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Iran's Deputy Foreign Minister Says Tehran Will Not Permit Foreign Demining in Strait of Hormuz

Iranian Deputy Foreign Minister Kazem Gharibabadi said Monday that Iran will not permit any other country to conduct demining operations in the Strait of Hormuz, responding to comments by French President Emmanuel Macron.Gharibabadi said in a post on X that, under the Islamabad memorandum of understanding, only Iran can carry out demining in the Strait of Hormuz. He added that no other country has permission to undertake such operations.Gharibabadi described the situation as sensitive and complex and strongly advised France not to further complicate it with its provocations.Earlier on Monday, Macron said in a post on X that France and Oman would cooperate with their partners to demine the Strait of Hormuz during Sultan Haitham bin Tarik's first official visit to France.

Oil & Energy40d ago

Macron Says France, Oman to Coordinate With Partners on Strait of Hormuz Demining

French President Emmanuel Macron said Monday that France and Oman agreed to work together on de-escalation in the Middle East, including cooperation on demining the Strait of Hormuz.Macron made the remarks in a post on X during Sultan Haitham bin Tarik's first official visit to France.Macron said the two countries will coordinate with their partners to demine the Strait of Hormuz to secure maritime routes and ensure free and unconditional passage through it.Macron added that France and Oman strengthened their partnership with historic agreements in the economic, scientific, cultural, and industrial sectors.

Oil & Energy40d ago

Qatar Ministry of Transport Urges All Marine Vessel Owners and Users to Temporarily Suspend Navigation and Marine Activities Until Further Notice

Oil & Energy40d ago

US Oil Update: Oil Rises Amid Mixed Diplomatic Signals; Iran Denies Doha Talks

Crude futures rose on Monday after the US and Iran agreed to cease retaliatory military strikes over the weekend, but gave mixed signals on further talks to iron out details of the peace agreement.Front-month West Texas Intermediate crude futures gained by 1.3% to $70.13 per barrel, while Brent futures were up about 0.9% to $72.66/bbl.Although shipping has resumed through the critical Strait of Hormuz, mixed diplomatic signals over upcoming Doha peace talks capped broader market enthusiasm.While US indicated that teams were slated to convene in Doha to iron out implementation details of their broad Memorandum of Understanding, Iran's Deputy Foreign Minister Kazem Gharibabadi explicitly denied that any working-group meetings with US representatives are scheduled for this week.Over the weekend, US Central Command said it launched retaliatory airstrikes against Iranian military targets following an Iranian drone attack on a commercial vessel.These gains rapidly evaporated during Asian trading hours after both Washington and Tehran agreed to halt active hostilities.Despite the immediate normalization of shipping lanes, energy market analysts remain highly cautious.ING analysts said that "as we have seen over the last four months, the situation can change very quickly. It took long enough to agree on a temporary ceasefire."

Oil & Energy40d ago

EMEA Natural Gas Update: Futures Rally Amid Renewed US-Iran Hostilities Ahead of Talks

European natural gas futures rose on Monday following a renewed flare-up between the US and Iran that has reignited supply fears, while further talks between the foes were reportedly scheduled for Tuesday in Doha.Front-month Dutch TTF futures were up 2.94%, at 41.980 euros ($47.88) per megawatt-hour, while UK natural gas was up 3.37%, at 101.100 British pence ($1.34) per therm.The Islamic Revolutionary Guard Corps claimed to have struck eight US military facilities in Kuwait and Bahrain, in retaliation over US strikes against Iran late last week, according to a report by Al Jazeera.Things have since calmed, with both sides agreeing to pause attacks ahead of the next round of talks, which are set to be held in Doha on Tuesday, according to Axios, citing an unnamed senior US official.The crucial Strait of Hormuz, which usually accounts for one-fifth of global LNG flows, saw traffic dip yet again, following fresh attacks against commercial vessels. Just five vessels transited the Strait over the past 24 hours, according to the Hormuz Strait Monitor.According to Daniel Hynes, a senior commodity strategist at ANZ, empty LNG tankers have continued to line up near Qatar's export plants, but their passage through the Persian Gulf would depend "on securing safe passage through the strait."European natural gas inventories are at 48.29% of capacity, compared to 57.77% a year ago, according to Gas Infrastructure Europe.Inventories were also below the five-year average for this period, at 62.9%, according to the Swiss Federal Office of Energy.Based on current trends, Europe looks set to end the gas refilling season, which runs from April to October, with inventories just 76% full, the lowest level in 15 years, according to a report by the Financial Times, citing Wood Mackenzie.The European Commission, however, has reassured the markets that gas storage at just 80% of capacity would be enough to secure supplies during Winter, with overall gas demand down by 17% across the region.Europe is also facing a record heatwave, with countries such as the UK, France, Switzerland and Germany hitting new "all-time high temperature records," with the mercury surging past 40 degrees Celsius, according to Severe-Weather EU.That has increased air conditioner use, increased power consumption, some of which is produced with natural gas.

