Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, in the biggest declared wave of tit-for-tat attacks on shipping by both sides since the start of the six-month-old war.The attacks sent the price of oil surging, with benchmark Brent crude LCOc1 futures breaching $100 a barrel for the first time since July. At least one seafarer aboard a tanker was reported killed and another listed as missing.Iran also said it had fired ballistic missiles at a base used by U.S. forces in Jordan.
The Middle East war intensified on Tuesday with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities, further embroiling a U.S. ally in the conflict, while U.S. forces hit multiple Iranian oil tankers and Iran targeted a U.S. base in Jordan.The Houthis attacked four cities in the south of Saudi Arabia, wounding 73 people and setting oil installations ablaze in what appeared to be a major expansion of the six-month-old war.As global oil markets were pricing in the Saudi attacks, the U.S.
Brent crude futures breached $100 a barrel on Wednesday for the first time since late July after Iran and the U.S. struck tankers in the biggest wave of attacks on shipping since the war began, threatening to worsen the ongoing impairment of energy supplies from the Middle East.Front-month Brent crude futures were up $3.04, or 3.1%, at $100.95 a barrel as of 1:39 p.m. EDT (1739 GMT), after touching a high of $101.58. U.S. West Texas Intermediate crude was up $2.75, or 3%, at $95.78 a barrel, its highest level since early June.
Global trade in goods has strengthened from June despite geopolitical and policy-related uncertainties, the World Trade Organization said on Wednesday, signaling resilience in merchandise flows even as risks remain elevated.The September reading of the WTO's barometer tracking merchandise trade growth was 102, an improvement from the June barometer of 101.7, with growth remaining above trend.The WTO publishes its Goods Trade Barometer four times a year. It covers export orders, air freight, container shipping, automotive products, raw materials and electronic components.
A tanker carrying about 2 million barrels of Iraqi fuel oil was struck by a drone in Iraqi territorial waters on Wednesday, port officials said, and British navy-affiliated UKMTO reported that several merchant vessels in the Gulf had been hit by disabling fire overnight.A fire broke out aboard the Panama-flagged oil tanker New Andros after it was hit in Iraqi waters at around 6 a.m. (0300 GMT) on Wednesday, two Iraqi port officials told Reuters.There were no reports of casualties among the 22 crew members, the officials added.
Chicago wheat futures jumped on Tuesday as hopes faded for a U.S. diplomatic effort to end the war in Ukraine, which has disrupted Black Sea grain shipments, analysts and traders said.Corn and soybean futures chopped up and down as traders adjusted positions ahead of Friday's U.S. Department of Agriculture supply and demand report.The most-traded wheat contract on the Chicago Board of Trade was 4-3/4 cents higher to $7.38-3/4 per bushelas of 11:00 a.m. CT (1600 GMT). It had jumped as high as $7.63 in earlier overnight trade.CBOT corn fell 2-3/4 cents to $5.
Oil prices rose to a six-week high on Tuesday after Iran-backed Houthis in Yemen attacked Saudi energy facilities, setting oil installations ablaze and threatening a major expansion of the six-month-old Middle East war.Brent crude futures rose 70 cents, or 0.7%, to $97.70 a barrel at 10:56 a.m. EDT (1456 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.21, or 1.3%, to $92.69. That puts Brent on track for its highest close since July 23 and WTI on track for its highest close since June 4.The Houthis attacked four cities in the south of U.S.
Greece finalised a deal on Tuesday for the purchase of two Bergamini class frigates from Italy, its defence ministry said, as the NATO country looks to modernise its armed forces.Greece agreed last year a plan to buy the two used Bergamini class frigates from Italy and kept an option to buy two more.Defence Minister Nikos Dendias and Italian counterpart Guido Crosetto the "implementing arrangement" in Rome, the Greek defence ministry said in a statement.It did not give the value of the transaction, but Greek media said it could amount to between €500 million ($581.50 million) and €600 million.
Yemen's Tehran-backed Houthis attacked four cities in the south of U.S. ally Saudi Arabia on Tuesday, wounding more than 70 people and setting oil installations ablaze in what appeared to be a major expansion of the six-month-old Middle East war.The Houthis, who control most of Yemen's populated areas including the capital, said they had launched a broad operation deep into Saudi territory. They used drones and missiles to strike a Saudi airbase in the southern city of Khamis Mushait, and targets belonging to Saudi Arabia's state oil company in nearby Abha, Najran on the Yemeni border
Lumitec, a designer and manufacturer of environment LED lighting solutions, has announced a new enhancement to its Poco Digital Lighting Control system, the Channel Expander Feature.This latest addition expands system flexibility and scalability, empowering boat builders, integrators, and vessel owners to manage more complex lighting configurations with ease.At the core of this update is the ability for Poco modules to communicate over a NMEA 2000-based network, unlocking new system architecture possibilities.
New Pacific Industrial (NP) has launched its first shipbuilding program with the construction of two 122-foot American Class tugboats for American Marine Corporation (AMC) at its Vancouver, Washington waterfront facility. Designed by naval architecture and marine engineering firm Glosten, the vessels also represent American Marine's first new tugboat construction as the company marks 50 years in business.Glosten is providing the vessel design and engineering package based on its CT-120, an oceangoing line-haul tug concept developed for long-distance towing and demanding offshore operations.
The U.S. Third Circuit Court of Appeals reversed a key New Jersey water permit for U.S. energy company Williams Cos' long-delayed Northeast Supply Enhancement (NESE) natural gas pipeline project in Pennsylvania, New Jersey and New York.The court said in a ruling on Tuesday that it granted petitions by environmental groups, vacated the Water Quality Certification and remanded the case to the New Jersey Department of Environmental Protection (NJDEP).