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Asian ship owners might begin to sail through the Strait of Hormuz soon amid a fragile U.S.-Iran ceasefire as they have a higher risk tolerance and can manage paying tolls unlike sanctions-complying Western firms, shipping executives said. Hundreds of tankers and other ships have been stuck inside the Middle East Gulf unable to cross the strait since the end of February, hitting global oil and liquefied gas supply in the world's largest ever energy supply disruption. Some tankers and cargo [Read more]

Japan Petroleum Exploration said on Wednesday it plans to quadruple its oil and gas output over the next decade, investing 1.16 trillion yen ($7.3 billion) in exploration and production, mainly in the United States. The company, which recently acquired Verdad Resources Intermediate Holdings for $1.3 billion in its largest-ever deal, will allocate more than half of its 1.1 trillion yen overseas E&P budget to the United States, President Michiro Yamashita said. "We expect more than half [Read more]

While oil demand destruction deepens with each passing day the Strait of Hormuz remains closed, the longer-term impact of the Iran war may paradoxically work in oil’s favour. Spiking energy security concerns and greater fragmentation could lead to a less efficient, more voracious global energy system. Aggregate worldwide oil consumption is plummeting under the strain of the Iran war, which has reduced global crude supplies by 13 million barrels per day (bpd), or 12%, since the conflict broke out [Read more]

U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further peace talks, although it was not clear on Wednesday if Iran or Israel, the U.S. ally in the two-month war, would agree. Trump said in a statement on social media the U.S. had agreed to a request by Pakistani mediators "to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal... and discussions are concluded, one [Read more]

Military planners from more than 30 countries will hold two-day talks in London from Wednesday to advance a mission to reopen the Strait of Hormuz and draw up detailed plans, the British government said. More than a dozen countries said last week they were willing to join an international mission, led by Britain and France, to protect ‌shipping in the Strait of Hormuz when conditions permit. The commitment came after some 50 countries from Europe, Asia and the Middle East joined a video [Read more]