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Railway exports of liquefied petroleum gases from the Canadian production hub of Edmonton, Alberta, to refining and trading centers in the United States are unusually high this summer due to strong demand from motor fuel blenders, according to storage broker The Tank Tiger. The out-of-season surge in LPG flows highlights the knock-on effects of the Iran war on energy supply chains around the world, and how some government initiatives to shield consumers from the resulting price shocks have [Read more]

Vessels passing outside routes set by the Persian Gulf Strait Authority, a body set up by Iran to manage the Strait of Hormuz, will not be guaranteed safe passage, the authority said in a post on X on Thursday. "Consequences arising from passage through unauthorised routes shall be the responsibility of the owner, operator, and vessel commander", the PGSA said. The PGSA's warning came after British maritime agency UKMTO said that a cargo ship reported a suspected attack near Oman while [Read more]

The United Nations’ shipping agency on Thursday paused an evacuation effort to get hundreds of stranded ships and thousands of seafarers out through the Strait of Hormuz after a vessel was attacked in the Gulf of Oman. "I have been informed of an attack today in the Gulf of Oman on a vessel which passed through the Strait of Hormuz. This vessel did not transit under IMO’s evacuation framework," Arsenio Dominguez, Secretary-General of the U.N.'s International Maritime Organization (IMO), said [Read more]

Iraq's state oil marketer SOMO issued a tender on Thursday offering to sell Basra Heavy and Basra Medium oil in July, trade sources said. SOMO has not specified volumes in the tender, they said, adding the tender will close on Saturday. The company is asking buyers to lift oil from its Basra Oil Terminal, inside the Strait of Hormuz. It is asking bidders to offer prices linked to Dated Brent for supplies to Europe, Argus Sour Crude Index (ASCI) for the United States, and an average of [Read more]

A cargo ship reported a suspected attack as it attempted to pass through the Strait of Hormuz close to the coast of Oman on Thursday, British navy agency UKMTO said. The UN's International Maritime Organization is currently assisting ships escape the Gulf, hundreds of which have been stranded there since the Iran war began at the end of February. The ship reported being struck on its starboard side by a projectile 7.5 nautical miles southeast of Oman's port of Dahit, the UKMTO [Read more]

A short-term glut has pushed oil futures back to pre-war levels as Middle East exports jump, analysts said and price data show, but returning demand and a slow normalisation could tighten the market next year. August Brent futures traded around $73 a barrel on Thursday, their lowest since February 27 and 41 cents below September futures. Prompt prices trading below later contracts — known as contango — signal ample supply in the market. "The mini tsunami currently seen following the [Read more]