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 […]
Oil and LNG tankers are back to switching off transponders when transiting the Strait of Hormuz as the latest escalation in the region and last week’s Iranian attacks on commercial ships prompted vessel operators to brave the chokepoint unobserved. Total tanker traffic collapsed on Sunday to just six vessels managing to clear the Strait of […]
The United States launched a third round of strikes on Iran this week as Tehran declared it was closing the Strait of Hormuz “until further notice,” sharply escalating tensions around one of the world’s most critical energy chokepoints. U.S. Central Command (CENTCOM) said President Donald Trump ordered the strikes after Iranian forces attacked the Cyprus-flagged […]
The US and Iran exchanged fresh strikes overnight into Monday as they continued their tit-for-tat attacks while issuing conflicting declarations over whether the Strait of Hormuz was open to shipping. US Central Command said American forces carried out a new round of attacks to degrade Iran’s ability to threaten shipping in the narrow waterway. Dozens […]