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Top officials from Saudi Arabia, Turkey and Pakistan met Iranian officials in Tehran on Monday in a bid to de-escalate the Middle East conflict, as Yemen's Houthis launched new attacks on Saudi Arabia and Egypt approved defence support for the Gulf kingdom.The talks were the first high-level contact between Iran and the three nations — which signed the Mecca mutual defence pact in August — since a war that began with US and Israeli strikes on Iran also spread to Saudi Arabia and…

Oil prices fell $2 a barrel on Monday amid hopes of easing hostilities between the United States and Iran, but persistent attacks on key producer Saudi Arabia kept investors wary and prices near six-month highs.Brent crude futures were down $2.03, or 1.7%, at $114.70 at 10:37 a.m. ET (1437 GMT), while US West Texas Intermediate crude futures were down $2.60, or 2.5%, at $100.71 per barrel.On Friday, prices settled more than $3 higher, with Brent finishing the week up 6% and WTI ending the week 2.3% higher."With the jeopardy doubled by Houthi attacks into Saudi…

Oil prices rose on Friday, with Brent crude touching its highest since early May, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East where UAE authorities also reported an oil spill.Brent crude futures gained $1.71, or 1.5%, to $114.99 a barrel by 1300 GMT, having earlier reached $115.16, the highest level since May 4. US West Texas Intermediate crude gained $1.80, or 1.8%, to $101.27.The Brent benchmark is on track for a 4.4% weekly rise…

October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based think tank that has tracked maritime security incidents worldwide since 2017."October has seen the highest number of ship attacks on record," said Noam Raydan, a senior fellow at the Washington Institute for Near East Policy.Raydan, who maintains the institute's interactive shipping incident map, has recorded 28 confirmed…

Fincantieri hosted Acting U.S. Navy Secretary Hung Cao and senior federal officials at its Marinette and Sturgeon Bay shipyards in Wisconsin, highlighting investments in advanced manufacturing, automation and expanded shipbuilding capacity as the company prepares for construction of the U.S. Navy's Landing Ship Medium (LSM) vessels.The delegation included Office of Management and Budget Director Russell Vought, Maritime Administration Administrator Stephen Carmel, OMB Associate Director for Shipbuilding Jerry Hendrix and Eugenio Santagata…

The National Ocean Industries Association (NOIA) has launched Ocean Minerals Forward, a new industry education and communications initiative examining the potential of deep-sea mineral resources to strengthen U.S. critical mineral supply chains, support domestic manufacturing and reduce reliance on foreign suppliers.The initiative includes a dedicated website, a comprehensive report and educational resources covering seabed mineral development, offshore technologies, environmental considerations and the regulatory challenges facing the emerging industry.Critical minerals including nickel…

HD Hyundai and Kiewit Maritime Co. have announced plans to establish a joint venture to develop a new shipyard in the United States, targeting the start of construction in 2027 and full-scale operations in 2029.The proposed venture, HD Kiewit Shipbuilding LLC, would combine HD Hyundai's shipbuilding technology and shipyard operating expertise with Kiewit's engineering, construction and fabrication capabilities, the companies said.The shipyard is planned for an existing industrial site with deep water and unrestricted access to the Gulf…

The United Arab Emirates said efforts were under way on Friday to contain oil leaking from a tanker vessel offshore that prompted authorities to close beaches and warn fishermen to avoid the area.Since the start of the US-Israeli war with Iran, attacks on commercial vessels in Gulf shipping lanes have driven up security risks for maritime traffic and heightened fears over the conflict's environmental fallout.The UAE's Ministry of Climate Change and Environment said in a statement…

Bayonne Drydock & Repair Corp. has secured a $673,123 grant from the U.S. Maritime Administration (MARAD) to upgrade surface preparation equipment and expand workforce training at its ship repair facility in the Port of New York and New Jersey.Awarded through MARAD's Small Shipyard Grant Program, the funding will be combined with the shipyard's own investment to purchase automated ultra-high-pressure hydro-blasting and surface preparation equipment. The improvements are intended to increase productivity…

Oil prices climbed about 2% to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region.Brent futures rose $2.42, or 2.2%, to $111.24 a barrel at 10:45 a.m. EDT (1445 GMT), while US West Texas Intermediate (WTI) crude rose $1.14, or 1.2%, to $98.29.That drove Brent into technically overbought territory for a third time in a week and set for its highest close since May 18.Saudi Aramco has told staff to evacuate its headquarters in Dhahran on the Gulf near Bahrain…

Citi said on Thursday that near-term risks to oil prices remain skewed to the upside despite a recovery in Gulf crude exports, as shipping bottlenecks continue to keep delivered supplies tight."The normalization of Arab Gulf oil exports has been volumetric rather than logistical, with unprecedented shipping inefficiencies keeping delivered crude costs elevated," Citi saidMore than 1 million barrels per day of Gulf crude exports were moved via ship-to-ship transfers in September, equivalent to about 7.5% of regional flows, compared with virtually none before the US-Iran conflict.

