The International Energy Agency (IEA) backed the release of 400 million barrels of oil from strategic reserves on Wednesday, taking the biggest emergency supply steps in its history as markets weighed the risk of disruption through the Strait of Hormuz .”The oil market challenges we are facing are unprecedented in scale, therefore I am very …
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We all know that the war with Iran has sent oil prices spiking. But it’s also pushing up the cost of all sorts of chemicals, including fertilizers like urea, ammonia and other nitrogen products that are essential for food production. This is all happening at the worst possible time — just before the spring planting …
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The United Kingdom Maritime Trade Operations (UKMTO) said a container ship reported damage after a “suspected but unknown projectile” struck the vessel about 25 nautical miles northwest of Ras Al Khaimah in the United Arab Emirates (UAE). “Extent of the damage is currently unknown but under investigation by the crew,” the UKMTO said. It added …
The G7 Energy Ministers said on Wednesday that they are “in principle” in favor of taking proactive steps to address the current Middle East conflict and its impact on oil markets, such as using strategic oil reserves. Following yesterday’s meeting with officials from the International Energy Agency (IEA), the G7 ministers said in a statement that “working alongside the IEA, we are …
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US intelligence saw indications that Iran was taking steps to deploy naval mines in the Strait of Hormuz, raising new concerns over the security of one of the world’s most important oil shipping routes, according to a report by CBS News. The report, by CBS journalist Jim LaPorta, said the scale of Iran’s mine stockpile …
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The Islamic Revolutionary Guard Corps (IRGC) spokesman Sardar Nayini denied the claims of United States Energy Secretary Chris Wright that the US Navy successfully escorted an oil tanker through the Strait of Hormuz. “None of the American ships will even dare to approach the Sea of Oman, the Persian Gulf, or the Strait of Hormuz …
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The prices of oil nosedived on Tuesday as investors moved away from the commodity, reacting to ongoing developments in the Middle East. The International Energy Agency held an emergency meeting to discuss a possible release of stockpiles from its member states. Also, the finance and energy ministers from the Group of Seven (G7) are expected to discuss the same issue …
The Ruwais refinery, the largest refinery in the United Arab Emirates, was the target of a drone strike on Tuesday, according to the Abu Dhabi Media Office. The extent of the damage is currently unknown and there are no reported casualties. The Abu Dhabi Media Office said emergency services are fighting a fire at the …
Iran has warned that “not a litre” of oil will be exported from the Middle East until the United States and Israel stop bombing it. The warning comes on the heels of statements made by President Trump that the war would be over “very soon”, which toppled oil prices from peaks reached on Monday. “We …
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The International Energy Agency (IEA) said on Monday that it discussed releasing emergency oil stocks with G7 finance ministers amid worsening conflict in the Middle East, which is increasing risks to global crude supplies. IEA Executive Director Fatih Birol said after the meeting, held at the invitation of French Minister Roland Lescure, that oil market …
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