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The Latest Breaking News from the Persian Gulf

US oil firms sign deals with Iraq to develop alternative shipping routes

U.S. companies have signed roughly $60 billion in agreements and partnerships with the Iraqi government, including deals intended to create alternative routes for shipping oil out of the Persian Gulf

The Independent UK

Iran-linked tankers U-turn, zig-zag as US enforces blockade

US sanctions on Iranian shipping have been reimposed, impacting tanker movements. Several Iran-linked tankers changed course in the Gulf of Oman and Arabian Sea. Ship tracking data shows diversions and zig-zagging patterns by these vessels. The US military has also taken action against non-compliant ships. Observable shipping activity through the…

The Economic Times

Three tiny islands help control access to the Strait of Hormuz. They’re once again in the crosshairs of the Iran war

U.S. strikes on two of the islands in recent days have renewed speculation about the fate of these small, rocky isles, whose ownership remains disputed

The Independent UK

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Iran launches retaliatory attacks on US bases in Kuwait, Bahrain and Jordan

The latest missile strikes began when the US said it fired a missile into a Curaçao-flagged oil tanker's funnel after claiming the ship "ignored multiple warnings".

Euronews

It's a shame the US and Iran can't both lose

The last time oil tankers were being shot up in the Persian Gulf, back in the 1980s, it was Saddam Hussein's brutal tyranny in Iraq versus Ayatollah Khomeini's revolutionary Islamist regime in Iran, and people used to say, "It's a shame that both sides can't lose."

Bangkok Post

Iran tensions risk fertilizer flow to South American farmers

The flow of fertilizer ships entering the Persian Gulf has slowed to a trickle since late June as tensions began to rise again with a spate of Iranian attacks on vessels transiting the Strait of Hormuz.

The Economic Times

Goldman says Hormuz flare-up may delay recovery in oil supplies

Renewed tensions between Washington and Tehran have impacted global energy markets significantly. Ship traffic through the strait has nearly halted after recent attacks and exchanges. Flows through the Persian Gulf have retreated closer to seventy percent of normal.

The Economic Times

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Goldman Sachs Ditches Oil Glut View— Warns Gulf Hostilities Could Choke Crude Flows

A week after warning of an impending global oil glut, Goldman Sachs reversed its outlook, saying renewed hostilities in the Persian Gulf now pose a risk of prolonged oil supply disruptions.

Benzinga

India’s wartime buying spree leaves behind a cooking gas surplus

India's fuel retailers now have excess cooking gas supplies. They had booked extra cargoes anticipating supply disruptions in the Persian Gulf. Domestic production also increased significantly to meet potential shortfalls. However, demand from large consumers has been slow to recover. This situation has led to storage issues and penalty charges…

The Economic Times

Persian Gulf tanker backlog clears, but fresh Iran attacks cloud shipping outlook

A large backlog of oil tankers in the Persian Gulf has nearly cleared. This occurred after a ceasefire was signed between Iran and the United States. However, recent attacks on commercial vessels have renewed safety concerns. Shipowners now face renewed hesitation about navigating the vital oil corridor. This situation undermines…

The Economic Times

Aussie shares fall for fourth day as miners take hit

Mining stocks have fallen to their lowest levels in three months, but strength in other sectors has helped limit broader market losses.

AAP

UN maritime head demands 'restraint' as 6,000 Gulf seafarers stranded

Nearly six thousand seafarers remain stranded in the Persian Gulf due to recent attacks. The International Maritime Organization head urged maximum restraint and de-escalation from all involved.

The Economic Times

Global Market: Asian refiners turn to cheaper Gulf oil despite Saudi price cuts

Saudi Arabia significantly reduced crude oil prices for Asian buyers this month. Rival Gulf producers are offering better value and deeper discounts to attract customers. Higher transportation costs from within the Persian Gulf also reduce Saudi crude's appeal. Weak demand across Asia, especially in China, further impacts Saudi oil sales.

