Stephen News

Oil prices climbed nearly 7% on Thursday after President Donald Trump said the U.S. would continue attacks on Iran, stoking fears of prolonged disruptions to oil supply.Brent crude futures LCOc1were up $7.65, or 7.6%, to $108.81 per barrel at 0902 GMT. U.S. West Texas Intermediate crude CLc1 futures were up $7.06, or 7.1%, at $107.18 per barrel.Both benchmarks were heading for the biggest daily gains, in both absolute and percentage terms, in three weeks, though they remained…

Russian Foreign Minister Sergei Lavrov said the U.S. has been seeking control over the Nord Stream gas pipelines in the Baltic Sea, which were damaged by mysterious blast in September 2022.Explosions that destroyed the pipelines more than three years ago largely severed Russian gas transit to Europe, squeezing energy supplies on the continent although Russia had already largely stopped deliveries.Russia and Western countries have both said the incident was an act of sabotage.

Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.Brent futures fell $8.92, or 8.0%, to $103.27 a barrel at 12:31 p.m. EDT (1631 GMT), while U.S. West Texas Intermediate lost $7.17, or 7.3%, to $91.06.Extreme price changes in…

The United States issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea in what Treasury Secretary Scott Bessent said was a step to stabilize global energy markets roiled by the Iran war.The announcement comes a day after the U.S. Energy Department said that the U.S. would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran.That…

The Trump administration's second sale of oil and gas leases in the Gulf of Mexico in three months attracted far less industry interest than the auction it held in December, according to a sale document posted on a government website on Tuesday.The sale comes as a U.S. war with Iran has disrupted global crude flows and sent oil prices to four-year highs.Of the 15,000 blocks offered by the U.S. Bureau of Ocean Energy Management, 25 received bids, according to the document of presale statistics.

U.S. President Donald Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices amid the Iran conflict, according to multiple sources.The deliberations reflect White House worries that the surge in oil prices following more than a week of U.S. and Israeli strikes on Iran will hurt U.S. businesses and consumers ahead of the November midterm elections, when Trump's fellow…

Governments scrambled to limit the impact on economies and consumers from the widening Iran war, which fuelled a record surge in oil prices on Monday after key producers cut output and Tehran signalled that hardliners would remain in charge.In a sign of mounting governmental concern over supply disruptions, the Group of Seven finance ministers will discuss the possibility of a joint release of emergency oil reserves in a meeting on Monday, a French government source said.In South Korea…

As the conflict in the Gulf widens, maritime insurance premiums for war coverage are surging -- in some cases by more than 1000% -- dramatically driving up the cost of moving energy through a critical maritime corridor.The conflagration sparked by Saturday's Israeli-U.S. air strikes against Tehran has paralyzed traffic through the Strait of Hormuz, a major shipping chokepoint. Iran on Monday said it would fire on any ship trying to pass, and at least nine vessels have suffered…

Seafarers have the right to refuse to sail on ships passing through the Middle East Gulf, including the Strait of Hormuz, after the threat level for the region was raised to its highest level, the leading labour union and shipping industry groups said on Thursday.Around 300 ships are anchored on both sides of the Strait while the U.S.-led war against Iran escalates. Since February 28, nine ships have been damaged and at least one seafarer has been killed.As part of negotiated arrangements reached on Thursday between mariners and commercial shipping companies…

Brent rose more than $3 on Tuesday for a third day of gains as the widening U.S.-Israeli conflict with Iran and threats to shipping via the Strait of Hormuz heightened fears of supply disruptions from the key Middle East producing region.Brent crude futures LCOc1 were at $80.89 a barrel, up $3.15, or 4.1%, by 0745 GMT. On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7% higher.U.S. West Texas Intermediate crude CLc1 climbed $2.55, or 3.6%, to $73.78 a barrel.

The U.S. Department of Transportation’s Maritime Administration (MARAD) has opened applications for its Centers of Excellence (CoE) program for Domestic Maritime Workforce Training and Education.The Center network spans 32 institutions across 44 cities in 17 states. These programs are focused on training the next generation of mariners for vital careers at sea and on shore, ensuring the U.S. maritime industry remains skilled and strong. A CoE designation is awarded for a five-year term.CoEs play a vital role in supporting the maritime industry by providing workforce development…

HII announced that Daniel Marks has been appointed vice president of contracts and pricing at its Ingalls Shipbuilding division. Marks succeeds Stephen Fitts, who has been appointed vice president of supply chain management at Ingalls and is succeeding Scott Weldon who retired at the end of December 2025 after 25 years of service to the company.In this role, Marks will be responsible for contract administration, estimating and pricing, and export/import licensing and compliance for Ingalls.

