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Data shows that the number of ships passing through Strait of Hormuz on Wednesday fell to just three.
Preliminary ship tracking data on Thursday showed that the number of commodity?vessels transiting the Strait of?Hormuz dropped to three vessels?on Wednesday. This is down from?12 a?day?earlier. It's also well below the 10-day?average of 17 ships. These figures do not include any vessels who may have passed the waterway without their Automatic Identification System (AIS) transponders on to avoid detection. The data showed that at 0445 GMT, a Supramax dry-bulk?ship and a petroleum product tanker both entered the strait through the Iranian route. The data indicated that a Panamax tanker left the waterway via a dark route. The war in the Gulf has intensified, and this week vessel traffic has dropped. Saudi Arabian planes bombarded Yemen, and Houthi fighters fired drones and missiles on Saudi cities. Iran's 'rapid advance' in Yemen along the Red Sea coast, as well as 'attacks' on Saudi Arabia and damage done to the East-West oil pipe of the kingdom have widened Tehran’s influence in the conflict. This has raised the risk to global oil supply. On Wednesday, the number of vessels crossing the Bab el-Mandeb Strait in the Red Sea dropped from 24 to 21 compared to the previous day.
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Trump believes the Iran war is nearing an end as Houthi and Saudi fighting escalates
Donald Trump, the U.S. president, said that he believed an end was close to the war against Iran. The conflict has escalated in the seventh month with Saudi aircraft bombarding Yemen, and Houthi fighters firing drones and missiles on Saudi cities. Iran's Houthis have advanced rapidly in Yemen, near the Red Sea, and launched attacks against Saudi Arabia. They also damaged the East-West oil pipe in Saudi Arabia. This has extended Tehran's influence in the conflict and increased global oil supply risks. The United States has tightened their travel warnings for Saudi Arabia as the war is expanding into new theaters. Government employees are now prohibited from traveling within 30 km (20 miles) of the Yemeni border. Even so, Trump said to reporters Wednesday night, only hours after the Houthis and Saudi Arabia were fighting: "Well, we're hopefully nearing the end of this war." TRUMP SAYS IRAN WANT A DEAL; OIL PRICE STILL HIGH They want to do a deal. "We'll see what happens," he said in reference to Iran and reiterating previous comments. Trump said that he heard directly from Iran, without providing any further details. Trump has offered shifting timelines and goals for the war which began on 28 February when Israel and the U.S. attacked Iran, and Tehran hit Israel and U.S. base in Gulf states. The war in Yemen threatens to worsen global energy shortages caused by the conflict, which has affected shipping through the Strait of Hormuz. Before the conflict, the strait was responsible for about 20% of all global oil and LNG. A prolonged closure of the East-West Saudi Arabian pipeline could result in a 4% reduction of the global oil supply, say traders. Saudi Arabia hasn't said when it might resume operations. Brent crude's price hovered at $108 per barrel on Wednesday. This was close to its highest level since May. The average retail price for diesel fuel in the U.S., which is politically sensitive, has reached a new all-time high. It now exceeds $6.30 per gallon. Oil prices dropped in early Thursday trading as Saudi Arabia offered extra crude cargoes via Oman, reducing fears of supply disruptions. Brent crude futures fell $1.24 or 1.2% to $104.59 a barrel at 0049 GMT. U.S. West Texas intermediate futures were down by $1.14 or 1.1% at $101.29. Trump's Republican Party has made the rise in oil prices and gas due to the U.S./Israeli war against Iran a key issue in the run-up to the November midterm elections. AXIOS: TRUMP to meet Gulf leaders as war spreads Axios reported on late Wednesday that Trump would meet with Gulf leaders at the U.N. General Assembly to discuss next steps. The news outlet cited?sources that it did not identify to say Trump would meet with foreign ministers or leaders from the Gulf Cooperation Council: Saudi Arabia, the United Arab Emirates (UAE), Qatar, Bahrain, Kuwait, and Oman. State Department and White House declined to comment on requests. The Houthis released a video on Wednesday showing their fighters capturing armoured vehicles from Saudi-backed troops. The video showed also warplanes?flying?overhead, and huge explosions that billowed into the sky. Yahya Saree, a Houthi military spokesperson, said that the group launched new drone and missile strikes at the Saudi Red Sea oil major port of Yanbu as well as at the southern Saudi airbase Khamis Mushait. He did not specify when the attacks took place. Saree claimed that the Saudis had carried out 450 airstrikes on Yemen this week. Saudi-backed officials in southern Yemen who control the Houthi forces have admitted that their forces, along with those of Saudi Arabia, are conducting airstrikes on Houthi positions. Riyadh however has not confirmed this. Saudi Arabia leads a coalition fighting the Houthis. This has been going on since 2015. In recent years the conflict was largely calmed by a ceasefire. However, it erupted again in July when the Houthis launched a naval blockade and began firing at southern parts of the kingdom.
