Shell CEO: Contingency Plans Ready If Strait Of Hormuz Closure Triggers Energy Shock
On Thursday, CEO Wael Sawan told Bloomberg's Shery Ahn at the Japan Energy Summit & Exhibition in Tokyo, 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' adding, 'We have plans in the eventuality that things deteriorate.'
https://twitter.com/SheryAhnNews/status/1935633680283889666
Although energy flows through the critical waterway—responsible for approximately 20% of global oil trade—remain uninterrupted (at the moment), traders have been on high alert all this week amid widespread GPS jamming in the region, which has degraded navigational awareness and may have contributed to what is shaping up to be a major ecological disaster.
On Wednesday, former Iranian Economy Minister Ehsan Khandouzi stated on X and warned…
'Starting tomorrow, for 100 days, no oil tankers or LNG cargoes will be able to pass through the strait without Iran's approval,' Khandouzi said.
He stated, 'This policy is decisive if it is implemented in a timely manner. Any delay in its implementation means enduring more war inside the country. Trump's battle must be ended with a combination of economy and security.'
Such messaging, especially when paired with the Islamic Revolutionary Guard Corps (IRGC) naval activity in the region, raises the increasing probability of IRGC actions targeting commercial shipping lanes in the strait. This escalation could serve as the catalyst that turns JPMorgan's $120–$130 per barrel Brent crude forecast from a scenario into a market reality.
Back to Shell's CEO—he told Bloomberg's Shery Ahn, 'What is particularly challenging right now is some of the jamming that's happening,' adding that 'Shell is being very careful' along major maritime routes in the region.
The most imminent threat of a Strait of Hormuz blockade could come as soon as this weekend. Bloomberg reported overnight:
Senior US officials are preparing for the possibility of a strike on Iran in coming days , according to people familiar with the matter, as Israel and the Islamic Republic continue to exchange fire.
Some of them pointed to potential plans for a weekend strike . Top leaders at a handful of federal agencies have begun getting ready for an attack, one person said.
Commenting on the dire situation, Manish Bhargava, CEO of Singapore-based Straits Investment, warned, 'Direct US involvement in an attack on Iran would almost certainly trigger a major spike in oil prices.' He said, 'This surge would aggravate global inflation, making central bank efforts — like the Fed's — to control it more difficult and potentially delaying interest rate cuts.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
a day ago
- Gulf Insider
US-Iran Nuclear Talks To Restart In Oslo Next Week - Trump Willing To Talk Directly
The United States and Iran are poised to resume negotiations over Iran's nuclear program in Oslo next week, Axios has reported, citing 'sources familiar with the discussions.' It would be the first face-to-face meeting after last month's Israeli-US war on Iran — which was launched as nuclear discussions were still very much underway. Talking to reporters on Thursday, President Trump acknowledged the mutual desire to resume talks, and Trump said he'd be willing to personally participate 'if necessary.' While the date has not been finalized, and neither country has yet to confirm the news, the sources say US Special Envoy to the Middle East Steve Witkoff will meet with Iranian Foreign Minister Abbas Araghchi. At the heart of the impasse is America's insistence that Iran must stop enriching uranium, an undertaking that Iran insists is its right as a sovereign country and signatory (unlike Israel) to the nuclear Non-Proliferation Treaty. In a Tuesday call with French President Emmanuel Macron, Russian President Vladimir Putin endorsed Iran's 'legitimate right to develop peaceful nuclear technology' under supervision of the International Atomic Energy Association (IAEA). In another important development, Araghchi decried as 'fake news' reports that Iran was suspending its cooperation with the IAEA. (Note that the key originator of those reports was seemingly Iran's own state television.) Via a post on X, the foreign minister clarified that a new Iranian law 'sparked by the unlawful attacks against our nuclear facilities' requires that coordination with the IAEA must 'be channeled through Iran's Supreme National Security Council for obvious safety and security reasons.' The Israel-initiated war on Iran culminated in the United States launching an attack on three Iranian nuclear sites, with B-2 bombers dropping 14 20,000-pound bombs on the Fordow Uranium Enrichment Plant situated under a mountain. Trump proclaimed the attacks had 'obliterated' Iran's nuclear program; in the latest claim, the administration says the timetable by which Iran could assemble a nuclear weapon ( if it decided to) was set back by close to two years. 