Oil Jumps 6% on US-Iran Ceasefire Concerns
Oil prices jumped more than 6% in early Monday trading on fears that the ceasefire between the United States and Iran could collapse after the U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.Brent crude futures LCOc1 advanced $5.51, or 6.1%, to $95.89 a barrel by 0752 GMT and U.S. West Texas Intermediate CLc1 was up $5.46, or 6.5%, at $89.31.Both contracts tumbled by 9% on Friday, their largest daily declines since April 18, after…
Trump Threatens to Destroy Iranian Attack Ships That Approach US Blockade
U.S. President Donald Trump warned on Monday that any Iranian "fast-attack" ships that go near a U.S. maritime blockade on Iran would be eliminated.Trump made the threat shortly after the U.S. blockade on vessels entering and departing Iran had been due to come into effect at 1400 GMT on Monday.Describing Iran's navy as "completely obliterated" during the six-week-long war between the U.S. and Iran, Trump posted on Truth Social: "What we have not hit are their small number of…
Hormuz Shipping Traffic Remains Below Normal Volumes Despite Ceasefire
Ship traffic through the Strait of Hormuz stood at well below 10% of normal volumes on Thursday despite a U.S.-Iran ceasefire as Tehran asserted its control by warning ships to keep to its territorial waters while doing so.Hundreds of tankers and other ships have been stuck inside the Gulf since the Iran war began on Feb 28, cutting global oil supply by 20% in the world's biggest-ever supply disruption. Prices for some physical oil grades hit fresh all-time highs on Thursday as the crisis showed little signs of abating.Iran must open the strait without conditions…
Oil Tanker in Qatari Waters Hit by Iranian Missile
An oil tanker leased to state-owned QatarEnergy was hit by an Iranian cruise missile on Wednesday in Qatari waters, the defence ministry said.Qatar was targeted by three cruise missiles coming from Iran. Two were intercepted while the third hit the Aqua 1 fuel oil tanker, but caused no casualties.Iran's Islamic Revolutionary Guard Corps said they had targeted the oil tanker because of what they said were its ties with Israel."Aqua One was precisely targeted in the central region of the Persian Gulf in a missile battle…
Kuwaiti Tanker Ablaze in Dubai Port
Iran attacked a fully-loaded crude oil tanker at Dubai Port's anchorage on Monday, setting it ablaze and damaging its hull, Kuwait's state news agency reported, citing Kuwait Petroleum Corp, which warned of a possible oil spill.The apparent strike is just the latest in a string of assaults on merchant vessels by missiles or explosive air and sea drones in the Gulf and Strait of Hormuz since the U.S. and Israel attacked Iran on February 28.U.S. crude futures CLc1 rose more than…
Trump Upset as Other Nations Reject Call for Hormuz Warship Escorts
Several U.S. allies rebuffed Donald Trump's call on Monday to send warships to escort tankers through the Strait of Hormuz, drawing criticism from the U.S. president, who accused Western partners of ingratitude after decades of support.The U.S.-Israeli war on Iran is in its third week with no end in sight. The critical Strait of Hormuz, through which 20% of the world's oil and liquefied natural gas flow, remains largely closed off, raising energy prices and fears of inflation.The conflict has already imposed economic costs on U.S.