Oil & Energy40d ago

EMEA Oil Update: Crude Gains Amid Fragile Middle East Ceasefire

Oil prices gained on Monday after the US and Iran agreed to halt hostilities in the Middle East, but uncertainties around transit through the Strait of Hormuz resurfaced.Front-month Murban crude futures gained by 3.3% to $68.70 per barrel, while Brent futures were up about 1% to $72.63/bbl.Last week, both contracts logged their third straight week of losses as market sentiment remains highly sensitive to geopolitical friction in the Middle East."The US and Iran have again agreed to halt attacks, after several days of fighting that threatened the fragile ceasefire," SEB analysts said."Peace talks will resume in Doha during the week. However, the market is mainly focused on ships continuing to pass through the Strait of Hormuz, and Brent oil is trading around $72 per barrel," they added.US Central Command said it launched airstrikes against Iranian military targets following an Iranian attack on a commercial vessel transiting the critical Strait of Hormuz choke point.According to analysts at Saxo Bank, the fragile ceasefire has allowed maritime traffic to resume normal transit through the Strait of Hormuz."Early gains faded after the two sides agreed to halt attacks, allowing vessels to move freely ahead of peace talks set to resume later this week," the analysts said.

Oil & Energy40d ago

Eni, Libya's NOC Start Gas Production From Sabratha Compression Project

Italian energy giant Eni S.p.A (E), in partnership with Libya's National Oil Corporation, reported on Monday the successful start-up of hydrocarbon production at the Bahr Essalam gas field, located 100 kilometers off the country's coast.The partnership, which conducts operations via the Mellitah Oil & Gas joint venture, is linked to the Sabratha Compression Project, which is a strategic offshore development aimed at sustaining and increasing natural gas output across core fields.The project consists of a new 1,600-ton compression module installation, which offers total capacity of about 440 million standard cubic feet per day, according to the company's press release.Eni said the project is expected to add about 800 million cubic meters of natural gas annually, along with associated condensate, by enabling production under lower-pressure conditions, while improving recovery and offsetting the natural decline at the mature Bahr Essalam Gas Field.The additional gas is expected to support Libya's domestic power generation while also supplying exports to Italy through the Greenstream pipeline.The company said it is also progressing two additional offshore developments in Libya, including the Bouri Gas Utilization Project, where commissioning activities are underway, and the Structures A&E project, which will develop two offshore gas fields.Eni said it produced about 162,000 barrels of oil equivalent per day in Libya in 2025 and currently has three development projects under execution in the country, representing total investments of about $10 billion.

Oil & Energy40d ago

Tanzania Reportedly Suffers Blackout After Grid Failure

A widespread power outage reportedly hit Tanzania on Saturday following multiple technical failures, according to media outlets, citing state-owned power utility Tanesco.The power outage from 7 p.m. local time, resulted from faults on three transmission lines and a substation malfunction, Tanzania Insight reported. The incidents triggered the grid's protection system, shutting down operations to avoid further damage.Businesses and industries have reportedly been affected, including Tanzania Railways, the Standard Gauge Railway, and the Benjamin Mkapa Hospital.Electricity was mostly restored by late evening, as per reports, while a comprehensive investigation was launched to identify the root causes of the multiple simultaneous failures.The government said the automatic shutdown demonstrated the capability of the grid, which is equipped with modern digital technology, to respond to abnormal conditions without manual intervention, local news outlet The Citizen reported.Tanesco did not immediately respond to' request for comment.

