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Exclusive-Indian refiners pay for Iran oil in yuan via ICICI Bank, sources say

Exclusive-Indian refiners pay for Iran oil in yuan via ICICI Bank, sources say

By Nidhi Verma and Nimesh Vora NEW DELHI/MUMBAI, April 17 (Reuters) - Indian refiners are settling payments for rare cargoes of Iranian oil purchased under a temporary U.S. sanctions waiver using Chinese yuan through Mumbai-based ICICI Bank, four sources with knowledge of the matter said.

Reliance Industries Rejects Iranian Oil Cargoes as US Waiver Deadline Approaches

Reliance Industries Rejects Iranian Oil Cargoes as US Waiver Deadline Approaches

Reliance Industries Rejects Iranian Oil Cargoes as US Waiver Deadline Approaches

Global Seaborne Crude Oil Shipments Decline by 16% Amid Iran Conflict, Impacting Global Supply

Global Seaborne Crude Oil Shipments Decline by 16% Amid Iran Conflict, Impacting Global Supply

Global seaborne crude oil shipments have decreased by 16% since the onset of the Iran war, according to data from Signal Ocean. This reduction equates to a loss of 7.6 million barrels per day, significantly impacting the global oil supply chain. The conflict has led to the effective closure of the Strait of Hormuz, a critical chokepoint for oil transportation, causing tanker transits to drop sharply. Despite efforts by countries like the United Arab Emirates and Saudi Arabia to increase shipments from alternative ports, the overall supply from the Persian Gulf has fallen by 12.7 million barrels per day. Meanwhile, countries such as Venezuela and Russia have increased their shipments, with India being a primary destination for these supplies.

U.S. Energy Exports Surge Amid Middle East Conflict, Reshaping Global Oil Markets

U.S. Energy Exports Surge Amid Middle East Conflict, Reshaping Global Oil Markets

The ongoing conflict in the Middle East, particularly the closure of the Strait of Hormuz, has led to a significant shift in global oil markets. The U.S. has increased its crude exports to a record 5 million barrels per day to fill the supply gaps left by the disruption. This situation has prompted Gulf states to explore alternative export routes, reducing reliance on the Strait. The U.S. Treasury is also considering sanctions on Chinese and Hong Kong banks that support Iran, aiming to economically isolate Iran further. The conflict has highlighted the strategic importance of diversifying energy supply routes and has potential long-term implications for global energy dynamics.

US renews Russian oil waiver after pressure from countries dealing with Iran war price shocks

US renews Russian oil waiver after pressure from countries dealing with Iran war price shocks

By Timothy Gardner and Ismail Shakil WASHINGTON, April 17 (Reuters) - The Trump administration on Friday renewed a waiver allowing countries to buy sanctioned Russian oil at sea for about a month, even as lawmakers accused the government of going easy on Moscow as its war on Ukraine grinds on.

U.S. Pushes for Increased Energy Sales to India Amid Supply Disruptions

U.S. Pushes for Increased Energy Sales to India Amid Supply Disruptions

The United States is intensifying efforts to expand its energy exports to India, as the South Asian nation faces significant supply disruptions from the Middle East and reduced access to Russian oil due to sanctions. U.S. Ambassador to India, Sergio Gor, recently met with India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, to discuss enhancing India's energy security through American energy sources. The U.S. has ended waivers for Iranian and Russian crude, urging India to increase its imports of U.S. crude oil. However, India faces challenges such as high freight costs, incompatible refinery infrastructure, and longer delivery times, which complicate the shift to American energy. Despite these hurdles, the U.S. is focusing on exporting liquefied natural gas (LNG), liquefied petroleum gas (LPG), ethane, and propane to India, rather than crude oil.

U.S. Treasury Sanctions Iranian Oil Smuggling Network Impacting Global Trade

U.S. Treasury Sanctions Iranian Oil Smuggling Network Impacting Global Trade

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has intensified its efforts against Iran's illicit oil smuggling operations by sanctioning over two dozen individuals, companies, and vessels linked to the network of Iranian oil magnate Mohammad Hossein Shamkhani. This action is part of a broader strategy to disrupt the financial networks supporting Iran's regime and its proxies, such as Hizballah. The sanctions target entities involved in a complex scheme that includes the sale of Iranian oil in exchange for Venezuelan gold, benefiting Iran's Islamic Revolutionary Guard Corps and Hizballah. The network uses front companies to evade sanctions and finance the Iranian regime, with operations spanning multiple countries, including the UAE and India.

Factbox-Oil tankers transiting Strait of Hormuz since start of Iran war

Factbox-Oil tankers transiting Strait of Hormuz since start of Iran war

By Ruth Chai and Florence Tan April 15 (Reuters) - The U.S. blockade on vessels entering or leaving Iranian ports adds to uncertainty over shipping through the Strait of Hormuz, which has been all-but-shut since the start of the Iran war.

Oil prices steady as Hormuz shipping constraints counter US-Iran peace hopes

Oil prices steady as Hormuz shipping constraints counter US-Iran peace hopes

By Scott DiSavino NEW YORK, April 15 (Reuters) - Oil prices held steady on Wednesday as ongoing worries about supply disruptions offset comments by U.S. President Donald Trump that the war on Iran could be over soon.

U.S. Implements Full Blockade on Iranian Ports, Impacting Global Oil Trade

U.S. Implements Full Blockade on Iranian Ports, Impacting Global Oil Trade

The United States has fully implemented a blockade on Iranian ports, effectively cutting off Tehran's international sea trade, which constitutes about 90% of its economy. This action follows President Trump's order and involves over 10,000 U.S. troops, numerous Navy ships, and fighter jets stationed in the Gulf of Oman and the Arabian Sea. The blockade aims to prevent the transit of Iranian oil, significantly affecting Iran's economy, which is estimated to lose approximately $435 million daily. The U.S. Central Command confirmed that no ships passed through the blockade in the first 24 hours, although some vessels, including a U.S.-sanctioned Chinese-owned tanker, managed to exit the Gulf. The blockade comes amid a fragile ceasefire and ongoing diplomatic discussions with Tehran.

U.S. Implements Full Blockade of Iranian Ports Amid Strait of Hormuz Tensions

U.S. Implements Full Blockade of Iranian Ports Amid Strait of Hormuz Tensions

The United States has fully implemented a blockade of Iranian ports, effectively cutting off Tehran's international sea trade, which constitutes about 90% of its economy. This action follows President Trump's order and involves a significant deployment of U.S. military forces, including over 10,000 troops and numerous Navy ships and fighter jets. The blockade, which began amid a fragile ceasefire, aims to halt economic trade through the Strait of Hormuz, a critical channel for global oil supplies. The U.S. Central Command confirmed that no ships have passed the blockade, although some vessels attempted to navigate the strait. The blockade is estimated to cost Iran approximately $435 million daily in economic damage.

U.S. Stock Market Rises Amid Optimism Over Iran Peace Talks

U.S. Stock Market Rises Amid Optimism Over Iran Peace Talks

The U.S. stock market has experienced back-to-back gains, driven by optimism surrounding potential peace talks between the U.S. and Iran. The S&P 500 is nearing all-time highs, buoyed by investor confidence in diplomatic solutions to the ongoing conflict in the Middle East. The U.S. Central Command has announced a full blockade of Iranian ports, significantly impacting Iran's economy. Meanwhile, the White House is signaling plans for another round of peace talks with Iran, which has contributed to the positive market sentiment. The announcement of the blockade comes as the world's finance ministers and central bank governors gather in Washington, D.C. for the IMF/World Bank spring meetings, where the impact of the Iran conflict is a key topic.