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Brent crude futures jumped as much as 3% on Friday, a day after the U.S. and Iran traded air strikes, with traders fretting over the future of the cease-fire and shipping in the Strait of Hormuz.Brent crude futures was at $101.47 a barrel, up $1.41 or 1.41% by 10:51 CDT (1551 GMT), after rising as much as 3% earlier in the session. U.S. West Texas Intermediate (WTI) futures was at $95.71 a barrel, up 90 cents, or 0.95%.Both contracts were still set for weekly declines of more than 6%."We're still playing the headline-o-rama game," said Phil Flynn, senior analyst with Price Futures Group.

A suspected oil spill covering dozens of square kilometres of sea near Iran's main oil hub of Kharg Island has been seen on satellite imagery this week.The likely spill - appearing on images as a grey and white slick - covered waters to the west of the 8-kilometre (5-mile) long island, pictures from Copernicus’s Sentinel-1, Sentinel-2 and Sentinel-3 satellites showed on May 6-8.“The slick appears visually consistent with oil,” said Leon Moreland, researcher at the Conflict and Environment Observatory…

Tourism in the Antarctic Peninsula is a niche but booming industry powered by deep-pocketed adventure-seekers travelling thousands of miles to marvel at penguin colonies and take "polar plunges" in sight of icebergs.But growing numbers of visitors bring risks including disease, invasive species and pollution to the delicate ecosystems of Antarctica and the remote sub-Antarctic islands that teem with bird life, sea lions and whales.The outbreak of a deadly strain of the hantavirus…

Greek authorities are investigating a drone boat found by fishermen in a cave on the Ionian island of Lefkada, police and coast guard sources said on Friday.It was not clear how the Ukrainian-made unmanned surface vehicle (USV) reached Greek waters. Fishermen located it late on Thursday.Preliminary findings indicate the MAGURA V3-type sea drone was fitted with three detonators, the officials said, speaking on condition of anonymity.One source said the vessel was loaded with explosives…

Japan's Mitsui O.S.K. Lines (MOL) said on Friday three of its vessels that transited the Strait of Hormuz and exited the Gulf in April did not pay transit fees, sticking to a principle of navigation under international law.Tehran has proposed fees or tolls on vessels passing through the Strait, in its proposals to end the war with Israel and the United States.The Strait is one of the world's most strategically vital maritime routes, with about a fifth of global seaborne crude oil and LNG flows passing through it in normal times.The company does not intend to pay such fees in future…

The U.S. military said it carried out retaliatory strikes on Iran on Thursday, targeting sites it said were responsible for attacking U.S. forces in what it called unprovoked hostilities by Tehran.Earlier, Iran's top joint military command said the U.S. had violated a ceasefire by targeting an Iranian oil tanker and another ship entering the Strait of Hormuz, and by striking civilian areas."U.S. Central Command (CENTCOM) eliminated inbound threats and targeted Iranian military facilities responsible for attacking U.S.

German defence group Rheinmetall has entered the race to buy shipyard German Naval Yards Kiel with a non-binding bid, a move that would deepen its push into naval defence and pits it against rival warship maker Thyssenkrupp Marine Systems (TKMS).Rheinmetall disclosed the bid as it released its first‑quarter results on Thursday but said it would not provide information regarding its size.CEO Armin Papperger said Rheinmetall has already begun the due diligence process and expects results in the next few weeks, at which point it would be able to submit a binding offer.TKMS, which had submitted a

U.S. Energy Secretary Chris Wright said on Thursday that Iran appears to have cut back oil production by 400,000 barrels per day and is likely to reduce it more as its storage units fill."It looks like they've likely already cut back their production, maybe by 400,000 barrels a day. They'll likely continue to ramp down their production as their storage fills and their inability to export oil," Wright said in an interview with Fox News.A U.S. naval blockade of Iranian ports has shrunk Tehran's oil exports…

Spanish police have seized 30 tons of cocaine from a ship off the Canary Islands and detained its 23-member crew without bail in Europe's largest-ever bust of the drug, the High Court said on Thursday, more than doubling Spain's previous record.The Comoro Island-flagged Arconian was intercepted by the Guardia Civil police force on May 1, with a cargo the court valued at more than 812 million euros ($956 million).The seizure dwarfs the 25 tons recovered by German police at the port of Hamburg in June 2024…

A Chinese-owned oil products tanker was attacked near the Strait of Hormuz on Monday, Chinese media outlet Caixin reported, as President Donald Trump launched a U.S. plan that day to help stranded vessels but suspended it a day later.This was the first time a Chinese oil tanker has been attacked, a person with knowledge of the matter told Caixin on Thursday.Traffic through the vital strait, through which 20% of the ‌world's oil and gas supplies pass, has been at a virtual standstill…

The Philippine Coast Guard has accused China of conducting illegal marine scientific research near the oil and gas-rich Reed bank within Manila's exclusive economic zone in the South China Sea, according to a statement on Thursday."We will continue to challenge any illegal activities that undermine our sovereignty and sovereign rights," PCG commandant Admiral Ronnie Gil Gavan said.PCG aircraft spotted Chinese research vessel Xiang Yang Hong 33 near Iroquois Reef during a maritime patrol on May 6.The PCG said the Chinese vessel was seen deploying a service boat toward the reef, confirming the o

