Oil prices retreated in choppy trade on Monday, as investors awaited clarity on the status of indirect talks between the U.S. and Iran, wary about sustained supply losses due to shipping disruptions.Brent crude futures were down 0.22% to $108.79 a barrel at 11:49 a.m. CDT (1649 GMT). U.S. West Texas Intermediate crude futures were trading down 0.08% to $111.45 per barrel.
The United Arab Emirates has told the U.S. and other Western allies it would participate in a multinational maritime taskforce to reopen the Strait of Hormuz, the Financial Times reported on Friday, citing people familiar with the matter.The UAE is trying to push dozens of countries to create a “Hormuz Security Force” to defend the strait from Iranian attacks and escort shipping, the report added.
Oil loading at the United Arab Emirates port of Fujairah was at least partly halted after a third attack in four days caused a fire at the export terminal, while operations at the Shah gas field remained suspended after an earlier attack.The cascading disruptions threaten to completely sever the OPEC producer's remaining crude export outlet from global markets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13.
U.S. President Donald Trump issued an executive order on Wednesday imposing an additional 25% tariff on goods from India, saying the country directly or indirectly imported Russian oil.The additional tariffs mean India will face the highest levy along with Brazil, putting it at a significant disadvantage against regional competitors such as Vietnam and Bangladesh.
Singapore's offshore services firm Kim Heng has held a christening ceremony for the Bridgewater Discovery, a DP2 geotechnical survey vessel, rebuilt in 2024.With the Bridgewater Discovery vessel, Kim Heng has marked another milestone in its expansion into the renewable business sector.
A boat carrying members of the Rohingya community from Myanmar has sunk near the Thai-Malaysian border, with hundreds missing, seven dead and 13 rescued, the Malaysian maritime agency said on Sunday.Rescuers were combing an area of 170 square nautical miles near Langkawi Island on Saturday after a boat with 300 people on board left Myanmar's Rakhine state three days earlier
Saipem, in consortium with BOS Shelf LLC and BOS Shelf International FZCO, (both companies being affiliates to the State Oil Company of the Azerbaijan Republic, SOCAR) has been awarded three new offshore contracts for the Shah Deniz Compression project operated by bp in Azerbaijan.The overall value of the contracts is approximately $700 million, and Saipem’s share amounts to $600 million.
Oil prices rose more than 1% on Wednesday, with the U.S. barring Chevron from exporting crude from Venezuela and production shut-ins from Canada, while markets anticipated an expected production increase from OPEC+.Brent crude futures LCOc1 rose 93 cents, or 1.5%, to $65.02 a barrel by 1300 GMT, while U.S. West Texas Intermediate crude CLc1 gained $1, or 1.6%, to stand at $61.89 a barrel.
Hungarian oil and gas group MOL and state-owned energy company MVM will jointly charter tankers to ship up to 160,000 metric tons of crude oil a year from Azerbaijan to further diversify energy supply for Hungary and Slovakia, MOL said on Thursday.The companies will both transport crude oil to the Ceyhan terminal in Turkey via the Baku-Tbilisi-Ceyhan (BTC) pipeline
PALFINGER MARINE will deliver eight Stiff Boom Cranes PS 15500M for four inland navigation vessels to the Brazilian shipyard Estaleiro Rio Maguari (ERM). This contributes to the optimization of inland navigation in Latin America (LATAM) along the Paraguay-Paraná waterway. The cooperation between PALFINGER MARINE and ERM is part of a large-scale inland waterway transport project led by LHG
Carboline has announced that Dr. Ali Shah has joined the company as Vice President of Global Research, Development, and Innovation.Shah brings over 22 years of product innovation experience, having held leadership positions with renowned global chemical companies, including Dow, Eastman, PPG and Lubrizol.