The Economic Times

One tycoon makes millions from 'dark' journeys on a dangerous oil route while others feared Hormuz

Amidst the Persian Gulf war, the UAE secretly navigated its oil exports through the Strait of Hormuz using 'dark' ship transits. Korean shipping tycoon Ga-Hyun Chung's Sinokor Group played a pivotal role, leasing a significant portion of vessels for these risky "shuttle runs." This covert operation allowed the UAE to…

The Economic Times

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Benzinga

France Deploys Naval Forces To Middle East To Support Europe’s Hormuz Policy Pivot

France has decided to bolster its naval forces in the Persian Gulf to secure navigation in one of the world’s most critical shipping routes, which handles about 20% of global oil and gas supplies.

The Economic Times

Tankers make U-turns in Hormuz, with some taking Iran route instead

Tensions are high in the Persian Gulf as at least eight ships, including oil tankers, reversed course near the Omani coast, signaling Iran's continued assertion of control over the Strait of Hormuz. Despite a US-Iran deal to reopen the waterway, vessels report warnings from Iranian forces. While traffic has increased,…

The Economic Times

US must 'accept existing realities' on trade: Iranian Parliament Speaker Ghalibaf

Iran's Parliament Speaker, Mohammad Bagher Ghalibaf, asserted that the US must acknowledge a changed global landscape following recent conflicts. He highlighted potential for expanded trade and transit cooperation, particularly with reduced American interference in the Persian Gulf. Ghalibaf also sharply criticized US President Donald Trump's remarks on Iran's economy and…

The Economic Times

India plans to add strategic fuel reserves after Iran war shock

India is bolstering its energy security by planning strategic reserves of crude oil, LPG, and LNG to cover up to a month's demand, aiming to prevent supply disruptions like those seen during the Persian Gulf crisis. This ambitious move follows a review of existing, limited stockpiles and includes expanding underground…

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The Economic Times

Oil finds its way: Supertankers return to Persian Gulf

Supertankers are once again navigating the Strait of Hormuz, a crucial oil route, following a period of disruption due to recent Iran conflict. Shipping data indicates a significant increase in commodity vessel traffic, including oil tankers, signalling renewed confidence among shipowners. This return of large carriers, with a combined capacity…

The Times of India

'Great victory': Iran says Qatar to release $6bn in frozen assets, contradicts Trump's claims

Claiming a 'great victory,' Iran's President announced the expected release of $6 billion in frozen assets held in Qatar. This declaration arrives amidst increasing hostilities in the Persian Gulf, contributing to the volatility surrounding the U.S.-Iran negotiations. Iran is adamant regarding the fund release, though the U.S. asserts no assets…

The Independent UK

Iran's president says $6B in frozen assets in Qatar to be released as US talks challenged

Iran’s president said $6 billion in frozen Iranian assets would be released by Qatar, as negotiations with the United States were challenged by attacks at the weekend across the Persian Gulf

Barchart

Crude Oil Prices Fall Sharply as Global Supply Risks Ease

August WTI crude oil (CLQ26 ) on Friday closed down -2.69 (-3.74%), and August RBOB gasoline (RBQ26 ) closed down -0.0765 (-2.64%). Crude oil and gasoline prices settled sharply lower on Friday, with crude posting a fresh 4-month low. An acceleration of oil tankers out of the Persian Gulf is...

Barchart

Crude Oil Prices Sink as Supplies Out of the Persian Gulf Accelerate

August WTI crude oil (CLQ26 ) today is down -3.18 (-4.42%), and August RBOB gasoline (RBQ26 ) is down -0.1009 (-3.48%). Crude oil and gasoline prices are plunging today, with crude posting a fresh 4-month low. An acceleration of oil tankers out of the Persian Gulf is boosting global oil...

International Business Times UK

Iran Installs Persian Gulf's Biggest Offshore Rig Without Foreign Technology — Under Sanctions and After Being Bombed

Iran has installed its largest offshore drilling platform in the Persian Gulf, overcoming US sanctions and military strikes, showcasing domestic engineering capabilities.

The Economic Times

India-bound oil supertanker booked in Gulf at 897% of benchmark freight rate

A supertanker has been provisionally booked to ship oil from the Persian Gulf to India at a staggering rate, nearly nine times the benchmark freight cost. This eye-watering price highlights a severe shortage of available vessels in the region. The high demand, driven by increased exports and the need to…

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