Gulf Hostilities Spike as Iran, US Launch Attacks
Gulf hostilities flared again on Wednesday as Iranian attacks on Kuwait damaged its airport and injured dozens while the U.S. military carried out strikes near the Strait of Hormuz, with diplomacy to halt the war showing little sign of progress.The attacks are the latest to test a shaky ceasefire, sending oil prices up nearly 2%, as the strait remains largely closed more than three months after the U.S. and Israel launched strikes on Iran.Flights at Kuwait International Airport were suspended after an Iranian drone and missile attack damaged airport facilities and diplomatic missions…
US Fires Hellfire Missile at Tanker
The U.S. military fired a Hellfire missile at a tanker heading toward Iran on Tuesday as part of a blockade being imposed by President Donald Trump, who is pressing Tehran to negotiate a peace agreement on his terms.The U.S. military's Central Command posted a video showing the missile strike the tanker and said it targeted the Botswana-flagged M/T Lexie's engine room, disabling it."The ship's crew ignored repeated warnings, failing to comply with directions from U.S. forces multiple times over a 24-hour period," Central Command said in a statement."A U.S.
IMO: Still Too Risky to Move Seafarers Out of Gulf
Despite the current ceasefire between the United States and Iran, it remains too risky to move the thousands of sailors stuck in the Gulf, the head of the IMO said."We will not be able to activate anything until the root causes are addressed and there is more of a final agreement, a ceasefire, or complete agreement, between the parties involved in the conflict," Arsenio Dominguez, secretary-general, told Reuters on Sunday ahead of the start of the Posidonia shipping industry week in Athens.There are an estimated 20…
US Military Says it Fired Missile into Engine Room of Blockade Runner
The U.S. military says it fired a missile into the engine room of a vessel trying to get through the U.S. blockade of Iran on Friday.In a statement on Saturday, U.S. Central Command said it fired a Hellfire missile into the engine room of the Gambia-flagged Lian Star as it was "transiting international waters toward an Iranian port on the Gulf of Oman."Before the attack, U.S. forces issued "more than 20 warnings" informing the vessel it was in violation of the U.S. blockade, according…
Oil Prices Fall on Hopes of a US-Iran Ceasefire
Oil futures fell more than 2% on Friday, closing out their steepest weekly decline since early April as traders awaited word that the U.S., Israel and Iran had reached agreement on a ceasefire.Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66, or 1.8%. WTI U.S. oil futures Reutersfinished at $87.36 a barrel, down $1.54 or 1.7%."Obviously, the market thinks the ceasefire will be all easy-peasy and is done and dusted," said John Kilduff, partner with Again Capital.The three-month war between the U.S.
Trump to Make Final Decision Iran Ceasefire, Including Hormuz Opening
U.S. President Donald Trump said on Friday he would soon decide on a proposed deal to extend the ceasefire with Iran, though the two countries still appeared to differ on significant issues that have been central to the conflict.Trump said on Friday morning that he would meet in a secure White House room to make a "final determination" on the proposal, which would extend an early-April truce for another 60 days, giving negotiators time to forge a permanent end to the war.Several hours later…
US Carries Out New Strikes on Iran
The U.S. military carried out new strikes overnight in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the Strait of Hormuz, a U.S. official told Reuters on Wednesday.The official, who spoke on condition of anonymity, said the U.S. military has also intercepted and shot down multiple Iranian drones that posed a similar threat.The U.S. military strikes, which have not been previously reported, came during negotiations…
US Strikes Boats, Missile Sites in Iran
U.S. forces on Monday conducted strikes in southern Iran against targets including boats attempting to lay mines and missile launch sites, in what it described as defensive actions.The strikes came as Iran's top negotiator and its foreign minister were in Doha for talks with Qatar's prime minister on a potential deal with the U.S. to end the three-month-old war, an official briefed on the visit said on Monday, after Washington and Tehran played down hopes for an imminent breakthrough.U.S. Secretary of State Marco Rubio told reporters in New Delhi earlier that the U.S.
Oil Tumbles as US and Iran Seen Moving Closer to Deal
Oil prices fell nearly 7% on Monday as optimism grew that the United States and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz, even though Washington and Tehran played down hopes for an imminent breakthrough.Brent crude futures LCOc1 were down $7.24, or almost 7%, at $96.30 a barrel at 2:29 p.m. ET (1843 GMT) and U.S. West Texas Intermediate CLc1 futures were down $6.30, or 6.5%, at $90.88.Trading volumes were light due to the U.S. Memorial Day…
Trump Says No Rush for Iran Deal, US Blockade Stays
U.S. President Donald Trump said on Sunday he had told his representatives not to rush into any deal with Iran, as his administration played down hopes of an imminent breakthrough in the three-month-old war that had been raised a day earlier.The U.S. blockade on Iranian ships in the Strait of Hormuz would "remain in full force and effect until an agreement is reached, certified, and signed," Trump wrote on Truth Social. "Both sides must take their time and get it right," he added.There was no immediate response from Iran's government.
Iran's Continued Control of Hormuz Intensifies Seafarer Misery
Iran's publication of a new map asserting its control over the Strait of Hormuz risks extending an already punishing ordeal for thousands of mariners trapped on ships in the Gulf.More than 20,000 sailors are stuck on around 2,000 vessels in the Gulf, many of them unable to leave ship, lacking adequate supplies of food and fresh water, and fearful of an uncertain future at sea in a war zone.Sailors interviewed by Reuters in recent weeks have described the hardships and anxieties of their experience…
Fishing Boats Worldwide Stuck Dockside as Diesel Prices Surge
Captain Chris Welch of Kennebunk, Maine, is catching fewer lobsters this spring because spiking diesel prices have made it too costly to take out his fishing boat as often as he normally would.Instead of checking and re-baiting his traps every four or five days to collect the valuable crustaceans, he's doing so every seven to 10 days to conserve fuel."It cuts into your profitability at the end of the day," Welch said after fueling his vessel, Quality Time, on a rainy day at Kennebunk's harbor.
