Latest news with #StraitOfHormuz
Al Arabiya
21-05-2025
- Business
- Al Arabiya
Hijack call from ship off Iran a false alarm: Security firm Ambrey
A hijack signal sent from a Panama-flagged petroleum products tanker off Iran was a false alarm, British maritime security firm Ambrey said on Wednesday. Ambrey first reported the incident south of the busy Strait of Hormuz shipping lane on Tuesday without naming the vessel. It said it took place some 51 nautical miles northwest of the Iranian port of Bandar-e Jask. It dubbed the incident a 'false hijack distress call' on Wednesday, adding that it 'understands that the vessel had previously conducted similar actions.' Ambrey said it believed the vessel was part of a 'shadow fleet' of tankers used by Iran, noting a sister ship was on a sanctions list issued by the US Office of Foreign Assets Control (OFAC). With Reuters
CNA
21-05-2025
- Business
- CNA
Oil rises 1% on reports Israel preparing strike on Iranian nuclear facilities
Oil prices jumped more than 1 per cent on Wednesday after reports Israel is preparing a strike on Iranian nuclear facilities, raising fears that a conflict could upset supply availability in the key Middle East producing region. Brent futures for July rose 86 cents, or 1.32 per cent, to $66.24 a barrel by 0003 GMT. U.S. West Texas Intermediate crude futures for July climbed 90 cents or 1.45 per cent to $62.93. New intelligence obtained by the United States suggests that Israel is preparing to strike Iranian nuclear facilities, CNN reported on Tuesday, citing multiple U.S. officials familiar with the matter. It was not clear whether Israeli leaders have made a final decision, CNN added, citing the officials. U.S. crude futures rose by more than $2 a barrel on the news while Brent futures rose more than $1. Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries and an Israeli attack could upset flows from the country. There are also concerns Iran could retaliate by blocking oil tanker flows through the Strait of Hormuz chokepoint in the Gulf, through which Saudi Arabia, Kuwait, Iraq and the United Arab Emirates export crude oil and fuel. Still, there were some signs of improving crude supply. U.S. crude oil stocks rose last week while gasoline and distillate inventories fell, market sources said, citing American Petroleum Institute figures on Tuesday. Crude stocks in the U.S., the world's biggest oil consumer, rose by 2.5 million barrels in the week ended May 16, the sources said on condition of anonymity. Investors are also looking ahead to government U.S. oil stock data from the Energy Information Administration later on Wednesday. Also, Kazakhstan's oil production has risen by 2 per cent in May, an industry source said on Tuesday, an increase that defies pressure from OPEC+ on the country to reduce its output.
