The possible collapse of U.S.-Iran peace talks and the stop-start flow of tankers through the Strait of Hormuz are a nightmare scenario for Gulf nations desperate to return to normal after a bruising multi-month conflict. What was meant to mark the start of a fragile recovery following the June 17 memorandum of understanding between Tehran and Washington is instead evolving into a period of chronic instability, with each new incident reinforcing doubts over the security of one of the world's [Read more]
Some war insurers advise shipowners to pause Hormuz voyages after attacks, sources say
Some war underwriters have advised shipping companies to pause voyages through the Strait of Hormuz while others are reviewing their policy terms after renewed vessel attacks threatened a return to war between Iran and the U.S., insurance industry sources said on Wednesday. Tuesday's attacks on three tankers in the critical waterway prompted Washington to revoke a licence allowing Iran to sell oil and launch strikes on Iranian targets overnight. President Donald Trump said on Wednesday that an [Read more]
Iran targets sites in Bahrain, Kuwait after wave of US strikes
Iran's Revolutionary Guards said they targeted U.S. military sites in Bahrain and Kuwait on Wednesday after the U.S. launched a wave of military strikes on Iran in response to attacks on tankers in the Strait of Hormuz. In the latest blow to the fragile ceasefire agreement, the Islamic Revolutionary Guard Corps said it carried out a joint missile and drone operation against key U.S. military sites in Bandar Salman, Bahrain's Fifth Naval District and Ali Al Salem Air Base in Kuwait, and shot down [Read more]
U.S. exports of petroleum products rose to record high in latest week, EIA says
U.S. energy firms exported a record 8.73 million barrels per day (bpd) of total petroleum products in the week ended July 3, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Wednesday. That topped the prior weekly all-time high of 8.22 million bpd in early May, the EIA said. (Reporting by Siddharth Cavale- and Scott DiSavino in New York) [Read more]
Trump on Iran: US will probably hit them again Wednesday night
U.S. President Donald Trump on Wednesday threatened to attack Iran again after saying an initial ceasefire deal with the Islamic Republic was "over", though he has not made clear whether Washington would be returning to full-on war with Iran. Speaking on the sidelines of a NATO summit in Ankara, Trump slammed Iranian officials for what he described as not sticking to the deals they negotiated and warned that the United States will likely engage in additional strikes on Wednesday night after U.S. [Read more]
US crude stocks rise, gasoline and distillate inventories fall, EIA says
U.S. crude stocks rose while gasoline and distillate inventories fell in the week ending July 3, the Energy Information Administration said on Wednesday. Crude inventories rose by 3 million barrels to 411.4 million barrels last week, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.4 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 52,000 barrels last week, the EIA said. Refinery crude runs fell by 172,000 barrels per day last [Read more]
Four oil and gas tankers turn back from Hormuz strait after vessel attacks
At least four oil and gas tankers have turned back from attempting to transit the Strait of Hormuz, ship-tracking data showed, as renewed attacks on vessels in the critical waterway heightened safety and security concerns. The diversions come after a Qatari liquefied natural gas tanker and a Saudi-flagged crude oil tanker were damaged near the strait on Tuesday following reports that Iran fired missiles at ships in the waterway, prompting maritime authorities to raise the threat risk for [Read more]
What are the risks of an LNG tanker explosion?
A Qatari tanker loaded with liquefied natural gas (LNG) was at risk of exploding, one source said, after it sustained significant damage in an attack on the Omani side of the Strait of Hormuz on Tuesday. While the LNG industry has experienced a few accidents at onshore facilities, there has never been a catastrophic LNG cargo-tank explosion on a commercial LNG carrier at sea. Recent targeting of energy shipping vessels by belligerents in both the Ukraine and Iran wars has raised concerns, [Read more]
Asian shipbuilding dominance could thwart LNG expansion, Wood Mackenzie says
The biggest expansion of global LNG supply on record, led by the United States and Qatar, could be slowed as most of the ships needed to transport the fuel are being built in South Korea and China, a Wood Mackenzie report said on Wednesday. "The LNG industry talks constantly about energy security, diversification and resilience," Ekram El Loumi, director of research at Wood Mackenzie, said in the report. "Yet one of its most critical dependencies – the ability to physically move gas – rests [Read more]
Big Tech joins Calgary Stampede oil bash, as Canada courts data centers
Big Tech has joined the party at the Calgary Stampede, a sign of growing interest in Canada from U.S.-based hyperscalers as the province of Alberta courts data center development. Oil and gas companies typically take center stage at the annual energy get-together, timed with the city's famous rodeo. But this year, U.S.-based tech giants have a noticeable corporate presence as well, according to sources attending the parties. Alphabet's Google has been the most highly visible, helping [Read more]
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