logo
UAE coast guard evacuates 24 people from oil tanker crash east of the critical Strait of Hormuz

UAE coast guard evacuates 24 people from oil tanker crash east of the critical Strait of Hormuz

DUBAI, United Arab Emirates (AP) — The Emirati national guard said it evacuated 24 people from an oil tanker Tuesday after a collision between two ships just east of the world's most critical oil chokepoint, the Strait of Hormuz.
The crude oil tanker, ADALYNN, was bound for Egypt's Suez Canal when the crash in the Gulf of Oman happened. NASA FIRMS satellite data showed heat signatures in the area early morning.
The United Arab Emirates national guard said it deployed its coast guard's search and rescue boats to the site, 24 nautical miles off the country's coast, and that the crew was evacuated to the port of Khor Fakkan.
British maritime security firm Ambrey had earlier said that the incident was not security-related, as the days-long conflict between Israel and Iran, which is just across the Strait of Hormuz from neighboring Oman, continued to unfold.
The strait is the strategic maritime entryway to the Persian Gulf and sees about a fifth of the world's oil pass through it, according to the U.S. Energy Information Administration. In 2024, an average of 20 million barrels of oil traveled through it daily.
After Israel launched airstrikes against Iran on June 13, worry mounted over whether the Islamic Republic might block the waterway.
Maritime ship experts say shipowners are increasingly wary of using the waterway, with some ships having tightened security and others canceling routes there. As the Israel-Iran warfare intensified over the weekend, hundreds of ships in the strait saw spotty navigation signals and had to rely more on radar, though it wasn't immediately clear what caused Tuesday's incident.
The Financial Times reported Friday that the world's largest publicly listed oil tanker company, Frontline, said it would turn down new contracts to sail into the Gulf through the Strait of Hormuz after the Israel-Iran conflict broke out.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Indexes end lower as Israel-Iran fighting raises investor anxiety
Indexes end lower as Israel-Iran fighting raises investor anxiety

Yahoo

time34 minutes ago

  • Yahoo

Indexes end lower as Israel-Iran fighting raises investor anxiety

STORY: U.S. stocks closed lower on Tuesday, with the Dow dropping seven-tenths of a percent, the S&P 500 losing more than eight-tenths and the Nasdaq shedding nine-tenths of a percent. The Israel-Iran conflict raged on for a fifth day, with the U.S. military moving fighter jets to the Middle East and President Donald Trump calling for Iran's "unconditional surrender." Besides the conflict, investors are closely watching for any new information on Trump's tariffs, his tax-cut bill and U.S. interest rates. The Federal Reserve is expected to leave rates unchanged at the conclusion of its two-day policy meeting on Wednesday, despite ongoing pressure from Trump to lower them. Robert Conzo is CEO of The Wealth Alliance. 'I think [Fed Chairman] Jerome Powell wants to be independent from Trump. He wants to show I'm not going to be strong-armed by the government. I'm going to hold this until we're ready to drop it down. I'm not really sure why the Fed doesn't do a signalling cut of 25 basis points just to show that they're willing to do it. The rest of the world is cutting. We're in great shape. I'm not sure why he doesn't do that, but he's not. And there's no indication that in this particular round he's going to [cut rates].' Stocks on the move included solar companies which fell after Senate Republicans late Monday unveiled proposed changes to Trump's tax-cut bill, including a phase-out of solar, wind and energy tax credits by 2028. Enphase Energy tumbled 24% and Sunrun plunged 40%. Also, Eli Lilly shares dipped 2% after the company agreed to acquire Verve Therapeutics for up to $1.3 billion. Shares of Verve surged more than 80%. And shares of JetBlue fell almost 8% after its CEO told employees the airline will wind down underperforming routes and reassess the size and scope of its leadership team. The carrier also said it was unlikely it would break even this year, according to an internal memo seen by Reuters. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump wants Iran's 'unconditional surrender'
Trump wants Iran's 'unconditional surrender'

Yahoo

time40 minutes ago

  • Yahoo

Trump wants Iran's 'unconditional surrender'

Trump wants Iran's 'unconditional surrender' originally appeared on TheStreet. President Donald Trump made a shocking post on Truth Social on June 17 as the Israel-Iran war escalated. "We now have complete and total control of the skies over Iran. Iran had good sky trackers and other defensive equipment, and plenty of it, but it doesn't compare to American made, conceived, and manufactured 'stuff.' Nobody does it better than the good ol' USA," he wrote on the Truth Social app. Trump asked for "UNCONDITIONAL SURRENDER!" and warned that Ayatollah Ali Khamenei is an easy target, though they aren't going to kill him — "at least not for now." Earlier, Trump had warned everyone to immediately evacuate Tehran. The markets immediately began to dip following the latest indication of the U.S. getting more involved in the war. The total crypto market cap declined to $3.24 trillion as we write. As per Kraken's price feed, Bitcoin fell 0.20% in an hour to trade at $104,275.54 at press time. Ethereum declined 0.50% in an hour to $2,493.97, XRP also fell 0.28% to trade at $2.17, and Solana fell 0.44% to $147.19. The price of Brent crude oil also immediately jumped north of $75 a barrel within minutes of Trump making the post on social media. Since Iran is one of the world's leading producers of crude oil, the impact of the war on oil prices is estimated to be severe. The price of gold — Bitcoin maximalists refer to the king coin as "digital gold" — reached $3,380 per oz. The latest war in the Middle East has led to a massive sell-off in the crypto market. Its total market cap fell from $3.4 trillion to $3.22 trillion on June 13 when Israel attacked Iran. The market recently recovered to $3.39 trillion, but the latest announcement by Trump again led to it dipping to $3.24 trillion at the time of writing. Trump wants Iran's 'unconditional surrender' first appeared on TheStreet on Jun 17, 2025 This story was originally reported by TheStreet on Jun 17, 2025, where it first appeared.

