The headline grabbing global attention is simple enough: a shipowner reportedly paid more than $5 million for a single Panama Canal transit slot. But that may only mark the start of an historic surge in shipping costs.The vessel was a liquefied petroleum gas (LPG) carrier operated for South Korea's SK Gas.
Oil fell on Friday as Middle East supply concerns eased after President Donald Trump said the US would not attack Iran before midterm elections next month and talked of "productive" talks to end their war that has disrupted global energy markets.Plans by China, the world's top oil importer, to resume refined fuel exports after a brief halt during its Golden Week holiday
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.
The U.S. Court of Appeals for the D.C. Circuit recently issued a decision upholding the Federal Maritime Commission’s (FMC) determination that detention fees levied on a trucker by an ocean common carrier during a three-day port closure were unreasonable. The federal appeals court unanimously denied all aspects of the petition filed by the carrier, Evergreen Shipping Agency (America) Corp.
Crude prices plunged by more than 3% on Friday, on course for steep weekly losses, on easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.Brent crude futures fell $2.61, or 3.47%, to $72.65 a barrel by 1037 GMT. U.S. West Texas Intermediate lost $2.46, or 3.42%, to $69.46.
Brent crude ticked slightly higher on Friday but was still on track for a more than 8% weekly decline after Israel and Hezbollah agreed to a ceasefire and tanker traffic through the Strait of Hormuz increased.Brent crude futures were up 20 cents, or 0.25%, at $80.05 a barrel by 10:55 a.m. ET, while U.S. West Texas Intermediate crude was up 25 cents, or 0.33%, at $76.85 per barrel.
Oil prices jumped more than 2% on Thursday after Iran's Revolutionary Guards said they targeted a U.S. airbase in response to a U.S. attack in the port city of Bandar Abbas.Brent crude futures LCOc1 rose $2.34, or 2.48%, to $96.63 a barrel by 0701 GMT, while the more active August contract LCOc2 gained $2.24 or 2.43%, to $94.49. The July contract is set to expire on Friday.U.S.
Brent crude futures rose more than 2% on Tuesday after the U.S. military carried out strikes in Iran, keeping markets on edge as a deal to end the war and open up the Strait of Hormuz remained elusive.Brent futures LCOc1 were up $2.36, or 2.5%, to $98.50 a barrel as of 0630 GMT, after settling 7% lower in the previous session.U.S. West Texas Intermediate crude CLc1 was at $91.
Exports from the Port of Los Angeles, the busiest U.S. gateway for ocean trade, fell 8% in January to the lowest monthly output in nearly three years, Executive Director Gene Seroka said on Tuesday."Exports to China look dismal," Seroka said after the Port of Los Angeles handled 104,297 20-foot equivalent units (TEUs) of loaded export containers in January.
Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.Brent futures fell $1.01, or 1.6%, to $64.23 a barrel at 11:26 a.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1.6%, to $59.66 a barrel, headed for its lowest close since January 15.
On Monday, January 19, 2026, production of the fifth vessel in the Icon Class began at the Meyer Turku shipyard. The ceremonial event held in the steel hall was attended by representatives of the ship’s owner Royal Caribbean Group, the Meyer Turku organization, and the classification society.
China received 22 shipments of liquefied natural gas (LNG) last year from two export projects in Russia sanctioned by the United States and European Union, shiptracking data showed.One shipment was from Portovaya and the rest were from the Arctic LNG 2 project, showed data from Kpler and LSEG.The U.S.