Windward intelligence report highlights tanker and tug attacks, threats to subsea cables, an emerging oil spill and a sanctioned Russian tanker testing U.S. naval restrictions.Maritime security risks across the Strait of Hormuz, Arabian Gulf and Gulf of Oman are expanding beyond attacks on commercial tankers, with threats now extending to subsea communications infrastructure, offshore support vessels and coastal facilities. An October 22 intelligence report from Windward Maritime…

Oil prices rallied over $2 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to crude supplies from the world's key exporting region.Brent crude futures LCOc1 climbed$2.82, or 2.59%, to $111.64 a barrel at 0626 GMT, close to a five-month high. US West Texas Intermediate crude CLc1 gained $2.24, or 2.31%, to $99.39."Oil prices remain well bid, with ICE Brent back above $110 per barrel this morning following additional deadly attacks on Saudi Arabia…

Iran's Islamic Revolutionary Guard Corps Navy said on Thursday that four vessels involved in illegal oil transfers in the northern Persian Gulf were simultaneously hit and caught fire after being tracked by its forces on Wednesday.The IRGC added that three more vessels collided with mines west of the Strait of Hormuz, and warned the US military that continued provocations could lead to a wider response against its regional bases.(Reuters - Reporting by Tala Ramadan; Editing by Jacqueline Wong)

Fairbanks Morse Defense (FMD) broke ground on a third Center of Excellence (CoE3) at the Bird-Johnson Propeller Company facility in Pascagoula, Miss. The new center will effectively double capacity to produce complex and powerful naval propulsion systems.The $60 million installation includes a $27 million U.S. Navy investment, $22 million of which is sourced from Australia’s initial contribution to the U.S. Submarine Industrial Base (SIB) under the AUKUS Pillar I effort. CoE3 will complement existing foundry capacity with the addition of 38…

The European Union on Tuesday presented a new Arctic strategy reflecting the region’s importance to security, with pledges to boost satellite surveillance, increase monitoring of undersea cables and help EU members buy icebreakers.The Arctic is of growing interest to major powers including the US, Russia, China and Europe, as melting ice opens up new shipping routes.US President Donald Trump tried to acquire Greenland, a territory of EU member Denmark, while friction has grown…

Russian diesel cargoes are returning to their traditional destinations after the US suspended sanctions and secured the lifting of an export ban, with at least two tankers signalling trips to Turkey and Brazil in recent days, according to shipping data from Kpler and LSEG.Russia lifted its self-imposed ban on October 9 on diesel exports, introduced to tackle domestic shortages triggered by Ukrainian drone attacks on refineries, after striking a deal with US President Donald Trump to supply diesel to global markets.The deal included a temporary lifting of US sanctions on Russian fuel supply…

Oil prices slipped after touching a five-month high during a choppy session on Tuesday as traders weighed Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.Yemen's Iran-aligned Houthis said on Monday they launched several attacks on Saudi energy, airport and military targets, such as an Aramco site in Yanbu, the Shaybah oilfield, Riyadh's King Khalid International Airport and Abha airport.Saudi authorities did not immediately confirm the Houthi claims and Reuters could not independently verify them.Brent crude futures fell $1.11…

The U.S. Navy and General Services Administration (GSA) have increased the ceiling value of Gecko Robotics' maintenance and inspection contract to $300 million, more than quadrupling the original $71 million award just six months after its announcement.The expanded indefinite delivery, indefinite quantity (IDIQ) contract will support broader deployment of Gecko's robotic inspection and artificial intelligence technologies across the Navy fleet, with the objective of reducing maintenance costs and improving vessel availability.According to Gecko…

Most Gulf equities closed down on Wednesday, after Iran said there would be no talks with the US to end their conflict unless its demands are met.Foreign Minister Abbas Araqchi in an article published in the Financial Times on Wednesday said Iran is open to diplomacy but will defend itself.Iran told Pakistan's army chief, Field Marshal Asim Munir, who was in Tehran as part of the mediation efforts, of the country's position, Iranian semi-official Nournews reported on Tuesday.Pakistan, a key US-Iran mediator, helped secure the interim Islamabad Memorandum in June.

Urals crude prices at Russia's Baltic and Black Sea ports fell to their lowest levels in one and a half months this week, according to Reuters monitoring and LSEG data, as the dated Brent benchmark also weakened and freight costs stayed high.Free-on-board prices for Urals crude for loading at Primorsk, Ust-Luga and Novorossiysk this week fell to around $80 per barrel for the first time since early September.Increased supply in physical markets for prompt dates weakened the dated Brent benchmark.High freight costs also influenced Russian sellers' revenues, traders said.The availability of tanke

The Whiskey Project Group (TWPG) has officially opened its watercraft manufacturing facility in Edenton, North Carolina, marking a milestone in the company’s U.S. expansion and strengthening domestic production and sustainment capacity for American defense, government and commercial customers.The facility was officially opened at a ceremony attended by North Carolina Governor Josh Stein and Congressman Don Davis, local government representatives, defense and industry leaders, and TWPG employees and partners.Located on a 50-acre waterfront site…

OEG Marine Services has ordered three additional crew transfer vessels (CTVs) from Diverse Marine, expanding its offshore wind support fleet under a newbuilding program scheduled for delivery throughout 2027.The vessels will be built to the BREVITY SL Class design developed by Chartwell Marine, with each measuring 26 metres in overall length and having a load line length of less than 24 metres.All three CTVs will be constructed to the same specification, classed by Bureau Veritas…