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Officials say 18 people were injured in Ukraine by Russian strikes
Officials on the Telegram messaging app said that Russian air strikes in the early morning hours of Thursday injured 18 people and damaged buildings in a number of locations including the Ukrainian capital of Kyiv, the Black Sea port of Odesa and other places. Vitali Klitschko, the mayor of Kyiv, said that 12 people, including two young children, had been injured in the city. He added that debris also fell near petrol stations and warehouses, as well as on apartment buildings. Witnesses reported hearing explosions earlier in Kyiv. Authorities in Odesa said that a child was among the three people injured when a '19-storey apartment block' was struck by a missile. Three others were also wounded 'in Zaporizhzhia to the south east, where a missile attack caused a fire at an industrial facility.
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Indonesian rescuers plan a righting of the capsized ship, as weather hampers the search for 129 missing persons
Indonesian rescuers will try to right the passenger ship which capsized in the Java Sea at the weekend. Strong?currents, big waves and persistent?currents prevent them from doing an underwater search of the overturned vessel for the 129 missing people. The 'Virgo -Transport 8' was carrying 243 passengers on a 20 hour voyage from Surabaya, East Java, to Banjarmasin, South Kalimantan. It capsized early Sunday morning due to bad weather. Six people were killed and 108 survived, a number that has not changed since the Sunday incident. Mohammad Syafii, chief of the national rescue agency, told a late-night press conference that the Indonesian Navy and the national rescue agency will assess the plan on Thursday to turn the ship over. This assessment will include what equipment is needed. "We will salvage the ship by turning it upside down, and then we'll conduct the search and evacuate." "Once the salvage operation is completed, the ship will then be towed away for an investigation," Syafii stated, adding that local and foreign experts were consulted. He said that turning the ship upright normally takes 24 hours. However, it may take longer if there are "complications". Syafii stated that two Navy teams began an underwater search on Wednesday but had to abandon it because the current was nearly 7 knots. He added that diving should only be done when the current is less than 1.5 knots. Galih Nurna Putra, the Navy commander in Banjarmasin said that some evidence found during the dives would be handed over to the National Transportation Safety Committee (NTSC), which is investigating the incident. Syafii reported that air and surface searches were conducted on Wednesday, but no one of the 129 missing people was found. On Thursday, similar air and surface searches will be conducted. Syafii reported that the ship capsized about 80 nautical miles (150 kilometers) from Banjarmasin Port. Since then, it has moved 450 metres (1,500 feet), and is now in water around 29 meters deep. He said that Indonesia's Maritime Law requires the owner of a ship to remove it or tow it if they disrupt shipping lanes.
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CME LIVESTOCK cattle futures drop as USDA plans to reopen the border port
Chicago Mercantile Exchange cattle futures fell sharply on Wednesday, with 'deferred feeder cow futures' falling after the U.S. Government?said that it would reopen a major port for livestock trade next Monday?that had been closed due to?New World Screwworm. ?Brooke?? Rollins, U.S. Agriculture Sec?r?tary, said on Wednesday the Department of Agriculture was preparing to reopen Santa Teresa, New Mexico port of entry near the U.S. Mexico border. The agency stated that operations would begin slowly, with a daily limit of 750 cattle. After months of closures because of concerns over the screwworm parasite, the USDA resumed the?cross-border trade in livestock with Mexico in late August. Cattle futures will also be under pressure later this week, as traders adjust positions in anticipation of the USDA Cattle on Feed Report due on Friday. The analysts surveyed expected the government to announce that there were 11.268 millions cattle in U.S. Feedlots on September 1, up 1.7% from last year. Dan Norcini, a livestock trader, said that the current market uncertainty is not just about supply but also consumer demand. Can we keep pushing high-priced meat when gas and consumer products are so expensive? Fuel prices are hitting a lot consumers hard. In the meantime, almost all futures contracts for lean hogs reached new lows on Wednesday. This continued a slump that lasted several days, despite pressure from?U.S. Hog supplies and slumping demand from consumers. But traders said that contracts ended the session with mixed results?on technical trading. Norcini stated that "Chicken is gaining in popularity at grocery stores, while pork demand is declining." "Like with beef, the focus of the market is on consumers and their?demand'." CME October lean-hog futures were down 0.0400 cents at 78.675 cents per pound, after a contract high of 78.525 cents. December hogs finished up 0.300 cents at 69.950 cents after a contract high of 69.100cents. CME December live cattle futures ended up down 3.150 cents to 220.200 cents. October cattle settled at 218,450 cents. CME October feeder beef finished at 329.650cents per pound, down 4.200cents.