The Australian Federal Police (AFP) and the Australian Border Force have congratulated authorities in French Polynesia over the reported seizure of about 4.87 tonnes of cocaine intercepted in the Pacific Ocean, with the drugs reportedly bound for Australia.AFP Commander Stephen Jay commended the work of the authorities in French Polynesia and said: “AFP members posted in the Pacific and Taskforce Thunder members will seek to work collaboratively with authorities in French Polynesia…

The U.S. seized an empty Russian-flagged, Venezuela-linked oil tanker in the Atlantic Ocean on Wednesday as part of President Donald Trump's aggressive push to dictate oil flows in the Americas and force Venezuela's socialist government to become an ally.After capturing Venezuelan President Nicolas Maduro in an attack on Caracas on Saturday, the U.S. is continuing to blockade vessels under sanctions off the South American country, a member of the OPEC oil group. The U.S. Coast Guard and U.S.

China launched its most extensive war games around Taiwan on Monday to showcase Beijing's ability to cut off the island from outside support in a conflict, testing Taipei's resolve to defend itself and its arsenal of U.S.-made weapons.The Eastern Theatre Command said it had deployed troops, warships, fighter jets and artillery for its "Justice Mission 2025" exercises to encircle the democratically-governed island, conduct live fire and simulated strikes on land and sea targets…

U.S. President Donald Trump ordered on Tuesday a "blockade" of all sanctioned oil tankers entering and leaving Venezuela, in Washington's latest move to increase pressure on Nicolas Maduro's government, targeting its main source of income.It is unclear how Trump will impose the move against the sanctioned vessels, and whether he will turn to the Coast Guard to interdict vessels like he did last week. The administration has moved thousands of troops and nearly a dozen warships - including an aircraft carrier - to the region."For the theft of our Assets…

Global energy and marine consultancy ABL has partnered up with Egypt’s Petroleum Marine Services (PMS) to introduce a unified rig moving service in the Red Sea and Gulf of Suez, with the support of the Egyptian General Petroleum Corporation (EGPC).This milestone initiative supports Egypt’s strategic direction to enhance offshore operational efficiency, reduce downtime, and elevate the standards of marine and drilling logistics across two of the country’s most dynamic offshore basins.The new integrated service from PMS and ABL…

Baltic Exchange has launched a new Time Charter Equivalent (TCE) earnings calculator, designed to bring clarity and consistency to freight assessments in an increasingly complex market. The calculator builds on the Baltic’s long-standing TCE methodology, which has been in use since 2008. Users can see the constituent parts of the standard calculation, including income lines, expenses, port and canal charges, helping ensure transparency and accurate benchmarking. This is particularly valuable as ships adapt to new trading patterns driven by geopolitical tensions and shifting global routes.

The work of Australia's defence force to protect its sea trade routes, including through the South China Sea, is becoming more risky as Beijing undertakes the "biggest military build-up in the world today", Australia's defence minister said on Tuesday.Open sea lanes, including trade routes that go through the South China Sea and East China Sea, were at the core of Australia's national interest, Richard Marles said in an opening speech at a navy conference in Sydney."That work is challenging and in truth it is becoming increasingly risky.

On the afternoon of March 8, a petroleum tanker named Torm Agnes entered the Port of Ensenada on Mexico’s Pacific coast carrying almost 120,000 barrels of diesel.Such a vessel was a rare sight in that port, which mainly hosts cruise liners, luxury yachts and container ships. Ensenada lacks the infrastructure needed to unload cargos of flammable hydrocarbons safely – making what happened later that day odder still.Waves of fuel-hauling trucks rolled up to the dock to cart away much of the Torm Agnes’ load.

The U.S. and China on Tuesday began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil, making the high seas a key front in the trade war between the world's two largest economies.A return to an all-out trade war appeared imminent last week, after China announced a major expansion of its rare earths export controls and President Donald Trump threatened to raise tariffs on Chinese goods to triple digits.But after the weekend…

Boston-based Blue Water Autonomy, a company designing and producing unmanned ships for the U.S. Navy, has formed an Advisory Board whose members include:• RADM (ret.) Tom Anderson, former Program Executive Officer, Ships (PEO Ships)• Stephen Rodriguez, Chairman of Blue Forge Alliance & dual-use investor• Michael Stewart, former Director, Navy Disruptive Capabilities Office and Unmanned Task Force• VADM (ret.) Roy Kitchener, former Commander, Naval Surface Forces Pacific"As we enter the next phase of growth…

Israeli forces stopped 14 boats carrying foreign activists and aid bound for Gaza, flotilla organisers said on Thursday, but 23 boats are continuing to sail towards the war-ravaged Palestinian enclave, according to the flotilla's tracking system.A video from the Israeli foreign ministry verified by Reuters showed the most prominent of the flotilla's passengers, Swedish climate campaigner Greta Thunberg, sitting on a deck surrounded by soldiers."Several vessels of the Hamas-Sumud flotilla have been safely stopped and their passengers are being transferred to an Israeli port…