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.
Iran's Islamic Revolutionary Guard Corps has threatened to close "all other export corridors that benefit the U.S. and its allies", Iranian media reported, after Iran shut the Strait of Hormuz and the U.S. reimposed a naval blockade of Iranian ports."Regional energy exports are either shared by all, or denied to all
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.
Iran's state media said on Wednesday a foreign container ship ran aground in the Strait of Hormuz after entering shallow waters outside the shipping route designated by Iranian authorities.State media reiterated the Revolutionary Guards' warning that vessels should transit only through the corridor south of Iran's Larak island
The U.S.-sanctioned tanker Rich Starry made its way back to the Strait of Hormuz on Wednesday after exiting the Gulf the day before, shipping data showed, failing to break through a U.S. blockade on vessels calling at Iranian ports.U.S. President Donald Trump announced the blockade on Sunday after weekend peace talks in Islamabad between the U.S. and Iran failed to reach a deal.
Shippers on Wednesday said they needed more clarity on the terms of the U.S.-Iran ceasefire before resuming transit through the Strait of Hormuz, as Iran said the waterway remained closed to vessels sailing without a permit.The six‑week conflict had brought traffic through the strait - a chokepoint for about 20% of global oil and liquefied natural gas (LNG) shipments - close to a standstill
Oman's civil defence is working on containing a fire in fuel tanks at the country's Salalah port, Oman's state news agency reported on Wednesday, after drones struck oil storage facilities at the port.The state news agency, citing Oman's civil defence, said that containing the fire "might take time", without providing further details.
Explosive-laden Iranian boats appear to have attacked two fuel tankers in Iraqi waters, setting them ablaze and killing one crew member on Wednesday, after projectiles struck four vessels in Gulf waters, said port, maritime security and risk firms.The latest attacks on ships linked to the U.S. and Europe mark an escalation in the conflict between Iran and U.S.
The barge Defiant was refloated from the Castillo San Felipe del Morro shoreline in San Juan Harbor, Wednesday at approximately 2:22 a.m., just before high tide.Salvage crews and tugboat operators prepositioned three tugboats and completed all the preparations, including the pressurization of all cargo tanks, voids and compartments in the barge.
Taiwan remained on high alert on Wednesday after China staged massive military drills around the island the previous day, keeping its emergency maritime response centre running as it monitored Chinese naval manoeuvres, the coast guard said.The exercises named "Justice Mission 2025" saw China fire dozens of rockets towards Taiwan and deploy a large number of warships and aircraft near the island
The White House has ordered U.S. military forces to focus almost exclusively on enforcing a "quarantine" of Venezuelan oil for at least the next two months, a U.S. official told Reuters, indicating Washington is currently more interested in using economic rather than military means to pressure Caracas.
The U.S. has seized a sanctioned oil tanker off the coast of Venezuela, President Donald Trump said on Wednesday, a move that sent oil prices higher and sharply escalated tensions between Washington and Caracas"We've just seized a tanker on the coast of Venezuela, large tanker, very large, largest one ever, actually, and other things are happening," said Trump