Oil & Energy40d ago

Hormuz Shipping Traffic Slumps Again After Fresh Attacks Against Commercial Vessels

Commercial traffic through the Strait of Hormuz fell again after two vessels came under attack late last week, renewing safety concerns along the strategically vital waterway, according to ship tracking data.Traffic along the Strait stood at just five over the past 24 hours, according to the Hormuz Strait Monitor, marking a sharp decline from last week, when figures reached their highest levels, at over 50 vessels, since the conflict began in late February.Several vessels conducted open transits over the weekend, meaning they traversed the Strait with their transponders on, according to a Bloomberg report. This included two very large crude carriers, which made their way into the Persian Gulf without any cargoes, along with a French-flagged container ship and two other laden oil tankers, which left the inland sea.However, a dozen others abandoned their crossings after a Singapore-flagged container ship was attacked, along with a Qatari oil tanker, prompting the UK's Joint Maritime Information Center to once again raise its threat level to "substantial" on Sunday.The Bloomberg report also noted that certain ships took alternative routes, with an Aframax tanker sailing between Iran's Qeshm and Larak islands, before moving to the middle of the Strait.This was despite the United Nations International Maritime Organization warning on Friday that there were about 80 mines in the historic, central lanes of the strategically vulnerable chokepoint.Despite this fresh uncertainty, Middle Eastern producers continued to plough through with oil and liquefied natural gas loadings, with Iran itself accelerating loadings after Washington waived sanctions on its exports for a period of 60 days, according to a Reuters report, citing ship tracking data.Besides the several VLCCs that have made their way into the Persian Gulf in recent days, Qatar and the UAE have continued to load LNG tankers, despite the latest strikes and uncertainties in the region, according to Kpler data.

Oil & Energy40d ago

EMEA Natural Gas Update: Futures Rise Following Latest Middle East Flareup

European natural gas futures were up on Monday, following the latest flare-up in the Middle East, which once again reignited supply fears.Front-month Dutch TTF futures were up 2.79%, at 41.920 euros ($47.77) per megawatt-hour, while UK natural gas was up 2.51%, at 100.250 British pence ($1.32) per therm.This comes amid the latest round of strikes traded between the US and Iran, with the Islamic Revolutionary Guard Corps claiming to have struck eight US military facilities in Kuwait and Bahrain, in retaliation against US strikes against Iran late last week, according to a report by Al Jazeera.Things have since calmed, with both sides agreeing to pause attacks ahead of the next round of talks, which are set to be held in Doha on Tuesday, according to Axios, citing an unnamed senior US official.Meanwhile, the strategically crucial Strait of Hormuz, which accounted for one-fifth of global LNG flows, saw traffic dip yet again, following fresh attacks against commercial vessels. Just five vessels transited the Strait over the past 24 hours, according to the Hormuz Strait Monitor.According to Daniel Hynes, a senior commodity strategist at ANZ, empty LNG tankers have continued to line up near Qatar's export plants, but their passage through the Persian Gulf, he said, would depend "on securing safe passage through the strait."This comes at a time when European natural gas inventories remained depleted, at 48.29% of capacity, compared to 57.77% during the corresponding period a year ago, according to Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 62.9%, according to the Swiss Federal Office of Energy.To make matters worse, Europe is currently facing a record heatwave, with countries such as the UK, France, Switzerland and Germany hitting new "all-time high temperature records," with the mercury surging past 40 degrees Celcius, according to Severe-Weather EU, leading to higher space cooling demand, and thus, increased power consumption.

Oil & Energy40d ago

EMEA Oil Update: Brent Edges Up Following Weekend US-Iran Strikes

Brent crude futures edged up on Monday after a series of attacks over the weekend threatened the fragile US-Iran peace MOU and supply through the Strait of Hormuz, ahead of upcoming peace talks in Doha.The Brent futures contract edged up 0.9% at $72.62 per barrel. Murban futures closed at its lowest since February at $66.54/bbl on June 26 and were not trading by the time of publication of this oil price update.Last week, both contracts logged their third straight week of losses as market sentiment remains highly sensitive to geopolitical friction in the Middle East."The US and Iran have again agreed to halt attacks, after several days of fighting that threatened the fragile ceasefire," SEB analysts said."Peace talks will resume in Doha during the week. However, the market is mainly focused on ships continuing to pass through the Strait of Hormuz, and Brent oil is trading around $72 per barrel," they added.US Central Command said over the weekend that it launched airstrikes against Iranian military targets following an Iranian attack on a commercial vessel transiting the critical Strait of Hormuz choke point.According to analysts at Saxo Bank, the fragile ceasefire has allowed maritime traffic to resume normal transit through the Strait of Hormuz."Early gains faded after the two sides agreed to halt attacks, allowing vessels to move freely ahead of peace talks set to resume later this week," the analysts said.