Oil Prices Rise 3% As Reuters Reports Complications to US-Iran Peace
Oil prices were up 3% on Thursday after Reuters reported that Iran's Supreme Leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad, denting hopes for a swift resolution to the U.S.-Israeli war on Iran.The report, citing two senior Iranian sources, signaled that Tehran is hardening its stance on a key U.S. demand. The directive from Ayatollah Mojtaba Khamenei could further complicate negotiations and frustrate U.S. President Donald Trump’s efforts to broker an end to the war.Brent crude futures gained $3.07…
US Imposes Sanctions on Iran Exchange House, Shadow Fleet
The Trump administration on Tuesday imposed sanctions on an Iranian foreign currency exchange house and what it said were front companies overseeing transactions on behalf of Iranian banks as the U.S. maintains pressure on Tehran.The move came after Iran said its latest peace proposal to the United States over the U.S.-Israeli led war that started February 28 involves ending hostilities on all fronts including Lebanon, the exit of U.S. forces from areas close to Iran, and reparations…
VLCC Heads for Vietnam After Hold-Up in US Blockade
Supertanker Agios Fanourios I is heading for Vietnam to discharge its Iraqi crude oil cargo after it was held by the U.S. Navy for five days in the Gulf of Oman, shipping data on LSEG showed.The Maltese-flagged very large crude carrier (VLCC) sailed out of the Strait of Hormuz on May 10 and was sailing in the Gulf of Oman before making a U-turn on May 11. It resumed its journey toward Vietnam on May 16 and is expected to arrive at the Nghi Son refinery on May 30, LSEG data showed.The U.S.
Oil Prices Rise More Than 3% As US-Iran Talks Dent Hopes of Peace
Oil prices gained more than 3% on Friday, climbing more than $3 a barrel, after comments by U.S. President Donald Trump and Iran's foreign minister further dented hopes of a deal to end ship attacks and seizures around the Strait of Hormuz.Brent crude futures gained $3.35, or 3.17%, to $109.07 a barrel by 12:34 p.m. CDT (1734 GMT). U.S. West Texas Intermediate futures were up $3.85, or 3.81%, at $105.02.Over the week, Brent has climbed 7.72% and WTI 10.11% on uncertainty over the shaky ceasefire in the Iran war."The tone between the U.S.
China Connected VLCC Exits Strait of Hormuz, Stops in Oman
A Chinese supertanker carrying two million barrels of Iraqi crude sailed through the Strait of Hormuz on Wednesday after being stranded in the Gulf for more than two months due to the U.S.-Iran war, LSEG and Kpler ship-tracking data showed.The VLCC Yuan Hua Hu is now anchored off the Gulf of Oman, near where the U.S. Navy has set up a blockade on Iranian vessels, LSEG data showed.The crossing comes as U.S. President Donald Trump and Chinese President Xi Jinping are due to meet over the next two days…
South Korea Weighs Phased Role in Hormuz Mission
South Korea is reviewing a phased contribution to efforts to ensure safe navigation through the Strait of Hormuz, Defense Minister Ahn Gyu-back said on Wednesday, signaling support steps short of military participation, Yonhap News Agency reported.Ahn told a press conference with South Korean media correspondents in Washington that he had conveyed Seoul’s position at a meeting with U.S. Secretary of Defense Pete Hegseth on Monday."We said at about this level that, fundamentally…
China and US Agree on Opposing Hormuz Tolls, State Department Says
Senior U.S. and Chinese officials agree that no country can be allowed to exact shipping tolls in the Strait of Hormuz, the State Department told Reuters on Tuesday, in a sign that the two countries are trying to find common ground on efforts to pressure Iran to give up control of the vital waterway.The statement by the State Department comes ahead of a high-stakes summit between President Donald Trump and Chinese President Xi Jinping later this week, where Iran's chokehold on the strait will be on the agenda.Iran's near-complete closure of the vital trade artery since the joint Israeli-U.S.
Hope of US-Iran Peace Fade, Oil Prices Continue to Rise
Hopes for a peace deal with Iran dwindled on Tuesday after Donald Trump said a ceasefire was "on life support" as Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands the U.S. president described as "garbage".Iran has called for an end to the war on all fronts, including Lebanon, where U.S. ally Israel is fighting Iran-backed Hezbollah militants. Tehran also emphasised its sovereignty over the Strait of Hormuz, demanded compensation for war damage, and an end to the U.S.
US Sanctions Companies Involved in Iran's Oil Shipments to China
The U.S. government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.The U.S. Treasury move follows sanctions announced on Friday on individuals and companies aiding Iranian purchases of weapons and components used to make drones and ballistic missiles.It comes days before U.S. President Donald Trump's planned meeting with Xi Jinping…
Two Tankers Exit Strait of Hormuz
Two more tankers laden with crude exited the Strait of Hormuz last week with trackers switched off to avoid Iranian attacks, Kpler shipping data showed, underscoring a rising trend to sustain Middle East oil exports.The very large crude carrier (VLCC) Basrah Energy loaded 2 million barrels of Upper Zakum crude from Abu Dhabi National Oil Co's (ADNOC's) Zirku terminal on May 1 and exited the Strait of Hormuz on May 6, the data showed on Monday.The Panama-flagged vessel offloaded its cargo at the Fujairah Oil Tanker Terminals on May 8…
Oil Prices Rise As US-Iran Fighting Continues
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.
