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Market Chatter: Sanctioned Russian Oil Spill Off Oman Threatens Marine Wildlife

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A major oil spill off Oman has become one of the worst in years after spreading largely unchecked, reaching the mainland, Reuters reported Tuesday, citing international agencies, including the International Maritime Organization, and satellite imagery.

The tanker carrying about 800,000 barrels of sanctioned Russian crude ran aground June 30 after reporting trouble off Yemen, with a blast reportedly aboard. Satellite images showed it grounded at Al-Qibliyyah Island, threatening endangered marine life.

Oil spill specialist John Amos estimated the slick at over 2,000 square kilometers, while Oman put the area at about 400 square kilometers. The IOPC Funds, which handles tanker spill compensation, said it would not cover cleanup costs as the incident was treated as an act of war, according to the report.

Oman's Environment Authority, the International Maritime Organization, and the IOPC Funds did not immediately reply to' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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