US Allows Countries to Buy Russian Oil Stranded at Sea
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…
US Expands Sanctions Over Iranian Oil Sales, Weapons
The U.S. Treasury Department on Wednesday imposed sanctions on more than 30 individuals, entities and "shadow fleet" vessels it said enabled Iran's illicit petroleum sales, ballistic missiles and weapons production.Treasury's Office of Foreign Assets Control also targeted multiple networks that enable Iran's Islamic Revolutionary Guard Corps and Ministry of Defense and Armed Forces Logistics to secure the precursor materials and machinery required for ballistic missile and other weapons production…
Iran Seizes Tanker Headed for Singapore
Iran confirmed on Saturday that its Revolutionary Guards had seized a tanker in Gulf waters carrying a cargo of petrochemicals bound for Singapore over alleged violations, Iranian state media reported.A U.S. official and maritime security sources had said on Friday that Iranian forces intercepted the oil products tanker and diverted it into Iranian territorial waters. It was the first report of Tehran seizing a tanker since Israeli-U.S. strikes on Iran in June.Iranian state-run…
Iranian Military Exercise Causes Commercial Vessel VHF Challenges, says UKMTO
Vessels in the northern Gulf have received multiple VHF radio challenges, including demands to alter course, the United Kingdom Maritime Trade Operations said on Friday, adding they could be part of an Iranian military exercise.The UKMTO, which monitors marine security in the region, advised seafarers that vessels near Iranian waters may experience such VHF hailing during the Islamic Revolutionary Guard Corps' exercise.Naval units from the Revolutionary Guards were conducting operations in the Gulf's Strait of Hormuz on Friday as part of the exercise…
Ships with Missile Propellant Ingredient Depart China
Two Iranian cargo vessels carrying an ingredient for missile propellant will sail from China to Iran in the next few weeks, the Financial Times reported on Wednesday, citing intelligence from security officials in two Western countries.The reported transactions could make the Chinese entities involved subject to U.S. sanctions aimed at curbing Iran's weapons programs, as the two Iranian vessels are already under U.S. sanctions.The FT said the Iranian-flagged ships, the Golbon and the Jairan…
US Charges Three for Smuggling Iranian Weapons to Yemen's Houthis
A U.S. federal court has charged three men, including two Iranian brothers and a Pakistani national, for an attempt to smuggle Iranian weapons that would be used by Houthi rebels for attacks on maritime shipping.According to the court documents, Shahab Mir’kazei and Yunus Mir’kazei work for Iran’s Islamic Revolutionary Guard Corps, while Muhammad Pahlawan, is a Pakistani citizen who allegedly worked for the Mir’kazei brothers as the captain of a dhow used as a smuggling vessel.Pahlawan allegedly worked with Shahab to prepare the dhow for multiple smuggling voyages…
Iran's Revolutionary Guards Seize Tanker
Iran's Islamic Revolutionary Guard Corps has intercepted a Togo-flagged, UAE-managed products tanker carrying 1,500 tons of marine gas oil, the IRGC and British security firm Ambrey said on Monday.The vessel had loaded marine gas oil off the coast of Iraq and was destined for UAE's Sharjah when it was intercepted on Sunday, 61 nautical miles southwest of Iran's port of Bushehr, Ambrey said.Iran's Revolutionary Guards' Navy confirmed seizure of the tanker in a statement quoted by Iran's state news agency, saying "the tanker was systematically engaged in fuel smuggling ...
US Hits Iran with New Sanctions Targeting Commanders, Shipping
The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian commodities to businesses in China in sanctions announced on Tuesday.Mohammad Reza Falahzadeh, deputy commander of Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen's Houthi militia, were designated under the sanctions, the Treasury Department said.The Iranian military has provided weapons and intelligence support to the Houthis that support the group's attacks on international shipping in the Red Sea…
Iran Confirms Seizure of Oil Tanker Involved in US-Iran Dispute
Iran seized a tanker with Iraqi crude destined for Turkey on Thursday in retaliation for the confiscation last year of the same vessel and its oil by the U.S., Iranian state media reported, a move likely to stoke regional tensions.The seizure of the Marshall Islands-flagged St Nikolas coincides with weeks of attacks by Yemen's Iran-backed Houthi militias targeting Red Sea shipping routes."After the theft of Iranian oil by the United States last year, St Nikolas tanker was seized by Iran's Navy this morning with a judicial order ...