Oil & Energy43d ago

Crude Benchmarks Slide for 3rd Straight Week Despite Escalating Strait of Hormuz Tensions

Global oil benchmarks retreated to pre-war levels this week, as expectations of recovering and regional export restarts countered a 6.1-million-barrel US crude inventory draw and renewed geopolitical tensions late in the week.West Texas Intermediate settled at $70.24/bbl from $77.54/bbl the previous week, while Brent closed at $73.15/bbl from $80.38/bbl a week earlier.Brent fell 9.27% on a weekly basis to settle near pre-war levels, while WTI dropped almost 10% so far this week.Both contracts logged their third straight week of losses.Market resilience was tested on Friday following a maritime security incident in which the Singapore-flagged container ship Ever Lovely was struck by a suspected drone projectile off the coast of Oman.The attack followed explicit warnings from Iran's Islamic Revolutionary Guard Corps that non-coordinated transit routes would be treated as hostile.While the event prompted a brief price rebound and caused the International Maritime Organization to temporarily pause its voluntary evacuation operations to reassess safety guarantees, commercial energy flows ultimately shrugged off the friction.On Friday, US President Donald Trump posted on Truth Social that Iran's alleged drone attack on ships transiting the Strait of Hormuz was a "foolish violation" of the ceasefire agreement after saying Tehran launched at least four one-way attack drones.The Islamic Republic of Iran shot at least four one-way attack drones at ships traversing the Strait of Hormuz, Trump said, adding that a drone had struck a cargo vessel."One of the drones solidly hit the upper deck of a large and very expensive cargo carrying ship," Trump said, adding, "Damage was done, but the ship was able to proceed on its way.""Obviously, this is a foolish violation of our ceasefire agreement," Trump said.Later on Friday, the US Central Command struck Iranian military targets.Centcom said in a post on X that US aircraft struck Iranian missile and drone storage locations and coastal radar sites in what it described as "a powerful response to yesterday's attack on a commercial ship that was transiting the Strait of Hormuz."Iran's IRGC reportedly said that the US attack will not go unanswered.Meanwhile, Saudi Aramco reportedly resumed crude oil loadings at its giant Ras Tanura export terminal, marking Aramco's return to Persian Gulf exports after a four-month suspension.The US Treasury's implementation of General License X, a 60-day waiver permitting the production, sale, and US dollar-denominated settlement of Iranian crude, acted as a significant tailwind for supply relief, unwinding a large backlog of stranded vessels in the Persian Gulf and boosting active crossings past 90 vessels over the weekend.Despite a mid-week bullish draw of 6.1 million barrels in US commercial crude inventories reported by the Energy Information Administration, the broader oil complex remained heavily pressured by product-side weakness and macro demand concerns, analysts said.Rystad Energy estimated that shut-in production across the Gulf region dropped sharply to 9.6 million barrels per day, down from 11.7 million b/d just three weeks prior.Meanwhile, the US oil rig count rose by seven from 433 the previous week to 440 in the week ending June 26, according to data from Baker Hughes (BKR) released Friday. That compares with 432 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by 21 to 770 from 749 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended June 23, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 207,881 long positions, down 12,899 from June 16, while short positions were up 4,691 to 107,586. In the physical market, producers, merchants, processors, and users held 696,363 long positions and 305,438 short positions.