Oil, Gas Prices Could Be Headwinds For Footwear Firms in Months Ahead
Oil, Gas Prices Could Be Headwinds For Footwear Firms in Months Ahead

Yahoo

time41 minutes ago

  • Yahoo

Oil, Gas Prices Could Be Headwinds For Footwear Firms in Months Ahead

Kudos to footwear firms that brought goods in early. That decision to get ahead of tariff increases could provide a small buffer from any immediate fuel surcharges from shippers and freight carriers, as well as keep some shoe prices at current levels for consumers. Crude oil prices are already on the rise amid the backdrop of the ongoing Israel-Iran conflict. And they could go higher before a resolution is found to end the fighting. More from WWD FN 80: Even Before Trump's Tariffs, Rising Production Costs in China Shifted the Sourcing Landscape Vietnam's Ready For High Stakes US Trade Talks To Avoid Steep Tariffs RH Continues to Mitigate Tariff Pressure; Says Revenues Will Take Short-term Hit in Q2 Firms are still bringing in inventory before the July 9 global reciprocal tariff deadline — except China, where the deadline is Aug. 14 — and shoe companies could face some fuel surcharges depending on when those orders are sent out. But also they might have some wiggle room in scheduling the timing of those deliveries for later in hopes of oil price stabilization should the Middle Eastern conflict end. Treasury Secretary Scott Bessent told lawmakers at the House Ways and Means Committee last Wednesday that countries already engaged in trade talks are likely to see an extension to allow those negotiations to continue. Vietnam, a significant producer of athletic performance shoes, is among the countries in trade talks with the U.S. As for the sizable shoe production in China, word surfaced last week that China and the U.S. have an framework for an agreement that would see a 55 percent tariff on China imports to the U.S. The two countries have until Aug. 10 to finalize the new trade deal, which still requires the signatures of U.S. President Donald Trump and China President Xi Jinping. In addition to bringing forward deliveries, some companies did implement 'strategic' price increases on some items. Those companies include Steve Madden Ltd., Nike Inc. and Caleres Inc. At the FFANY and FSNYE June market week earlier this month, energy was high despite global trade tensions over tariff uncertainties. Some brand reps spoke about implementing increases of $2 to $3 in their wholesale pricing, which resulted in a single-digit uptick in retail prices. While that's not necessarily an issue for premium brands, it is concern for consumers in the lower-income households, where every dollar counts even if they're shopping at a mass discounter for their shoes. Shoe prices in May slid 1.6 percent in May as overall inflation remained 'tame,' according to data from the Footwear Distributors and Retailers of America (FDRA). But Gary Raines, FDRA's chief economist, warned that higher prices are coming. He said higher duties could push the average landed cost of footwear imports higher. That could result in higher retail prices for shoes later this year. For now, U.S. retail sales in May totaled $715.4 billion, down 0.9 percent from April. Retail trade sales were also down 0.9 percent for the month. 'Retail sales, ex auto and gas, grew about 4.6 percent in May versus 2024, demonstrating good growth albeit a modest slowdown from recent months. This will raise questions about consumer sentiment and demand pull-forward in advance of potential tariff related inflation later this year,' said David Silverman, senior director at credit ratings firm Fitch Ratings. 'Fitch expects a continued sales slowdown as the year progresses, with declines in discretionary categories for 2025 as consumers reign in goods spending.' EY-Parthenon senior economist Lydia Boussour expects tariff and policy turbulence will lead to 'softness in consumer demand to extend into the summer months and beyond,' noting also that while momentum in retail sales remains robust, it is 'rapidly slowing.' 'The early boost from tariff-related buying is fading, with households shifting focus to essentials and value. To keep momentum through the summer, retailers will need to stay agile by adapting their product offerings, fine-tuning pricing strategies, and closely monitoring changing consumer preferences,' said Will Auchincloss, EY-Parthenon's Americas retail sector leader. Another potential headwind for footwear firms is the impact of fuel prices on consumer spending. While inflation and price increases due to tariffs are a concern for consumers, also impacting discretionary spending are gas prices at the pump. Gas prices over the next few months are expected to rise amid the backdrop of the ongoing Israel-Iran conflict. According to AAA, the national average is $3.167 a gallon as of Tuesday, up from a week ago when the average was $3.121 but lower than the year-ago average of $3.446. Gas prices tends to lag crude oil prices. David Sekera, Morningstar's chief U.S. market strategist, said the key is how much will oil prices rise, and for how long. 'Over time, high and rising oil prices would ripple through the U.S. economy as consumers would have less discretionary spending capacity,' he said, adding that armed conflict in the Middle East tends to send oil prices high due to fears that hostilities will lead to supply disruptions. Even though there's the expectation of a pullback on spending, how the consumer will react is anyone's guess. And if consumers are spending less and taking fewer vacations, a rise in gas prices could even see them change up their staycation plans, where spending tends to focus on eating out at restaurants and at nearby tourist sites. But fewer staycations could free up some cash for discretionary spending, such as for shoes, at least for part of the summer months. FDRA president Matt Priest told Footwear News that shoes are 'recession-proof.' While consumers might choose not to buy a big-ticket item, 'they will buy a pair of shoes,' he said. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store