Global oil prices rose on Thursday, recovering part of the previous session’s losses, as market participants reassessed the outlook for a potential de-escalation in tensions involving Iran and the United States. The conflict has continued to disrupt energy flows across a critical oil-producing region.
An attack on Iran's southern coast or attempt to blockade Kharg Island, its main oil export hub, will lead to Gulf routes being cut with the laying of sea mines, including floating mines that can be released from the coast, the country's Defence Council said on Monday according to state media.
The air cargo spot rates continues to rise sharply amid the highly volatile, unstable and fast-changing situation in the Middle East. As per WorldACD Market Data reports, there has been some recovery in the air cargo markets since the Iran war, with the average spot rates from Gulf countries up 22%.
Indian Prime Minister Narendra Modi held talks with Iranian President Masoud Pezeshkian and Bahrain's King Hamad bin Isa Al Khalifa to discuss the evolving situation in the Middle East. He condemned the attacks on critical GCC infrastructure and emphasised the need to ensure secure maritime routes.
President Donald Trump has warned that the US would 'obliterate' Iran’s power plants if Tehran fails to reopen the Strait of Hormuz within 48 hours, prompting Iranian officials to threaten retaliatory strikes against US and Israeli energy and infrastructure assets in the region.
The US and Israel launched an attack on the Natanz uranium-enrichment facility on Saturday morning, Iran's Tasnim news agency said, as the war in the Middle East entered its fourth week. No radioactive leaks occurred and residents near the site were not at risk, it added.
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed, after US and Israeli strikes on Iran plunged the region into turmoil.
US President Donald Trump has indicated that the war with Iran could continue for up to four weeks, warning that further American casualties are likely as fighting intensifies across the region.
Global oil prices surged on Monday as escalating hostilities in the Middle East rattled energy markets, raising fears of a prolonged supply disruption from one of the world’s most critical oil-producing regions.
QatarEnergy has ceased production of liquefied natural gas (LNG) and associated products due to military attacks on QatarEnergy’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City, the company said.