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Oil & Energy43d ago

US Oil Update: Crude Settles Lower as More Tankers Transit Hormuz, Easing Supply Fears

Crude oil futures settled lower in after-hours trading on Friday, as steady tanker traffic through the Strait of Hormuz eased immediate concerns over supply disruptions, even as traders kept a close watch on geopolitical risks in the region.Front-month West Texas Intermediate crude futures fell by 3.5% to $69.46 per barrel, while Brent futures edged lower 4.2% to $72.09/bbl.Claire Jungman, director of Maritime Risk & Intelligence at Vortexa, said the US-Iran interim agreement has restored existing Gulf flows rather than created new ones. Volumes are recovering, particularly in crude, but the routes, buyers and vessel patterns still look broadly familiar, Jungman said.On Friday, the US attacked Iran one day after Tehran struck a commercial vessel off the Omani coast.US Central Command said that American aircraft on Friday hit Iranian missile and drone storage sites as well as coastal radar installations, calling it a "powerful response to yesterday's attack."President Donald Trump then said on Friday that Iran had violated the ceasefire with drone attacks on the Strait of Hormuz."Damage was done, but the ship was able to proceed on its way. We knocked down three other drones. obviously, this is a foolish violation of our ceasefire agreement," he said in a Truth Social post.Soojin Kim, research analyst at MUFG, said crude remained on track for a weekly decline as increasing flows via the Hormuz continued to ease supply concerns following an attack on a commercial cargo vessel near Oman.Meanwhile, two key exit routes through the Strait have reportedly emerged, as the usual middle route is believed to have been mined.However, Iran's Islamic Revolutionary Guard warned vessels that any new transit route via the Hormuz established without coordination with Tehran is "unacceptable and dangerous."Iran's Persian Gulf Strait Authority also said on Thursday that any transit happening in routes outside its framework would not be protected by "safe-passage guarantees."Commercial vessel traffic via the Hormuz has increased after the US-Iran agreement, with the latest data shipping data from Kpler showing 54 verified crossings across a broad mix of commercial and energy-linked vessels on June 25.On Friday, Kpler said that the QatarEnergy-chartered Umm Slal has become the latest LNG tanker to reverse course near the strategic waterway, following a similar move by Gaslog Shanghai on June 25."The reversals coincided with warnings from Iran's IRGC that vessels must avoid unauthorized routes and use only corridors designated by Tehran," Kpler said.ING strategists said the market is largely focused on the resumption of oil flows through the Strait, which is continuing to increase.On the supply front, the total crude oil, natural gas, and miscellaneous rigs count rose by 10 in the week to June 26, according to data from Baker Hughes (BKR) released Friday. The US oil rig count rose by seven from 433 the previous week to 440, while the number of gas rigs increased by three from 122 the previous week to 125, the data showed.Baker Hughes said this week's increase puts the consolidated North American oil and gas rig count, a key early indicator of future production levels, at 770, up 21 rigs from the previous week.OPEC is facing mounting internal pressure after the UAE's recent exit, with Iraq reportedly pressing the cartel to significantly raise its oil production quota as it considers exiting the group.ING analysts said that Iraq is the second-largest producer within OPEC, pumping over 4 million b/d ahead of the Iran conflict, but less than 1.5 million b/d in recent months due to the closure of the Hormuz.

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Oil & Energy43d ago

US Launches 'Powerful Response' After Iran Attacks Strait of Hormuz Commercial Ship

US Central Command said Friday that it struck Iranian military targets in response to Iran's attack on a commercial vessel transiting the Strait of Hormuz.Centcom said in a post on X that US aircraft struck Iranian missile and drone storage locations and coastal radar sites in what it described as "a powerful response to yesterday's attack on a commercial ship that was transiting the Strait of Hormuz."Iran struck the Singapore-flagged M/V Ever Lovely with a one-way attack drone on Thursday while the cargo ship was leaving the Strait of Hormuz along the Omani coast, the command said."The unwarranted aggression against commercial shipping by Iranian forces clearly violated the ceasefire. Furthermore, Iran's dangerous behavior undermined freedom of navigation as commerce increasingly flows through the vital international trade corridor," Centcom said.Centcom added that US forces continue to coordinate safe passage and support commercial vessels transiting the Strait of Hormuz."The US military remains present and vigilant to ensure all aspects of the agreement with Iran are adhered to, obeyed, and in full force and effect," Centcom said.

