its aircraft to 22 cities before March 2027. Since the start of the war in late February, air strikes have caused airport closures, and travel disruptions for airlines across the Middle East. Meanwhile, carriers elsewhere are facing consumer concerns over increasing fares and jet-fuel shortages. Riyadh Air is currently not experiencing any direct disruption. Douglas stated that the absence of airport closings in Saudi Arabia's capital city has supported demand. Some travellers view Riyadh to be a more stable destination. He said that some people may have come to believe it is a safe exit-entry point. Douglas, who led Etihad between 2018 and 2022, said that early ticket sales are encouraging, but refused to provide figures. Riyadh Air, Saudi Arabia's second national airline after Saudia, will be launched in 2023. It is owned by Saudi Arabia's Public Investment Fund. Douglas describes it as "the largest global aviation startup of modern history" with up to '72 787s, 60 A321neos, and 50 A350s ordered. The airline is a part of the plan for the oil-producing country to diversify their economy by focusing on new industries like tourism, logistics and technology. Douglas, when asked to comment on ticket sales, said that the majority of passengers are from Saudi Arabia. He added that Riyadh Air's cabins were designed to appeal to Saudi Arabia's many under-30s. Douglas stated that Riyadh Air aims to reach more than 100 destinations by 2030. Douglas said that Riyadh Air has so far announced routes to Cairo and Dubai. (Reporting and editing by Louise Heavens, Sarah Young)
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US Transport agency repeals civil rights regulation with 'disparate impacts'
The U.S. Transportation Department announced Wednesday that it will rescind a part of its civil rights regulations, which prohibits conduct that may have an unintentional "disparate impact". Donald Trump has ordered that federal agencies not enforce laws prohibiting policies and practices that have discriminatory effects that are often unintended. Sean Duffy, U.S. Transportation secretary, said that the department's regulations "prohibits only intentional discrimination and not conduct or activities which have a disparate effect", adding USDOT would not take action regarding disparate-impact liabilities. By limiting the so-called disparate-impact liability, which is commonly used in employment-related matters, the government can no longer use a tool that it has been using for years to police discrimination, including in housing, education and lending. FEDERAL DISCRIMINATION ACTS DATE BACK AS FAR AS THE CIVIL WAR The Justice Department stated on Tuesday that the Equal Employment Opportunity Commission's legal advice to prevent disparate impacts for protected groups of workers is wrong, because it only focuses?on results without regard for the employer's intention. Many federal laws prohibit discrimination on the basis of race, gender, religion, and other protected characteristics. Some date back to the decades following the Civil War. The courts had long considered discrimination an intentional act. However, this began to change with the 1964 adoption of the landmark Civil Rights Act. In a case from 1971, the U.S. Supreme Court ruled that neutral employment practices could violate Title 'VII' of the Civil Rights Act if they are disproportionately harmful to a protected group and not "demonstrably" related to performance. Some policies can have a disparate impact on women and people with disabilities. Others may require that new hires are recent graduates of college, excluding many older candidates. Trump and other critics have argued that disparate-impact liability is a legal theory that wrongly assumes discrimination when there are disparities between the outcomes of different groups. Reporting by David Shepardson, Editing by Chizu nomiyama and David Holmes
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China summons giants of state-owned construction companies over safety violations
China's National Safety Regulators summoned China Communications Construction Company, and Power Construction Corporation of China on Wednesday for what they alleged were safety failures related to two major accidents. The emergency management ministry said that negligence, falsifications and illegal subcontracting as well as cutting corners, and failures in safety management at two companies and their subsidiaries led to a road collapse in May 2024 in southern China, which killed 52 people, and a partial collapse in November 2025 of a newly built?bridge in southwest China. The statement said that "the same types of accidents hazards were found repeatedly during inspections but violated repeatedly... the lessons learned are painful." It was not possible to reach the companies for comment after regular office hours. According to a statement, regulators from the State Council, Emergency Management Ministry, Transportation?Ministry, Housing Ministry?and State-owned Asset Administrator?have said that companies must take "concrete" and forceful measures in order to "resolutely avoid and curb the occurrences of'major and extraordinarily severe disaster accidents.
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FAA: red obstruction lights needed for Trump Arch in Washington
The U.S. agency said that the proposed '250-foot (76m) tall Independence Arch of President Donald Trump would require red safety lights, but it 'would not have any impact on safety at Reagan Washington National Airport. Federal Aviation Administration will conduct an aeronautical study next in coordination with National Park Service. According to the preliminary review, Washington's arch would require red obstruction lights. The arch would be 3,000 feet from Reagan National Airport and in the main departure and approach corridor. The FAA requires that buildings over 200 feet from airports have red blinking warning lights to alert?pilots during the night. This includes the nearby Washington Monument, which is 555 feet tall. Trump wants to build the Arch in Washington, across the Potomac River near the Arlington National Cemetery. The Arch is similar to the Arc de Triomphe, but it's much bigger. It is estimated that the height of the arch with Lady Liberty and eagles on top will be 250 feet. This is higher than Lincoln Memorial, and not too far from the size of U.S. Capitol which can be seen in Washington. The Arc de Triomphe is 164 feet tall in Paris. The National Capital Planning Commission approved the project on 4 June, while asking for more information about the impact of the structure on flight paths. A lawsuit was filed to stop the project. The suit claims that allowing construction to continue would cause irreversible damage?to an historic landscape protected in the heart the capital. The lawsuit argues that Congress must approve any "major" new structure in District of Columbia on land administered by the federal government. The?Justice Department argues that Congress approved large structures on the planned site decades earlier and delegated the authority to the National Park Service for their design.
