Shipping insurers are likely to re-examine their ability and willingness to provide cover due to the present situation around the Arabian Gulf, International Union of Marine Insurance (IUMI) has said.
The OPEC Fund for International Development (The OPEC Fund) committed a record $3.2 billion to development operations in 2025, the highest annual volume in the institution’s history, and a 39 percent increase year-on-year.
Attacks on commercial shipping in the Gulf intensified on Thursday as the war between the US and Iran escalated, raising concerns about disruptions to energy supplies from one of the world’s most critical oil transit routes. Nine vessels have come under attack since the conflict broke out on Saturday.
A fire broke out at a unit of the BAPCO Energies refinery in Bahrain following an Iranian missile strike, a Bahrain news Agency report said.
SATORP, a joint venture between Saudi oil giant Aramco and French multinational integrated energy TotalEnergies, has signed up KBR, a leading technology and engineering solutions company, to provide comprehensive maintenance services for its petrochemical complex in Jubail for the next seven years.
The effective closure of the Strait of Hormuz following the outbreak of the Iran conflict, is likely to be temporary given its vital economic role. This, alongside global oil market oversupply, should limit oil price rises and mitigate any potential disruptions to Iranian oil supply, said an industry expert.
India's GAIL said it will assess curbing supplies to natural gas customers after a force majeure notice from long-term supplier Petronet LNG over constraints on vessels as conflict escalates in the Middle East.
Abu Dhabi National Energy Company (TAQA) has confirmed that operations across its UAE entities remain normal.
Mitsubishi Heavy Industries Compressor Corporation (MCO), a part of Mitsubishi Heavy Industries (MHI) Group, has acquired all shares of AST Turbo (AST), a Swiss company specialising in rotating equipment maintenance services.
US President Donald Trump has said the US navy will protect ships in the Middle East and the government will provide insurance "if necessary" in a bid to contain soaring energy prices sparked by the US-Israel war with Iran.