Oil & Energy43d ago

Hormuz Demining Faces Complex Hurdles Despite, Chatham House Says

The demining of the Strait of Hormuz will be a slow and technically complex operation requiring international coordination, even as renewed shipping via the waterway signals tentative progress following a US-Iran interim peace deal, Chatham House strategists said on Friday.Chatham House analysts projected that 80 naval mines are thought to have been laid in or near the Hormuz, though Tehran has not confirmed numbers or locations.The mines are designed to resist detection by distorting sonar signals, complicating clearance efforts.Nitya Labh, Schwarzman Academy Fellow, said before the recent Middle East conflict, Iran was estimated to hold 5,000-6,000 sea mines and retains much of its small boat and minelaying capability, though independent verification is limited.Labh said that four suspected minefield zones are believed to lie around key traffic lanes at the western entrance, the central transit corridor, and the eastern approaches toward the Gulf of Oman.Shipping via the Strait has resumed but remains far below normal levels, with vessels now funneled into narrow northern and southern routes hugging Iranian and Omani waters.Chatham House projected that daily transits have fallen to about 25 vessels, compared with a pre-crisis average of about 125, leaving hundreds of ships still stranded in the Persian Gulf.The disruption has been compounded by ships switching off AIS tracking systems to avoid detection, as well as widespread GPS jamming in the region, which has increased collision risks in already-constrained waters.Mine clearance is further complicated by overlapping security risks and competing claims over safe passage, Chatham House said.Iran has reportedly warned that only vessels using designated routes will be guaranteed protection, while maritime safety operations have been affected by security incidents in the wider Gulf.Responsibility for demining remains a sensitive issue. Chatham House said that a US-Iran memorandum of understanding reportedly places initial responsibility on Tehran to begin clearance within 30 days.However, while Iran possesses mine warfare capabilities, Chatham House analysts said Tehran is optimized for laying mines rather than removing them and may lack the trust or technical capacity to conduct operations alone.Western navies, including the US and European partners, are expected to play a central role.The US has specialized unmanned systems and mine countermeasure assets but limited regional capacity, while Nato allies, including Britain, France, Germany, the Netherlands, and Italy, could contribute specialist vessels and drones under a multinational framework.Chatham House said that reopening the Strait will ultimately depend less on technical clearance than on sustained political de-escalation. Mine removal operations require predictable, secure conditions, with assurances that vessels will not be targeted during clearance.

Oil & Energy43d ago

Traditional Vessel Route Checks Lose Value as Hormuz Shipping Patterns Shift, Kpler Says

Only 6.4% of 895 vessel crossings through the Strait of Hormuz used the International Maritime Organization's designated shipping lane between March 1 and May 19, 2026, prompting a rethink of traditional compliance assessments, Kpler strategists said in a note on Friday.Kpler tracked 58 vessels using the Traffic Separation Scheme, while 53.0% transited through Iran's alternative corridor and 40.6% followed dark or unknown routes with Automatic Identification System signals switched off, making route deviations the new operating norm rather than an exception.The firm said the TSS now serves as a benchmark for identifying routing anomalies rather than expected vessel behavior, because compliance teams must assess deviation patterns alongside other vessel risk indicators rather than in isolation.Route selection showed little distinction between vessel risk categories, with only 2.6% of sanctioned vessels, 5.6% of shadow fleet vessels and 9.8% of lower-risk commercial ships using the International Maritime Organization's TSS routing mechanism.Kpler tracked 622 unique vessels during the period and found 365, or 58.7%, were at least 20 years old. Average vessel age reached 24.3 years for shadow fleet ships, 22.2 years for sanctioned vessels and 19.1 years for non-sanctioned commercial vessels.The analysis also showed 55.5% of vessels operated without International Group Protection and Indemnity cover.Additionally, 48.1% lacked International Association of Classification Societies classification and 27.3% had no identifiable International Safety Management manager information, indicating weaker transparency across much of the transit fleet.Kpler identified 309 sanctioned vessel crossings and 177 shadow fleet crossings, with Iranian-flagged ships accounting for 18.6% of observed traffic.Bulk carriers and crude tankers dominated transits, while 75 of 124 crude tanker crossings involved sanctioned vessels.Kpler said route choice alone no longer provides a reliable measure of vessel risk. Instead, compliance teams should combine routing data with Automatic Identification System behavior, Global Navigation Satellite System disruption and vessel characteristics.The firm said vessel age, flag, insurance, classification, ISM manager status and ownership have become more important because sanctioned, shadow fleet and legitimate commercial vessels now follow similar routes.Compliance teams should weigh multiple risk signals, including vessel proximity to higher-risk ships, because the Global Navigation Satellite System disruption affected up to 3,000 vessels in a single day during the crisis.Kpler said most ships now deviate from TSS in the Strait of Hormuz, making it a normal practice. If questioned later, the focus will be on whether the route change was properly justified, not simply that it occurred.Companies should document routing decisions, threat assessments, and compliance reviews as they happen. Strong records help demonstrate that any deviations were reasonable and based on safety and operational risks, Kpler added.

