The deal between Iran and the United States to end the Middle East war is “America’s declaration of defeat,” Mohammad Bagher Ghalibaf, the head of the Iranian negotiating team, said on Wednesday. “The Islamabad understanding was not the result of pressure and coercion, but rather the result of the resistance and authority of the brave […]
Hormuz
Hormuz tensions trigger suspected transboundary oil spill reaching Pakistan
What began as a distant war between the US and Iran in the waters of the Strait of Hormuz is now visibly reaching South Asia, spilling onto Pakistan’s doorstep. In the southwestern city of Gwadar, a thick layer of crude oil — likely spilled from tankers hit by the US and Iranian strikes in and […]
Iran shuts Hormuz again; Swiss talks to start today
Iran on Saturday declared the Strait of Hormuz shut, appearing to raise the stakes ahead of the talks as both sides seek to advance an interim deal signed on Wednesday by US President Donald Trump and Iranian President Masoud Pezeshkian to end their almost four-month war. The IRGC warned ships ?not to approach the waterway, […]
Oil slips 4% over hopes of Hormuz reopening
Oil prices slipped to their lowest since March on Monday after US President Donald Trump and Iran’s deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz. Brent crude futures fell $3.58, or 4.10%, to $83.75 a barrel by 0004 GMT and […]
OPEC+ agrees fourth oil quota hike since Hormuz closure
OPEC+ agreed on Sunday a fourth increase in its oil output targets in as many months, OPEC said in a statement, even though the U.S. war with Iran is still preventing several of the group’s members from pumping more. The war has cut oil flows via the Strait of Hormuz, creating the world’s biggest-ever supply […]
Govt plans oil reserves, storage push as Hormuz crisis exposes vulnerabilities
Pakistan plans to boost domestic storage for crude oil and refined products to increase its energy security, according to a government document that was shared with oil producers and some of the world’s leading trading firms. Despite depending on supplies through the Strait of Hormuz for up to 90% of its oil and liquefied natural […]
Oil and LNG tankers exit Hormuz, heading for Pakistan and China
Ship-tracking data showed three liquefied natural gas tankers passed through the Strait of Hormuz in recent days, heading to Pakistan, China and India, as well as a supertanker with Iraqi crude for China after being stranded for nearly three months. The vessels join a handful of supertankers leaving the Gulf this month via a transit […]
Iran hits UAE oil port as US moves to reopen Hormuz
Fire broke out at a major UAE oil industry zone on Monday after a drone attack originating from Iran, authorities said, as the Gulf state’s military separately intercepted three Iranian missiles over its waters and a fourth crashed into the sea. It was the first time the UAE came under attack by Iran since a […]
Pakistan notifies six land routes for goods transportation to Iran amid Hormuz closure
Pakistan has notified six routes for the transportation of goods to Iran against an encashable bank guarantee amid reports that thousands of containers destined for Iran are awaiting clearance at Pakistani ports. For this to come into force, the Ministry of Commerce has issued a statutory regulatory order, Transit of Goods through Territory of Pakistan […]
Strait of Hormuz closure pushes Pakistan into expensive LNG deal
State-run Pakistan LNG Limited (PLL) has approved a revised bid of $18.4 per million British thermal units (mmBtu) from TotalEnergies for delivery between April 27 and 30, while rejecting all other bids, it emerged on Saturday. TotalEnergies had initially bid $18.88 per mmBtu but later revised its offer downward to $18.4 following negotiations. After internal […]