The Iran war has already led to a loss of about 120 billion cubic metres of global liquefied natural gas supply over the 2026 to 2030 period, Gergely Molnar, an analyst from the International Energy Agency, said on Thursday.Speaking at the Budapest LNG Summit, Molnar said the conflict was reshaping the medium-term gas outlook, with tighter market conditions likely to persist longer than previously expected.He said the crisis had cut LNG supply by around 15%, but a strong increase in new liquefaction capacity was expected to offset lost volumes from Qatar and the United Arab Emirates.Iranian at

Cuba's top officials blasted a growing litany of U.S. statements and threats of military action against the Caribbean island, calling them dangerous and an international crime alongside an ongoing U.S. oil blockade that has vastly restricted fuel shipments amid a devastating energy crisis.Cuban Foreign Minister Bruno Rodriguez characterized the U.S. as "hinting at a military action" to "liberate" Cuba, saying it was hypocritical and cynical in a post on social media late on Tuesday, in which he cited decades of U.S.

Equinor has seen a surge in interest for energy exports out of Norway from customers as far afield as Australia after the Iran war curbed exports of petroleum and liquefied natural gas (LNG) from the Gulf, the energy group said on Wednesday.The conflict has effectively closed the Strait of Hormuz, a choke point for energy exports from producers in the Gulf, especially affecting clients in Asia.The closure has resulted in the loss of 12 million barrels of oil per day and has also hit the supply of refined products such as diesel and jet fuels…

The arrival this weekend of a cruise ship hit by an outbreak of hantavirus is reviving memories for residents of Spain's Canary Islands of the quarantines they experienced during the Covid pandemic.The MV Hondius, carrying 150 people, is expected to reach Tenerife on Saturday, where it will dock after Spain agreed to requests from the World Health Organization to receive it despite protests from the local government.The archipelago was one of the first places in Europe to undergo quarantines during the early days of the pandemic.

Rheinmetall could sign a contract to take over Germany'sdelayed F126 frigate programme in the second quarter, CEO Armin Papperger said on Thursday, further highlighting the company's growing focus on the naval sector."The biggest contract will be for sure F126, where we expect that in Q2 there could be a signing," Papperger said on a conference call after first-quarter results.His comments appear to confirm a report in the Financial Times on Wednesday that said Rheinmetall was seeking some 12 billion euros ($14.13 billion) from Germany to take over the program.

A luxury cruise ship hit by a deadly hantavirus outbreak and marooned since Sunday off the coast of Cape Verde was set to leave for Spain on Wednesday after three people, two of them seriously ill, were evacuated.The MV Hondius, with nearly 150 people on board, is expected to dock in Spain's Tenerife, in the Canary Islands, within three days, Spain's health minister said, adding that those still on board were not presenting any symptoms of the disease.Once in Tenerife, if they are still healthy…

At the UAE port of Fujairah, conveyor belts offloaded grain from bulk carriers on Wednesday, while crude oil flowed through pipes and onto tankers berthed along its quay.Dozens of loaded trucks lined up near the port and others parked outside waiting their turn, while offshore, vessels labelled Cosco, Gardenia and other shipping lines lay at anchor, service boats weaving between them.Fujairah and Khor Fakkan, another eastern port with open access to the Indian Ocean, have become…

France on Wednesday deployed its carrier strike group to the Red Sea as part of planning for a potential mission to secure the Strait of Hormuz, urging Washington and Tehran to consider the proposal given the global economic impact of their competing blockades.Fresh exchanges of fire on Monday underscored the stakes as the U.S. and Iran struggle for control of the narrow waterway, a vital artery for global energy and trade, shaking a fragile four-week-old truce and reinforcing…

South Korean shipper HMM said on Wednesday it had secured a vessel to tow a bulk carrier it operates to a port in Dubai after an explosion and fire damaged the ship, which had been stranded in the Strait of Hormuz.U.S. President Donald Trump blamed the incident on an Iranian attack, while South Korea's Foreign Ministry said the cause of the fire would only be confirmed after the vessel was towed back to port and inspected.HMM said in a text message that the damaged vessel was expected to arrive in Dubai on Thursday night or Friday morning Seoul time.The Panama-flagged ship…

Oil transportation and storage company Sentinel Midstream said on Tuesday it would immediately begin construction of its deepwater oil export project off the Texas coast, marking the first development of a large-scale export project in the United States in years.Sentinel expects to begin commercial operations of the Texas GulfLink system by the fourth quarter of 2028, said Bruce Heine, the company's senior VP for public affairs, adding the company will begin excavation activities…

U.S. President Donald Trump said on Tuesday he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran."We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom ... will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump wrote on social media.There was no immediate reaction from Tehran, where it was very early on Wednesday morning.Only hours earlier, U.S.

Oil prices fell about 3% on Tuesday with at least one vessel passing through the Strait of Hormuz after the United States said the ceasefire with Iran remained in place despite exchanges of fire between the U.S. and Iran following a U.S. effort to reopen the strait for oil tankers and other ships.Brent futures fell $3.43, or 3.0%, to $111.01 a barrel at 10:29 a.m. EDT (1429 GMT), while U.S. West Texas Intermediate (WTI) crude fell $4.55, or 4.3%, to $101.87. Earlier in the session…