Paris: The International Energy Agency on Wednesday sharply reduced its forecast for global oil demand this year, as supplies remain crimped by the closure of the Strait of Hormuz and high prices deter buyers. Demand is expected to slump by 1.6 million barrels per day (mb/d), compared with its forecast slump of one million barrels […]
SYDNEY/LONDON: Global equities inched higher on Monday as oil prices held broadly steady after Iran said it was nearing a final pact with Oman defining new shipping lanes in the Strait of Hormuz, and as markets awaited key U.S. inflation data on Wednesday. Europe’s continent-wide Stoxx 600 index rose 0.1% while futures for the U.S. […]
The Sultanate of Oman expressed its condemnation of the repeated attacks on ships transiting the Strait of Hormuz, which constitutes a violation of international law and the sovereignty of territorial waters, and poses a threat to the safety of maritime navigation and the security and stability in the region. In a statement issued by the […]
Disruption in the Strait of Hormuz has exposed the vulnerability of global trade to a single maritime chokepoint, with early data showing sharp falls in exports of energy, fertilizers and industrial products, the United Nations said in its report on Tuesday. The analysis focuses on 12 energy, fertilizer, and industrial products for which Hormuz-dependent economies […]
Sayyid Badr bin Hamad al Busaidy, Foreign Minister, held a consultative meeting with the foreign ministers of the GCC countries on Tuesday via videoconferencing. The ministers exchanged views on the developments of the current phase, the latest updates on the ongoing negotiations, and the efforts exerted to advance them toward practical understandings that contribute to […]
MUSCAT, JUNE 30 The Sultanate of Oman does not support imposing transit fees on ships passing through the Strait of Hormuz, but it left open the possibility of discussing charges linked to maritime services, Sayyid Badr bin Hamad al Busaidy, Foreign Minister, said. In an exclusive interview with Monte Carlo International Radio, Sayyid Badr said […]
Muscat: In a move underscoring its longstanding commitment to maritime security and freedom of navigation, the Sultanate of Oman, in coordination with the International Maritime Organization (IMO), has announced the provision of a temporary maritime transit corridor in the strategic Strait of Hormuz. The initiative reflects Oman’s responsibilities toward one of the world’s most critical […]
London: Oil shipments through the Strait of Hormuz picked up on Friday after the United States and Iran signed a ceasefire deal, with Gulf producers preparing to raise exports despite concerns over conditions set by Tehran for using the vital waterway. Washington and Tehran released the text of an interim agreement signed on Wednesday to […]
Iran and the United States are about to sign a peace deal that will reopen the Strait of Hormuz, the narrow waterway that carries about one-fifth of the world’s oil. Oil prices reacted quickly to the announcement of the tentative deal, dropping from highs that had pushed gasoline prices toward record levels in North America. […]
Shipowners will not resume transit through the Strait of Hormuz for weeks until they are confident that the U.S.-Iran deal is “material”, the chief executive of Japan’s Mitsui O.S.K. Lines told the Financial Times in an interview published on Tuesday. The Iran war that began on February 28 with U.S.-Israeli strikes largely stopped shipping through […]