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Italy reduces its reliance on imported jet fuel amid disruptions caused by the Iran war
Senior officials from the fuel producers and airport operators in Italy said that the refineries had increased jet fuel production this year to reduce the risk of a shortage for the airline industry due to the 'Iran War. The Strait of Hormuz closure has caused global jet fuel supplies to be disrupted, which has led to higher prices and forced suppliers of cargoes to reroute their shipments. According to the head of fuel producers' union UNEM, Italy imported 50% of its?5million tons of jet fuel annually. By 2026, it will increase domestic production to 70% to meet demand. UNEM President Gianni murano stated that "in addition to its national production, Italy imports significant quantities of?jet-fuel from the United States" and Turkey. This practice has been continued. Murano stated that the increase in Italian jet-fuel production was due to higher prices. He added that the 'Iran war' had changed the pricing structure of oil products and made jet fuel more costly than gasoline or diesel. Iran's blockade on the Strait of Hormuz, which was a transit route for around 400,000 barrels of jet fuel per day, drove European prices to a record high of $200 a barrel in April. Carlo Borgomeo said that the rerouting some jet fuel imports helped the airline industry manage the disruptions caused by conflict. Borgomeo stated that Italy will not face any shortages of jet fuel for the rest of the year. Francesca Landini reported, Giulia Segrit and Keith Weir edited.
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German airshow opens in shadow of Iran War, fighter project collapse
The ILA airshow in Germany opened on Wednesday, under the shadow of the?Iran war and the failure of a flagship Franco German fighter?jet program this week. Berlin's event, which dates from 1909, showcases a large part of Europe's defense industry as companies present new technologies to governments and military purchasers. The article also highlights European manufacturers' efforts to close the gap between them and their U.S. competitors, as well as persuading governments to support them at a time when the region is ramping up its defence spending. The build-up was dominated, however, by the cancellation of the Franco-German Future Combat Air System. This project had been hailed as Europe's "most ambitious" defence project for years but was ultimately ruined by rivalry between industries. The failure of the FCAS has highlighted Europe's difficulty in building military capability at scale. The decision comes at a time when Western officials are warning of an increasing threat from Russia, and the U.S. is pressing Europe to rearm more quickly. RESHAPING ALLIANCES Three people familiar with the situation said that Airbus, who represented Germany and Spain at FCAS, is increasingly looking towards Sweden's Saab to be a preferred partner as companies jockey to reshape their industrial alliances. The?Iran War has increased the feeling of unease by exposing tensions in transatlantic relations and raising questions about NATO’s future. It also affects airlines, as more flights are being cancelled and fuel prices have risen. The show will be addressed by Chancellor Friedrich Merz on Wednesday. He has publicly questioned if a manned fighter jet of the sixth generation still makes sense for Germany’s air force. Ottmar Pfaender, MTU Aero Engines' Head of Programs, said that decisions about how to proceed must be made in the next few weeks. He added that the engine manufacturer was open to working together with other companies. Stephanie Lingemann is a senior executive with the defence startup Helsing. She said that technologies like software-driven defense systems and autonomy in war could be incorporated into what follows FCAS. She said, "There is always a chance with these kinds of endings." Walking to the Venue A380 jets from the Gulf carrier will be on display at the air show, giving Emirates President Tim Clark the opportunity to lobby the German government in favor of landing rights in Berlin. Protesters?blocked the roads leading to the venue, chanting slogans such as "Free Palestine". Witnesses reported that dozens of police officers were on the scene, and that buses couldn't reach the site, forcing hundreds?of people to walk into the venue. Some complained about the disruption. From June 10 to 14?the ILA will be hosting more than 750 exhibitor from 37 different countries. In conjunction with the opening of the new facility, Germany's Cabinet approved a 15-year strategy for aviation aimed at cutting expenses and increasing research in order to combat rising costs and increase foreign competition. (Additional reporting by Maria Rugamer. Matthias Williams is the author. (Editing by Thomas Seythal, Mark Potter and Mark Potter).
Port authority reports that Panamanian and Barbadian vessels were damaged in an attack on Ukrainian waters.
The Ukrainian Ports Authority reported on Wednesday that two vessels flying the Panamanian and Barbadian flags had been damaged by an attack while they were moving along Ukraine's Black Sea navigation corridor.
According to the authority's Telegram post, one vessel is headed towards the port of Odesa - a vital port for Ukrainian exports - with a cargo?of metal while the other was carrying grain and had already left the port.
Both vessels were operating in the navigation corridor set up by Ukrainian authorities to allow ships travel from the 'Black Sea' to Romanian ports along the 'Danube River.
Oleh Kiper said in Telegram that Russian drones were responsible for the attacks. The Russian Defence Ministry did not respond immediately to a comment request.
Ports Authority said that a fire broke out on one of the vessels, but it was quickly put out by the crew. No injuries were reported and both ships were able continue their journeys.
Kiper, writing on 'Telegram', said that the enemy continues to terrorize the?peaceful Odesa Region and tries?to disrupt?the operation of the Ukrainian marine corridor.
Kiper said that "several waves of Russian drones" had also attacked the south Odesa region and struck civilian targets as well as energy infrastructure. Bill Berkrot edited the report by Ron Popeski, Oleksandr Kozoukhar and Bill Berkrot.
(source: Reuters)