Oil Prices Rise After US Urges Caution for Vessels Traveling Near Iran
Oil prices rose more than 1% on Monday after the U.S. Department of Transportation issued an advisory to U.S.-flagged vessels to stay as far as possible from Iranian territory while voyaging through the Strait of Hormuz and Gulf of Oman.Brent crude oil futures were up 89 cents, or 1.3%, at $68.94 a barrel by 11:24 a.m. EST (1624 GMT). U.S. West Texas Intermediate crude rose 83 cents, or 1.3%, to $64.38.The U.S. DOT's Maritime Administration agency noted that vessels going through the Strait of Hormuz and Gulf of Oman have historically faced the risk of being boarded by Iranian forces…
Video: Resilience in a Fragmenting World
Shipping is the lifeblood of global trade, but in a world of rising geopolitical tensions, climate risks, and economic fragmentation, resilience has never been more critical, says Global Maritime Forum.“From hybrid wars to environmental catastrophes, the industry faces unprecedented uncertainty. Yet, shipping has always navigated turbulent waters, and its long history, adaptability, and global nature are its greatest strengths.“Investing in governance, maritime security, and international collaboration is not optional; it’s essential.
A 'Period of Phenomenal Upheaval' says ICS Chief Grimaldi
At the “Shaping the Future of Shipping” summit held this week in Athens, Greece, Emanuele Grimaldi, Chairman of the International Chamber of Shipping (ICS), delivered a sobering yet forward-looking address that underscored the profound challenges facing the global shipping industry—while urging greater collaboration and global thinking to ensure resilience and sustainability.Speaking to an audience of maritime leaders, ministers, and port authorities, Grimaldi framed the current moment as one of “phenomenal upheaval…