Shipping Attacks Push US and Allies to Mideast Crunch Point
When the United States and 11 allies published a joint statement last week calling for an end to Houthi attacks from Yemen on Red Sea shipping, they hoped the implicit threat of force might at least reduce the intensity of fire on foreign vessels.Instead, Wednesday saw the largest single attack yet on foreign vessels, according to Western defence officials, launched seven days after the joint statement. It appeared a clear attempt to call the West's bluff, just as other tensions across the Middle East appear to be on the rise.In Iraq and Syria, U.S.
Oil Tanker Involved in US-Iran Dispute Boarded by Armed Guards Near Oman
An oil tanker caught up in a dispute last year between the United States and Iran was boarded by armed individuals off the coast of Oman on Thursday and appeared to have changed course towards Iran, according to UK maritime sources.The Marshall Islands-flagged tanker St Nikolas was boarded by armed intruders as it sailed close to the Omani city of Sohar, according to British maritime security firm Ambrey, and its AIS tracking system was turned off as it headed in the direction…
US Says Iran Helping to Plan, Execute Attacks on Ships in the Red Sea
The United States believes that Iran is involved in the planning and execution of drone and missile attacks by Yemen's Houthi group on Israel and ships in the Red Sea, a senior aide to U.S. President Joe Biden said on Thursday.The comments by deputy White House national security adviser Jon Finer are among the most explicit to date by a U.S. official alleging Iranian involvement in the Houthi attacks.Finer spoke hours after the United States imposed new sanctions aimed at throttling what U.S.
Strait of Hormuz: The World's Most Important Oil Artery
The Israel-Hamas war has raised the spectre of a wider regional conflict which could embroil Iran and other regional factions.Analysts and market observers say the conflict could prompt the United States to tighten sanctions on Iran, which may spur Tehran to take retaliatory action against ships in the Strait in Hormuz.The Marshall Islands registry, one of the world's top shipping flags, last week flagged that vessels with links to Israel or the United States may face a heightened threat of attack within Israeli territorial waters…
US Senators Ready Bill to Fund Office Helping Iran Oil Seizures
U.S. senators from both parties are readying legislation to help the federal government enforce oil sanctions on Iran, the office of Senator Joni Ernst, a Republican, told Reuters on Thursday.Ernst is spear-heading the bill slated for release on Monday to create a $150 million Iranian sanctions enforcement fund for the Department of Homeland Security Investigation (HSI) office, with a priority on Iranian petroleum sanctions. The bill will be co-led by Senator Richard Blumenthal…
US Says it Disrupts Illicit Oil Shipment by Iran's IRGC
The U.S. on Friday divulged it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions.In April, Reuters reported that the U.S. confiscated cargo onboard tanker Suez Rajan, which was carrying Iranian oil at sea. The U.S. statement on Friday confirmed and fleshed out details of the story which cited sources.The "illicit sale and transport of Iranian oil" violated sanctions targeting Iran, the U.S.
Iranian Boats 'Harass' Merchant Ship in the Strait of Hormuz
U.S. and British naval forces on Sunday came to the aid of a commercial ship that was "harassed" by the Iranian Islamic Revolutionary Guard Corps Navy in the the Strait of Hormuz, the U.S. Navy said.Civilian crew aboard the merchant vessel reported three Iranian fast-attack craft with armed personnel approached and followed their vessel at close distance while it transited the narrow strait. The radio distress call was made at 4:56 p.m. local time.U.S. Navy guided-missile destroyer USS McFaul (DDG 74) and U.K.
US to Bolster Defensive Posture to Protect Gulf Shipping
Iran has increased its attacks on commercial shipping in recent months and the Pentagon will begin to bolster defensive posture in the region on Friday, White House spokesperson John Kirby said.In the past two years, Iran has harassed, attacked or interfered with the navigational rights of 15 internationally flagged commercial vessels, Kirby said."Today, the Department of Defense will be making a series of moves to bolster our defensive posture in the Arabian Gulf," Kirby told reporters in a briefing.Kirby said U.S Central Command will provide details in coming days. The U.S.