🇺🇸💥🇮🇷 Iran has been busy at the Fordow nuclear facility. Recent satellite BEFORE AND AFTER images captured by Maxar show a buildup of construction equipment near the underground sites nuclear targeted by U.S. strikes in June. The full extent of the damage done to Iran's nuclear… — Defense Intelligence (@DI313_) July 2, 2025 As Trump prepared to board Air Force One en route to a rally in Iowa on Thursday, he told reporters he was willing to engage in diplomacy himself if that's what it takes to move on: 'Iran does want to speak and I think they'd like to speak to me, and it's time that they do. We're not looking to hurt them, we're looking to let them be a country again. They got beat up — [Iran and Israel] were both exhausted, frankly — but Iran really got beat up….They want to meet, and if it's necessary, I'll do it, but Steve (Witkoff) is very much involved and he's done a fantastic job.' Questions remain about the status of Iran's stockpile of enriched uranium. Before the attack on Fordow, satellites captured images of a line of cargo trucks outside the facility, and an Iranian official has claimed that the US bombing 'didn't [deliver] a major blow because the materials had already been taken out.' However, US and Israeli officials claim the uranium, by having been bombed, is now 'sealed off from the outside world.' Even if that's true, that state of affairs would seem to be highly fleeting, given Iran's ability to simply dig it back up. REPORTER: Do you still want the US to take over Gaza?TRUMP: I want the people of Gaza to be safe. They're gone through hell — RT (@RT_com) July 3, 2025 The seeds of today's impasse were sown in May 2018, when Trump withdrew the United States from the nuclear deal that had been negotiated between Iran and various Western governments and signed in 2015. Under that deal, Iran agreed to a wide array of safeguards. They included eliminating its medium-enriched uranium, reducing its low-enriched uranium inventory by 98%, capping future enrichment at 3.67%, slashing its number of centrifuges, submitting to enhanced external monitoring and rendering its heavy-water reactor unusable by pouring concrete in it. At the time of Trump's withdrawal, Iran was in full compliance, according to the IAEA. In response to the re-imposition of US sanctions, Iran began straying from the deal's terms — most significantly, by enriching some uranium to 60% –seemingly pushing the only lever it had to bring the deal back and get out from under sanctions that have sapped Iran's economy and inflicted a harsh toll on innocent Iranian citizens. Notably, Israel launched its June 13 surprise bombing-and-assassination attack just two days before American and Iranian diplomats were scheduled to hold a sixth round of discussions in Oman, and President Trump claimed he knew the date of Israel's attack in advance. 'How can we trust the Americans?' Iranian Deputy Foreign Minister Majid Takht Ravanchi asked NBC . 'We want them to explain as to why they misled us, why they took such an egregious action against our people…We are for diplomacy,' but the Trump administration must 'convince us that they are not going to use military force while we are negotiating.'
Gulf Insider
2 days ago
- Gulf Insider
Swiss To Vote On 50% Inheritance Tax That Risks Exodus Of The Super-Rich
In a national referendum set for November, the people of Switzerland will vote on whether the country should impose a 50% inheritance tax on the wealthiest of people — under a regimen so harsh that not even surviving spouses would be spared from the rapacious confiscation. Naturally, this is triggering predictions of a mass-exodus of wealthy people, with opponents pointing to a wave of departures the United Kingdom has witnessed in the wake of its own recent wealth-seizure move. Under the proposal, a 50% federal tax would apply to inheritances and gifts above 50 million francs — about $63 million. The measure isn't supported by the legislative Federal Assembly nor the executive Federal Council. However, under Swiss law, public proposals must be put to a nationwide plebiscite if 100,000 supporting signatures are collected. The signature campaign was led by Switzerland's Young Socialists. Reliably sounding like an elementary school group project, under the Young Socialists proposal, the confiscated wealth would be thrown down a woke rathole, with all proceeds used to combat 'climate change.' While Swiss inheritance taxes at the cantonal level provide an inheritance tax exemption for transfers to spouses and direct descendants, the socialists' proposal for the 50% federal tax would not. Peter Spuhler, 66-year-old owner of steel giant Stadler Rail, decried the proposal as a pending 'disaster for Switzerland,' estimating the tax would seize upwards of 2 billion Swiss francs A popular vote for the new inheritance tax on Nov 30 could hammer Switzerland's long-held status as a premier tax haven for the world's wealthiest people. A consortium of opponents that includes centrists and conservatives is already working to dissuade Swiss voters from indulging any impulses to soak the rich. 