US Missiles Strike Across Iran After Houthis Announce Naval Blockade
U.S. missiles struck targets across Iran, reaching as far as its Caspian coast, on Friday after President Donald Trump vowed "major military punishment" for Tehran and its Houthi allies in Yemen for extending the Middle East war to a second major shipping chokepoint, the mouth of the Red Sea.Two weeks after the collapse of an interim truce meant to end the war, the Iranian armed forces responded by firing at U.S. bases in neighbouring Arab countries and warning people there that they may strike non-military buildings used by U.S.
Yanbu Port Reaches Near Maximum Crude Shipments
Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week as tensions with Yemen's Houthi militia intensify and the kingdom seeks to maximise oil exports, according to data and industry sources.Saudi Aramco, the world's largest oil exporter, has increased use of the Yanbu terminal since the U.S.-Israeli conflict with Iran began on February 28.Saudi Arabia is also considering expanding the capacity of its oil pipeline to the western Red Sea coast, enabling the kingdom and possibly neighbours to transport more oil without crossing the Strait of Hormuz, so
Oil Tankers Trickle Through Strait of Hormuz, US Economy Not Impacted
Oil tankers are crossing the Strait of Hormuz and Iran's actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration's position that the war should be over in weeks, not months."Already you're seeing tankers are starting to dribble through the straits, and I think it's a sign of how little Iran has left," he said."We're very optimistic that this is going to be over in the short runâŠ
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 forcesâŠ
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.âFrom 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.âInvesting in governance, maritime security, and international collaboration is not optional; itâs essential.
A 'Period of Phenomenal Upheaval' says ICS Chief Grimaldi
At the âShaping the Future of Shippingâ 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 industryâwhile 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 âphenomenal upheavalâŠ
