Oil loadings by Saudi Arabia and other major producers inside the Persian Gulf remained subdued as recent attacks continue to deter shipowners from traversing the Strait of Hormuz. No large tankers have been seen berthed at the kingdom’s top Persian Gulf installations since July 12, according to satellite images from the European Union’s Sentinel-1 orbiter. […]
Lebanon has proposed serving as a Mediterranean transit corridor for Iraqi crude oil as both countries explore alternative export routes to reduce Iraq’s dependence on the Strait of Hormuz following disruptions caused by regional conflict
The government is planning to expand its financial support to Japanese companies investing in pipeline projects overseas including the Middle East, as part of efforts to strengthen alternative oil and gas transportation routes in the Gulf region to bypass the Strait of Hormuz.
India is on track to export the highest volume of refined petroleum products in months as refining margins have jumped with the re-escalation of the Middle East conflict.
Brent oil advanced to the highest since early June as traders weighed threats to maritime traffic that span from the Strait of Hormuz and the Red Sea to a key Kazakh export terminal on Russia’s coast. The global benchmark rose 2% to settle around $91 a barrel as the US conducted a 10th straight day […]
The International Energy Agency (IEA) said escalating hostilities affecting the Strait of Hormuz and regional energy infrastructure continue to raise concerns about global energy security, but alternative supply routes, higher exports from producers outside the Gulf and coordinated emergency stock releases have helped keep crude markets supplied. In a statement Tuesday, IEA Executive Director Fatih Birol said the conflict […]
The Iranian Revolutionary Guard Corps (IRGC) announced on Sunday that two ships were involved in an incident in the Strait of Hormuz, while two others turned back from crossing after warnings were issued to them. The IRGC asserted that not a single drop of oil, gas, or chemical fertilizer will pass through the Strait of Hormuz without permittance.
With Middle East tensions starting to flare up again, experts have warned that tolls in the Strait of Hormuz look more of a certainty. Some concern has been raised about the impact this could have on international oil prices.
Oil prices remained elevated Tuesday after President Donald Trump abandoned plans to impose a 20% transit fee on cargo moving through the Strait of Hormuz, while the U.S. intensified pressure on Iran by resuming its shipping blockade and launching a new round of military strikes.
Oil prices jumped by 4% in Asian trade on Monday, following a weekend of intense U.S. strikes on Iran, claims from Iran that the Strait of Hormuz is closed to traffic once again, and Iranian strikes on five U.S. allies in the region. Brent Crude futures surged by 4% to top $79 per barrel in Asian […]