All articles tagged with #gulf of hormuz
The United States launched its 12th consecutive night of strikes against Iran to degrade Tehran's ability to threaten shipping, while Iran warned of broader Gulf attacks if its security isn't guaranteed; casualties were reported and cross-border clashes persisted, signaling a sharp regional escalation as diplomacy stalls and key energy routes remain in play.
With the interim peace agreement collapsed, the U.S. conducted an eighth straight night of strikes on Iran in retaliation for an attack in Jordan that killed two American service members, while Iran retaliated against Gulf states hosting U.S. troops. The exchanges targeted IRGC facilities and coastal defenses, damaged a Kuwaiti desalination plant, and prompted missile interceptions in Jordan and Bahrain, raising fears for oil shipments through the Strait of Hormuz as casualties are reported and a war of words intensifies between Tehran and Washington.
Brent crude slipped to about $72.40 a barrel, dipping back to prewar levels as a wave of Gulf oil shipments flows out and traders reassess risks. About 31 tankers left the Gulf, while US data indicated roughly 20 million barrels had moved through the Strait of Hormuz in the past 24 hours, signaling a short‑term oversupply relief. Analysts say prices may stabilise with a floor around $80–$90, with a gradual rise expected in the coming weeks if supply keeps pace and demand remains supportive, though risks from the broader conflict linger.
A fragile month‑old ceasefire in the Iran war was tested again as a drone set a small fire on a cargo ship off Qatar, with UAE and Kuwait reporting separate drone incursions. Iran was blamed by the UAE, and the broader region reported multiple airspace violations as Washington says the ceasefire remains in effect while pushing for a deal to reopen the Strait of Hormuz and roll back Iran’s nuclear program. The episode follows recent attacks on vessels and U.S. strikes, with Pakistan mediating and regional powers warning of escalation amid ongoing efforts to broker peace and stabilize global oil markets.
The United States says six ships reversed course on the first day of a blockade in the Strait of Hormuz, signaling pushback and heightening concerns about potential disruption to global shipping amid rising regional tensions.
Since the US-Israel campaign against Iran began, Tehran has stepped up attacks on US assets in the Gulf, including strikes in Saudi Arabia, the UAE, Bahrain, Jordan and Kuwait that reportedly damaged KC-135 tankers and an E-3 AWACS, wounded US service members, and targeted radar and THAAD facilities; analysts warn the loss of AWACS would create surveillance gaps while the US seeks replacements like the E-7 Wedgetail; the flare-up has boosted oil prices and raised concerns of broader operations.
President Trump says he will delay his planned March visit to China by about a month to stay in Washington and oversee the Iran war, with the talks with Xi Jinping originally set for late March/early April; officials emphasize the postponement is to coordinate the war effort, not due to trade issues, as US-China tensions persist.
Six vessels in the Gulf and Iraqi waters were attacked amid reports of Iranian explosive-laden boats and sea mines. Two Iraqi-bound fuel tankers, Safesea Vishnu and Zefyros, were set ablaze with one crew member killed and 25 rescued; Mayuree Naree suffered a hit with three crew members missing, while ONE Majesty and Star Gwyneth were damaged. The incidents occur amid broader tensions over the Strait of Hormuz, with Iran accused of mine deployment and international navies monitoring the situation, including US claims of strike activity against mine-laying vessels.
The U.S. will provide rolling reinsurance for losses up to $20 billion in the Gulf region to reassure oil and gas shippers during the Iran-related conflict, focusing on hull, machinery and cargo coverage and coordinating with American insurers and the Treasury; a Navy escort option is mentioned but its practicality remains uncertain.
Mutual marine insurers have cancelled war-risk coverage for vessels in the Gulf and Iranian waters as the Iran conflict escalates, prompting rerouting around Africa and higher costs. War-risk premiums could rise around 50%–100% (or more), pushing freight rates higher as routes tighten; CMA CGM and others have added surcharges, and several carriers are diverting Red Sea sailings, though Hormuz’s small share of global container traffic limits immediate systemic impacts.