Oil & Energy43d ago

US Oil Update: Futures Slide as Vessels Continue Transiting Strait of Hormuz

Crude oil futures fell in midday trading on Friday, extending a week of losses as the resumption of tanker traffic via the Strait of Hormuz eased fears over a global supply crunch that had gripped energy markets for months.Front-month West Texas Intermediate crude futures tumbled by 3.4% to $69.44 per barrel, while Brent futures retreated by 4.2% to $72.17/bbl.Saxo Bank strategists said oil was on track for a weekly decline after transits through the Strait of Hormuz accelerated, although an attack on a cargo ship off the Omani coast has renewed concerns about safe passage through the key chokepoint.President Trump on Friday alleged that Iran had violated the ceasefire agreement by firing at cargo ships transiting the Strait, saying at least four one-way attack drones targeted ships in the waterway and one of them hit the upper deck of a large cargo ship.On Thursday, the United Kingdom Maritime Trade Operations, or the UKMTO, reported that a vessel had been struck by an unknown projectile off the coast of Oman in the Hormuz, prompting the International Maritime Organization to suspend its evacuation operations.Meanwhile, two key exit routes through the Strait have reportedly emerged, as the usual middle route is believed to have been mined.However, Iran's Islamic Revolutionary Guard warned vessels that any new transit route via the Hormuz established without coordination with Tehran is "unacceptable and dangerous".Iran's Persian Gulf Strait Authority also said on Thursday that any transit happening in routes outside its framework would not be protected by "safe-passage guarantees."On the supply front, the total crude oil, natural gas, and miscellaneous rigs count rose by 10 in the week to June 26, according to data from Baker Hughes (BKR) released Friday.The US oil rig count rose by seven from 433 the previous week to 440, while the number of gas rigs increased by three from 122 the previous week to 125, the data showed.Baker Hughes said this week's increase puts the consolidated North American oil and gas rig count, a key early indicator of future production levels, at 770, up 21 rigs from the previous week.Saudi Arabia has also begun loading tankers at its key Ras Tanura terminal in the Persian Gulf as Gulf producers ramp up output, according to media reports.Soojin Kim, research analyst at MUFG, said Gulf producers, including the UAE, Kuwait, Qatar, and Iraq, are ramping up production and exports, helping restore regional supply.Fewer vessels transited the Hormuz than earlier in the week, with the latest data shipping data from Kpler showing 54 verified crossings across a broad mix of commercial and energy-linked vessels on June 25.On Friday, Kpler said that the QatarEnergy-chartered Umm Slal has become the latest LNG tanker to reverse course near the strategic waterway, following a similar move by Gaslog Shanghai on June 25.The reversals coincided with warnings from Iran's IRGC that vessels must avoid unauthorized routes and use only corridors designated by Tehran, Kpler said.Price: $56.51, Change: $-0.43, Percent Change: -0.76%

