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US military says it fired on commercial vessel in Gulf of Oman after it attempted to breach blockade

US military says it fired on commercial vessel in Gulf of Oman after it attempted to breach blockade

U.S. Central Command says it has disabled a St. Kitts-flagged ship after it ignored warnings and tried to leave the region following a visit to an Iranian port

OPEC, IEA, and IEF Convene to Address Maritime Energy Flow Security and Rising Costs

OPEC, IEA, and IEF Convene to Address Maritime Energy Flow Security and Rising Costs

OPEC, IEA, and IEF Convene to Address Maritime Energy Flow Security and Rising Costs

Crude gains on worries about renewed US attacks on Iran

Crude gains on worries about renewed US attacks on Iran

By Erwin Seba HOUSTON, Nov 6 (Reuters) - Crude futures edged up late on Friday on renewed fears of further US strikes on Iran as US President Donald Trump said he would soon decide whether to pursue a peace agreement or destroy what remains of Iran.

Soaring freight rates give US refiners edge as crude discounts widen

Soaring freight rates give US refiners edge as crude discounts widen

By Vallari Srivastava and Sumit Saha Nov 6 (Reuters) - The Iran conflict has sent tanker rates soaring, forcing sellers to deepen discounts on heavy crude grades and giving US Gulf Coast refiners a cost advantage over Asian rivals, executives said after reporting bumper third-quarter profits.

Saudi Arabia and Syria Sign Defense Cooperation Deal, $403 Million in Loans

Saudi Arabia and Syria Sign Defense Cooperation Deal, $403 Million in Loans

Syria's President Ahmed al-Sharaa and Saudi Arabia's Crown Prince Mohammed bin Salman have overseen the signing of multiple agreements, including a defense cooperation deal and over $403 million in Saudi loans for Syria. These loans are designated for Syria's energy, housing, health, and infrastructure sectors. The agreements were finalized during President al-Sharaa's second visit to Riyadh within a month. The Syrian Foreign Ministry highlighted the defense cooperation agreement between the two countries' defense ministries as the most significant, though its terms were not disclosed. This development follows Syrian Foreign Minister Asaad al-Shaibani's statement about evaluating Syria's potential entry into a mutual defense pact involving Saudi Arabia, Turkey, and Pakistan, referred to as the 'Mecca alliance.' The discussions between the leaders also covered the current regional and international situation, emphasizing the impact of military escalation on regional security, international shipping, energy ...

Oil set for sharp weekly drop but Middle East supply concerns provide floor

Oil set for sharp weekly drop but Middle East supply concerns provide floor

By Colleen Howe BEIJING, Nov 6 (Reuters) - Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump's party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market.

China Increases Diplomatic Efforts in the Gulf Amidst Geopolitical Turmoil

China Increases Diplomatic Efforts in the Gulf Amidst Geopolitical Turmoil

China is intensifying its diplomatic engagement in the Gulf region, with its Middle East envoy scheduled to visit Iran, Oman, and Saudi Arabia later this month. This move comes as Chinese leader Xi Jinping hosted Oman's Sultan Haitham bin Tariq in Beijing, where Xi emphasized that the Gulf should not become an arena for great-power rivalry. Despite China being Oman's largest trade partner, this marks the first visit by an Omani head of state since diplomatic ties were established in 1978. A joint statement from the two leaders called for the resumption of safe navigation through the Strait of Hormuz and for Washington and Tehran to return to their June truce. Concurrently, China's energy regulator has instructed oil and gas majors to expand supply under a 10-year plan, citing ongoing geopolitical instability and the nation's vulnerability to high energy and shipping prices.

Tankers hit in Hormuz as Iran keeps up pressure after US vote

Tankers hit in Hormuz as Iran keeps up pressure after US vote

DUBAI, Nov 5 (Reuters) - Iran reported three more tankers had been damaged in the Strait of Hormuz on Thursday, making clear that shipping would remain in peril as long as the war in the Gulf is unresolved, now that US voters have punished President Donald Trump for waging it.

China to Bolster Energy Security and Diversify Oil and Gas Imports by 2030

China to Bolster Energy Security and Diversify Oil and Gas Imports by 2030

China to Bolster Energy Security and Diversify Oil and Gas Imports by 2030

Brent crude jumps, settles up over $3 after tanker attacks

Brent crude jumps, settles up over $3 after tanker attacks

By Siddharth Cavale NEW YORK, Nov 5 (Reuters) - Brent crude futures settled over $3 a barrel higher on Thursday as new attacks on tankers fed worries about oil supplies while investors reassessed the outlook for the US-Israeli war with Iran. Brent finished up $3.67, or 3.88% at $98.29 a barrel.

Oil set for sharp weekly drop after US midterms raise hopes of more Mideast crude exports

Oil set for sharp weekly drop after US midterms raise hopes of more Mideast crude exports

By Shadia Nasralla LONDON, Nov 6 (Reuters) - Oil prices were set for a sharp weekly fall after the midterm election losses of US President Donald Trump's Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran, though attacks on vessels in the Middle East continue to provide a

Iran suggests blasts are not US attacks as both sides report ships hit

Iran suggests blasts are not US attacks as both sides report ships hit

CAIRO, Nov 8 (Reuters) - Iranian media suggested explosions in southern Iran on Saturday evening were related to Iranian military activities rather than US strikes while both sides reported that shipping had been hit in or near the Strait of Hormuz.