Oil prices skidded, and stocks wobbled on Monday as hopes of a peace deal in the Middle East grew, while the yen jumped suddenly again after the U.S. and Japan confirmed joint intervention to prop up the frail currency. Crude oil prices tumbled more than 5% on Monday as markets reacted to signs of a […]
The Sultanate of Oman and the European Union (EU) on Tuesday signed an agreement for the establishment of a diplomatic mission of the European Union in Oman. The agreement was signed on behalf of the Sultanate of Oman by Sayyid Badr bin Hamad al Busaidy, Foreign Minister, and on behalf of the EU by Kaja […]
MUSCAT, July 9 Asyad Shipping, the majority state-owned Omani maritime transportation company, has signed contracts worth approximately $308 million for the construction of six medium-range (MR) product tankers with South Korean shipbuilding giant Hyundai Heavy Industries, marking another major milestone in its long-term fleet expansion strategy. The company, part of Asyad Group and listed on […]
CHICAGO/LONDON: Airlines stand to save billions of dollars on jet fuel after an interim U.S.-Iran peace deal sent oil prices lower, but passengers are unlikely to see immediate relief as tight capacity may allow carriers to keep fares well above pre-war levels. The U.S. market offers the clearest example. Fare increases still lag this year’s […]
The preliminary U.S.-Iranian deal could lower fuel prices, but don’t expect cheaper flights anytime soon. The conflict caused jet fuel prices to nearly double, forcing airlines to operate fewer flights and raise fares. The framework deal US and Iranian officials are expected to sign on Friday would restore oil exports from the Middle East, but […]
LONDON: Oil prices fell almost 3 per cent on Thursday to their lowest since the first trading day of the Iran war, as a US-Iran interim deal to end the conflict, reopen the Strait of Hormuz and ease sanctions on Tehran boosted the global supply outlook. Brent crude futures were down $1.53, or 1.9%, at […]
The leaders of the United States and Iran have signed a 14-point memorandum of understanding to end the war between their countries, as well as Israel’s military assault on Hezbollah in Lebanon. From the US point of view, the deal leaves a lot to be desired. Washington is giving up a lot for very little […]
The clock is ticking on the Iran peace deal. A memorandum of understanding between Iran and the US is due to be signed in Geneva on June 19, allowing for a 60-day ceasefire extension and the opening of the strategically vital waterway, the Strait of Hormuz. But key questions remain unresolved that could yet scupper […]
US President Donald Trump hailed the deal ending the US-Israel war with Iran with a triumphant message: “Ships of the World, start your engines. Let the oil flow!” he wrote on his online social media platform. But how realistic is a swift resumption of ship movement through the Strait of Hormuz? Oil traders are hopeful. […]
MUSCAT, JUNE 16 Oman’s 870-megawatt Duqm gas-fired power plant has secured a $385 million engineering, procurement and construction (EPC) contract, advancing one of the Sultanate of Oman’s largest new power generation projects. South Korea’s Doosan Enerbility said it had signed the contract with Coastal Power SAOC, the project company established to develop the plant in […]
