Oil prices rose to their highest in almost six weeks on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the U.S. and Iran and threats to shipping by the Iran-backed Houthi militia in Yemen.Brent crude futures were up $2.23, or 2.45%, at $93.
A Qatari LNG tanker remained stranded off Oman on Wednesday after a projectile strike sparked a fire in its engine room, though industry sources said the vessel's cargo appeared secure and the risk of an explosion was low for now.The attacks on the tankers prompted Washington to revoke a licence allowing Iran to sell oil and U.S. forces to strike Iranian targets overnight.
The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade.America's ascendancy to the top spot marks a stunning reversal for a country that was dependent on Middle Eastern oil for decades and
Saudi Arabia and neighbouring Gulf producers will cheer the eventual reopening of the Strait of Hormuz, but the ensuing flood of oil risks eroding OPEC’s already fragile grip on the market.The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas flowed before the conflict – have sharply diminished output from the Organization of the Petroleum
The IMO's Maritime Safety Committee met for its 111th session from May 13 to 22 and adopted a global code for autonomous ships and advanced guidelines for ships operating on alternative fuels.First global code for autonomous shipsIMO adopted a new International Code of Safety for Maritime Autonomous Surface Ships (MASS Code) to support the safe integration of AI-enabled and remotely operated
"So far this year, ship transits via the Panama Canal have increased 8% y/y to a daily average of 38, driven by the tanker sector. Transits have been especially high during the past five weeks, rising 16% y/y, as US energy exports to the Pacific jumped,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO.
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.
Seatrium has put in motion a series of non-core asset divestments set to complete by early 2026, targeting over $40 million (S$50 million) in annualized operational cost savings.The Singapore-based offshore and marine group said the savings will follow recent divestments of the AmFELS yard in Texas and the GNL Platform Supply Vessels disclosed in 2025, alongside additional transactions earlier.
All-Cash Deal, Expanding Brazil FootprintTidewater Inc. (NYSE: TDW) has signed a definitive agreement to acquire Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (collectively, WSUT) in an all-cash transaction valued at approximately $500 million, including the assumption of existing debt.
Subsea services provider OMS Group has signed contracts with Ulstein for the design and construction of two cable laying vessels (CLVs).The vessels will be designed by Ulstein Design & Solutions and constructed at Ulstein Verft, with delivery planned for 2028. Each vessel will be about 130 meters long and 22 meters wide, with cable capacity of up to 6,500 tonnes and accommodation for 75 people.
Equinor said it is complying with a stop-work order issued by the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM), which ordered the suspension of offshore construction activities on the Empire Wind project citing national security concerns.Empire Offshore Wind LLC, the project company
Singapore-based Seatrium has resolved its dispute with an affiliate of Maersk Offshore Wind, over the delivery of a wind turbine installation vessel (WTIV), originally intended for Equinor’s Empire Wind 1 project in the United States.Under the agreement Seatrium Energy reached with Maerk’s affiliate Phoenix II A/S, the parties will discontinue all legal proceedings related to the contract