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Sources say that the US Postal Service Chief told his associates that he wanted to leave.
The U.S. According to four people who are familiar with his thoughts, the head of the U.S. The people who spoke to the media said that Postmaster General David Steiner expressed frustration at the White House's and Congress' lack of support in dealing with the long-standing financial problems of the mail service. The Postal Service, which Trump had directed to act as a clearinghouse to receive mail ballots in March, was also thrust into the middle of the debate about the role of the federal government in voting. The Supreme Court blocked the agency from implementing the key elements of this plan on Monday, causing a major setback for the White House. Steiner was questioned by both Democrats and Republicans at a heated Senate hearing in June about Trump's "ballot restrictions" and Steiner's compensation. Steiner was furious after the hearing, according to people. Steiner, according to people who spoke anonymously, described his job as thankless and warned that federal assistance was needed for the agency's finances. He also said he wanted to leave. One person said, "This is not what he agreed to, and he did not come on board for him to be beaten up like this." The Postal Service denied the information from the sources and said it was "absolutely invalid," but didn't comment on any specific incidents. The agency declined to respond to Steiner's request for an interview. TRUMP ATTEMPTS ?TO INTERVENE ON MAIL-IN VOTING A bipartisan board nominated by President Obama and confirmed by Senate hires and evaluates the postmaster general. The agency's structure is designed to protect the mail service against political interference. Steiner, who was a former FedEx Board member and former Chief Executive of Waste Management, said to board members that he intended to serve approximately two years during the hiring process, according the sources. Since taking office, he's repeatedly told legislators that the Postal Service, without additional funding, would be forced into cutting delivery days and closing unprofitable offices, most of which are located in rural areas with a Republican lean. Steiner's proposal to reduce services was largely rejected by lawmakers, while mail and package companies were unhappy with the large rate increases aimed at reducing losses. Trump has, during both his terms in office, been more involved in the Postal Service compared to his predecessors. He has pressed the agency to increase parcel rates, interfered in the selection of the postmaster general, and tried to implement restrictions on mail-in votes. The agency and its leaders have been the subject of intense congressional scrutiny at times because of his involvement. The SENATE hearing puts STEINER in the spotlight Steiner argued with Committee Chair Rand Paul, a Kentucky Republican, about years of losses for the agency, and with Michigan Democrat Senator Elissa slotkin who accused Steiner being a pawn in Trump's plans restricting voting access. Steiner defended Trump's proposal. He said at the hearing, "I'd think that the states would want to know the information so that they can be sure that the ballots they believe they are sending are the actual ballots." Republican Senator Josh?Hawley from Missouri called on Steiner to reject his bonus due to the agency's problems with service. According to postal financial disclosures Steiner earned an annual salary $346,780 and received a relocation bonus in 2025 worth 50% of that salary. Four people who knew Steiner well said that it was unclear to what extent congressional inquiries into Trump's voting rules contributed to Steiner?s frustration. Steiner was said to have contemplated retiring in 2025 due to the Postal Service’s financial difficulties. The people claimed that in an effort to boost Steiner's motivation and gain White House support for Steiner’s restructuring plans at the time, Trump donors from the mailing industry organized for the postmaster to play golf with Trump at one of Trump’s Florida resorts on December 20, 2025.
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Ghana Gas CEO: $500 million gas pipeline to be decided by Ghana Gas in early 2019.