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Oil & Energy43d ago

EMEA Oil Update: Crude Plunges as Hormuz Traffic Eases Supply Fears

EMEA crude futures tumbled in after-hours trading on Friday as fears of supply disruption eased, with shipping data showing vessels continuing to transit the Strait of Hormuz despite a recent attack on a cargo ship off the Omani coast.Brent crude futures retreated by 4.4% to $71.92 per barrel, while Murban crude futures were down 4.3% to $66.12/bbl.Soojin Kim, research analyst at MUFG, said crude remained on track for a weekly decline as increasing flows via the Hormuz continued to ease supply concerns following an attack on a commercial cargo vessel near Oman.President Trump on Friday alleged that Iran had violated the ceasefire agreement by firing at cargo ships transiting the Strait, saying at least four one-way attack drones targeted ships in the waterway and one of them hit the upper deck of a large cargo ship."Obviously, this is a foolish violation of our ceasefire agreement," Trump said in a social media post on Truth Social.On Thursday, the United Kingdom Maritime Trade Operations reported that a vessel had been struck by an unknown projectile in the Strait of Hormuz off the coast of Oman, prompting the International Maritime Organization to suspend its evacuation operations.Meanwhile, two key exit routes through the Strait have reportedly emerged, as the usual middle route is believed to have been mined.However, Iran's Persian Gulf Strait Authority said on Thursday that any transit happening in routes outside its framework would not be protected by "safe-passage guarantees."Iran's Islamic Revolutionary Guard also warned vessels that any new transit route via the Hormuz established without coordination with Tehran is "unacceptable and dangerous".The latest shipping data shows that more commercial vessels are transiting the strategic waterway with their satellite signals switched on, with Kpler reporting 54 verified crossings across a broad mix of commercial and energy-linked vessels on June 24.MarineTraffic said that data showed 39 west-to-east movements and 15 east-to-west movements, with vessels using the Omani, IMO and Iranian routes, alongside a smaller dark or unknown route category.ING strategists said the market is largely focused on the resumption of oil flows through the Strait, which is continuing to increase.On the supply front, Saudi Arabia has begun loading tankers at its key Ras Tanura terminal in the Persian Gulf as Gulf producers ramp up output, according to media reports.Kim said Gulf producers, including the UAE, Kuwait, Qatar, and Iraq, are ramping up production and exports, helping to restore regional supply.OPEC is facing mounting internal pressure after the UAE's recent exit, with Iraq reportedly pressing the cartel to significantly raise its oil production quota as it considers exiting the group.ING analysts said that Iraq is the second-largest producer within OPEC, pumping over 4 million b/d ahead of the Iran conflict, but less than 1.5 million b/d in recent months due to the closure of the Hormuz.

Oil & Energy43d ago

Market Chatter: Oman Explores Vessel Service Charges in Strait of Hormuz

Oman is weighing a new framework that could impose service-related charges on vessels using the Strait of Hormuz as it reshapes maritime policy after the recent conflict, Bloomberg reported Friday, citing people familiar with the matter.The report said Oman is weighing charges for navigation and environmental services. It added that French President Emmanuel Macron will meet Sultan Haitham bin Tariq in Paris on Monday to discuss keeping the waterway open.Oman's Foreign Ministry did not immediately reply to' request for comment.(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.)

Oil & Energy43d ago

Trump Labels Alleged Iran Drone Strike in Hormuz, 'Foolish Violation'

US President Donald Trump said Friday that Iran's alleged drone attack on ships transiting the Strait of Hormuz a "foolish violation" of the ceasefire agreement after saying Tehran launched at least four one-way attack drones."The Islamic Republic of Iran shot at least four one way attack drones at ships transversing the Strait of Hormuz," Trump said in a Truth Social post.He added that a drone had struck a cargo vessel. "One of the drones solidly hit the upper deck of a large and very expensive cargo carrying ship," Trump said, adding, "Damage was done, but the ship was able to proceed on its way."Trump said Iran's alleged drone attack was "a foolish violation of our ceasefire agreement," adding that US forces shot down the three other drones.The alleged attack reportedly came hours after Iran's Islamic Revolutionary Guard Corps warned commercial vessels to coordinate with its navy and use a designated route through Iranian waters while transiting the Strait of Hormuz.Earlier in the day, Iranian Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi said in a post on X that safe passage through the Strait of Hormuz cannot be guaranteed with ambiguous arrangements, parallel routes or decision-making outside of Iran's considerations as the coastal state.Gharibabadi added that any credible framework must be based on coordination with Iran and the provisions of paragraph five of the Islamabad Memorandum of Understanding. Otherwise, the designated parallel route would be suspended.

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Oil & Energy43d ago

Crude Benchmarks Slide for 3rd Straight Week Despite Escalating Strait of Hormuz Tensions

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