Two oil supertankers attempting to exit the Strait of Hormuz were struck by projectiles late Monday, maritime security consultant Marisks said, as renewed hostilities threaten a recent recovery in oil shipments through the critical waterway. The very large crude carrier Sidr, operated by Saudi Arabia’s Bahri shipping company, was hit while sailing northeast of Khasab, […]
US oil prices topped $90 a barrel for the first time since late July as fresh American strikes on Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz. West Texas Intermediate rose 5.2% on the renewed fighting. US President Donald Trump said the attacks were in retaliation for Iran trying […]
The closure of the Strait of Hormuz, through which roughly a fifth of global oil supply transits, has laid bare a vulnerability that African governments had long acknowledged regarding continental dependence on imports, which has been insufficiently addressed. •With 50 out of 54 African countries classified as net importers of refined fuel, and the African […]
Oil prices settled lower on Friday, also down for the week as traders evaluated hints about the U.S. Federal Reserve Bank’s inflation-fighting policy and rumors of a possible agreement on shipping through the Strait of Hormuz.
Saudi Aramco has offered more oil for loading outside the Strait of Hormuz in September, four sources with knowledge of the matter said on Wednesday, after the producer sold at least 4 million barrels to China this month.Shipping data indicates that Aramco has resorted to shuttling cargoes aboard tankers with their trackers switched off to […]
Washington, DC – US media reports have revealed a covert US military operation aimed at securing the passage of oil tankers through the Strait of Hormuz. This comes amid ongoing military tensions with Iran and a decline in maritime traffic in one of the world’s most important energy shipping lanes. According to Axios, US forces are managing […]
U.S. Energy Secretary Chris Wright this week said that the oil exports from the Middle East have rebounded to 15 million barrels per day (bpd) and even topped the pre-war average of 20 million bpd on Sunday.
Vessel-tracking services and commodity analysts are baffled and struggling to reconcile these numbers with their observations of tanker loadings and traffic in the region.
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.