Latest news with #oilshipping
Russia Today
21 minutes ago
- Business
- Russia Today
Iran slams new US sanctions targeting oil shipping network
Tehran has condemned the latest US sanctions on its oil shipping network. Foreign Ministry spokesman Esmaeil Baghaei has accused Washington of trying to cripple Iran's economic development and harm its people. The US Treasury on Wednesday sanctioned more than 100 individuals, companies, and vessels it claimed are part of a 'shipping empire' run by trader Mohammad Hossein Shamkhani, the son of a senior adviser to Supreme Leader Ayatollah Ali Khamenei. Washington alleged that Shamkhani and his network have illegally funneled tens of billions of dollars in oil revenue to Tehran. 'The unilateral and illegal US sanctions on Iran are a criminal act that violates the basic principles and norms of international law and human rights,' Baghaei said in a statement on Thursday. 'The US government must be held accountable for the gross violations resulting from these illegal sanctions.' He described the measures as 'clear evidence of the hostility of American decision-makers toward Iranians,' citing Washington's 'addiction to unilateralism and illegal and coercive means to achieve its illegitimate goals.' Baghaei accused the US of 'mocking the foundations of international law,' saying the sanctions 'aim to cripple Iran's economic development and violate the fundamental rights of every Iranian.' The sanctions are part of US President Donald Trump's renewed campaign to end Iran's uranium enrichment program, which he claims is a covert bid to build nuclear weapons. They follow recent US-Israeli strikes on Iranian nuclear sites at Fordow, Natanz, and Isfahan. Trump has warned of more attacks if the sites are restarted. Iran has denied that it seeks nuclear weapons, insisting its program is peaceful. Responding to Trump's threat on X, Foreign Minister Abbas Araghchi said Iran will not abandon the program, which has involved 'tremendous investment' in peaceful technology, 'simply because bullying foreigners demand it.' Araghchi told the Financial Times on Thursday that future talks with Washington on Iran's nuclear program can only take place if the US compensates Tehran for damages from last month's strikes. He reiterated there cannot be a deal as long as Trump insists on zero enrichment, but added that 'a negotiated solution can be found.'
The Independent
22-06-2025
- Business
- The Independent
Iran votes to close Strait of Hormuz - how could it affect global oil and gas?
Iran is set to close a major oil shipping route in retaliation for 'devastating' US strikes on three of its nuclear sites. Tehran 's lawmakers voted to cut off the Strait of Hormuz, a trade route that sees one-fifth of the world's oil and gas pass through it. It comes after seven US stealth bombers dropped 14 30,000-pound bunker-busting bombs on Iran's nuclear facilities early on Sunday morning in an operation called 'Midnight Hammer'. However, Iran's parliament's decision is not binding, and a final decision would have to be made by top Iranian security officials, according to state media. So what is the Strait of Hormuz, and how could closing it affect global oil and gas? The Independent takes a look below. What is the Strait of Hormuz? The strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction. The strait, which lies in Iran's territorial waters, sees around one-fifth of global oil supplies and a third of liquefied natural gas pass through it. Why is it important? Between the start of 2022 and last month, somewhere between 17.8 million and 20.8 million barrels of crude, condensate and fuels flowed through the strait every day. The Organisation of Petroleum Exporting Countries (OPEC) members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia. The UAE and Saudi Arabia, which are opposed to Iran's influence in the region, have sought to find other routes to bypass the strait. Qatar, among the world's biggest liquefied natural gas exporters, sends almost all of its gas through the strait. How could it affect global oil and gas trade? Iran could deny access to the giant tankers that ferry oil and gas to China, Europe and other major energy-consuming regions, according to Bloomberg. If this happened, oil prices would surge and potentially destabilise the global economy, according to the publication.
Bloomberg
16-06-2025
- Business
- Bloomberg
Israel-Iran Conflict Begins to Disrupt Global Supply Chains
In their fourth day of fighting, with no end in sight, ripples from the Israeli-Iranian conflict are beginning to rock global supply chains. Some oil tanker owners and managers have paused offering their vessels for Middle Eastern routes as they assess the risks, fueling concerns over export flows from the region. The stability of shipping in and around the Middle East will be closely watched by markets in coming weeks. The region is home to about a third of the world's oil production, and major exporters such as Saudi Arabia and the United Arab Emirates have little room to divert exports should shipping be affected. Navigation signals from more than 900 vessels in the Strait of Hormuz and the Persian Gulf went awry over the weekend, creating confusion in the shipping chokepoint as the fighting intensified
Asharq Al-Awsat
14-06-2025
- Politics
- Asharq Al-Awsat
Closure of Strait of Hormuz Seriously Being Reviewed by Iran, Lawmaker Says
The closure of the strategic Strait of Hormuz was being seriously reviewed by Iran, IRINN reported, citing statements by Esmail Kosari, a member of the parliament's security commission, Reuters reported. The Strait of Hormuz, which lies between Oman and Iran, is the world's most important gateway for oil shipping.
CBC
06-06-2025
- Business
- CBC
Kinew floats oil shipments through Hudson Bay as part of potential trade corridor
Manitoba Premier Wab Kinew says oil could be among the commodities shipped through Hudson Bay if Canada proceeds with a new or expanded port along the province's coastline. Kinew has asked Prime Minister Mark Carney to support a northern trade corridor that would involve a new all-season road, a hydro-electric transmission line to Nunavut and potentially a pipeline to Hudson Bay. Kinew said Friday that oil is among the commodities that could be shipped through Arctic waters via Hudson Bay. The premier has in the past floated the idea of liquefied natural gas or hydrogen shipments. "When we're talking about a pipe, what is the product that makes sense?" Kinew said during a scrum with reporters following a speech in Winnipeg's RBC Convention Centre. "Are we going to be looking at liquefaction, and then maybe it's an LNG thing? Are we looking at oil and gas projects? Are we looking at something novel, like green hydrogen or maybe a potash slurry? These are the things that we can signal to the private sector we're open to having a discussion about." In April, Kinew said he was open to the construction of a second port on Hudson Bay because ecological sensitivities at the Port of Churchill, at the Churchill River estuary, where large summer congregations of beluga whales attract tourists. Polar bears also gather east of Churchill every fall before the bay freezes up, supporting an even more lucrative tourism industry. Kinew said Friday he would entertain proposals from private industry about the best location to place a new port, pipeline terminal or transshipment centre along Hudson Bay, taking into account logistics, environmental concerns and Indigenous interests. "Those are some of the key questions that we want to take the time to get right," Kinew said. "There's an urgency right now with these nation-building projects and a national unity dynamic when [you're] working with Alberta and Saskatchewan. But we also need to get the environmental piece right." Kinew also said Friday that Manitoba is close to signing a memorandum of understanding to reduce trade barriers with British Columbia, similar to a document the province signed with Ontario in May. The premier also said he is working with the federal government to harmonize national trucking regulations.