Ghana Gas, a state-owned company, plans to announce its final investment decision by the beginning of next year on a $500 million pipeline that will transport gas from the plant located in the west to the industries in the south. This project has been long discussed. Blay said, "On the sidelines the Gastech Conference" that the proposed 278-kilometre onshore West-East pipeline would allow the company to meet the growing industrial sector's demand and reduce its dependence on the West African Pipeline shared with neighbouring countries. She said that the company was trying to secure financing for the project. Ghana has been discussing the project for almost a decade as it seeks to provide cheaper and more reliable gas supplies?to industries in Tema's industrial enclave. She added that the plan was for the government take 30% of the pipeline while private companies would fund the remainder. Ghana Gas will receive more gas in 2028 from the Eni-operated Sankofa offshore project, Blay stated. The current production is 280 million standard cubic feet per day. She said that the company processes around 130 mmscfd associated gas from Tullow's operated?Jubilee oil field and TEN oil field. Blay stated that the fields have an additional?50 mmscfd?gas, which will be processed in a proposed gas-processing plant. More details cannot?be announced until lawmakers approve it. According to the company, Ghana's consumption of gas is expected to increase to 715 mmscfd in 2030 from 502 mmscfd currently. She said Ghana imports 70 million mmscfd lean gas from Nigeria. She said that the policy was to use gas as a primary fuel for power production, which would reduce the need to consume more expensive fuels.
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American Airlines warns that high fuel prices may force capacity adjustments
Robert Isom, CEO of American Airlines, said that high fuel prices may force the airline to reduce capacity despite the fact that strong demand and increased revenue have offset the cost. Isom, speaking at a Morgan Stanley Conference, said that he was "really happy" with American's forecasted revenue growth of between 16% and 19% for the third quarter. He also predicted that the majority of recent revenue gains would be durable. Comments from the airline industry highlight the pressure that is being placed on them as another increase in fuel prices will test how much the increased cost can be offset by higher revenues. American claims it has captured a significant portion of the rise so far. However, the latest spike now prompts capacity adjustments for the late fourth quarter. Isom stated that revenue growth was widespread across the domestic and international markets, as well as both premium and coach cabins. He said that 'American' had already recouped a "tremendous amount" of fuel costs through revenues. He said that the revenue growth he has seen this year is unlike anything else he's ever seen, aside from the recovery following the COVID-19 Pandemic and September 11th attacks. Fuel Spike Adds Pressure Devon May, American Airlines chief financial officer, stated that the fourth quarter fuel prices were $1 per gallon higher than the levels assumed in July when American Airlines released its guidance. This added about $1 billion to fuel costs for the airline. May stated that every 1 cent change in fuel prices changes American's costs quarterly by around $10 million. He said that the airline would continue to adjust capacity in the fourth quarter due to the rise. The most recent fuel price spike has the biggest impact on the outlook for the fourth quarter. May stated that July and August fuel prices were in line with American's assumptions for the third quarter before increasing in September. May stated that American's performance in terms of revenue, capacity, and unit costs in the third quarter was in line with what they expected. Fuel is the only variable left in their outlook. When asked if the fuel price increase would?force American's full-year guidance to be lowered?or lead to negative free cash flow, May replied that the carrier will monitor the way fuel prices settle in the coming weeks and give fourth-quarter guidance at its earnings report.
US temporarily relaxes restrictions on the working hours of fuel truck drivers
U.S. Transportation Sec. Sean Duffy'said Wednesday that the Trump administration will temporarily'relax rules on hours-of-service by truck drivers who handle?gasoline or diesel. He cited a?concern about?supply? and?cost?.
The 90-day waiver comes into effect on Wednesday. It allows drivers to work up to 16 consecutive hours in a 24-hour period, as opposed to 14 under the existing rules.
Duffy explained that the waiver was granted because disruptions in the short-term supply chains could cause delays in gasoline and diesel shipments. This could impact freight deliveries.
According to the Energy Information Administration (EIA), the US average diesel price has reached a record high of $6.29 per gallon. This is up from $3.74 just a year earlier, and comes at a time when the U.S./Israel war against Iran, and Ukraine's attack on Russian refineries are causing a shortage.
The Federal Motor Carrier Safety Administration of the?department said that it had taken the action in anticipation of the need for greater flexibility with hours-of service.
The department said that it aimed to "respond" to "global supply disruptions and anticipated increases in demand for gasoline, diesel fuels and other liquid fuels during the late summer and autumn."
It also sought to reduce the impact of rising fuel prices and availability on transport providers, agricultural harvesting and the public, as it grew.
The global diesel supply is expected to be tight because of the lack of spare refining capacity and Russia's export ban, as well as the approaching 'peak winter demand.
The waiver does not apply to motor carriers that have conditional safety ratings. However, drivers who need immediate rest are allowed ten consecutive hours of off-duty time before they can resume work.
Prior to this, such orders were routinely issued in response to natural disasters and emergencies like?wildfires or hurricanes or Winter Storms.
A national emergency order was issued in March 2020, waiving the'service requirements' for drivers of commercial vehicles transporting supplies, equipment and supplies, from masks to disinfectant, for emergency coronavirus relief.
(source: Reuters)