'The brutal 50% inheritance tax threatens the existence of family businesses and causes high economic costs. It's a setback for everyone,' said the organization in a statement. In April, a new tax rule took effect in the UK, imposing a 40% inheritance tax on the global assets of 'non-doms,' a term that refers to residents of the UK who are considered under British law to have their permanent home — their domicile — in another country. Chancellor Rachel Reeves is already considering avenues by which the change can be undone, after it promptly triggered an exodus of wealthy people eyeing alternatives like the United Arab Emirates, Italy and, yes, Switzerland. Among those who are either considering departure from the UK or have already done so: Egypt's richest man, Nassef Sawiris, and Indian steel tycoon Lakshmi Mittal, who has lived in the UK for 30 years. Georgia Fotiou, a lawyer advising private clients at Zurich-based Staiger Law, says the proposal is already harming Switzerland's ability to benefit from the UK's own inheritance-tax folly. 'In terms of the chance for Switzerland to attract people leaving the UK, the damage has been done. The timing was terrible,' she told the Financial Times . 'It hasn't stopped everyone from coming but more have chosen Italy, Greece, the United Arab Emirates and elsewhere instead.' To become law, the proposal must clear two hurdles, garnering not only a majority of support nationwide, but also in a majority of Switzerland's 26 cantons. Despite the substantial likelihood of failure, the proposal already has some wealthy people on the move, say Swiss tax advisors and wealth managers. They caution that even a defeat — if it's by a relatively modest margin — could leave mega-wealthy individuals hesitant about the country. As Frédéric Rochat, managing partner of Geneva-based Lombard Odier, told the Times , 'It needs to be voted down with such an overwhelming majority [that this possibility can] be put to bed for 20 years.'
Daily Tribune
2 days ago
- Daily Tribune
India-Bahrain digital bridge
TDT | Manama India-based gamification company Gamezop has announced a USD 4 million investment to establish its Middle East headquarters in Bahrain, positioning the Kingdom as its strategic entry point into the region's fast-expanding digital economy. The move marks a significant step in strengthening digital collaboration between India and Bahrain, as Gamezop aims to transform how apps and websites across the Middle East engage users. The expansion is backed by BITKRAFT Ventures and supported by the Bahrain Economic Development Board (EDB). Strategic gateway Founded by brothers Yashash and Gaurav Agarwal in 2016, Gamezop allows apps and websites to embed casual games, quizzes, astrology, and cricket content to increase user engagement and ad revenue. With its Bahrain hub, the company plans to onboard more than 1,000 new partner platforms across the region and double its global revenue within 18 months. Gamezop's co-founder Gaurav Agarwal said the company chose Bahrain for its business-friendly policies, digital readiness, and regional accessibility. 'Our presence here marks the beginning of what we hope will become a strong digital bridge between India and the Middle East,' he said. Backing Bahrain's vision According to Musab Abdulla, Executive Director of ICT at the Bahrain EDB, the arrival of Gamezop aligns with the Kingdom's vision to become a regional creative and digital content hub. 'Bahrain's gaming and content creation ecosystem is building strong momentum, powered by robust digital infrastructure and a growing pool of creative talent,' he said. The company's model is simple but powerful: it allows digital platforms to embed games and share the ad revenue generated. With over 45 million monthly users across 70+ countries and integration into more than 9,000 platforms, Gamezop brings international experience to its MENA expansion. Digital future Bahrain's selection as Gamezop's headquarters signals growing interest from Indian tech firms in using the Kingdom as a launchpad into the Gulf. The region's high smartphone usage, young population, and surging demand for interactive digital content make it a promising market for gamification-driven growth. Gamezop's entry is expected to create local job opportunities, foster partnerships with regional platforms, and contribute to Bahrain's long-term strategy of becoming a digital innovation leader.
