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Middle East war strains US air defence supplies needed by Ukraine
The scale of the fighting in the Middle East is eating into stockpiles that might otherwise have been available for Ukraine, the two conflicts in direct competition for the same limited supply of high-end defensive weapons.
Trump is fighting the Fremen in Iran
“He who can destroy a thing, controls the thing,” said Paul Atreides, the protagonist, played by Kyle MacLachlan in David Lynch’s version of Frank Herbert’s legendary sci-fi film Dune. “He who controls the spice controls the universe!”
US bombs Kharg Island, prepares for possible ground invasion
The US has bombed military installations on Iran’s critical Kharg island that is responsible for more than 90% of Iran’s oil exports and is moving thousands of troops into the Gulf in preparation for a possible ground invasion.
Gulf war tensions push geopolitical risk index to 9/11 highs - Oxford Economics
The outbreak of what has been called “the worst energy disruption in history” by the IEA International Energy Agency (IEA) has sent the global geopolitical risk index to levels not seen since the 9/11 terrorist attacks on New York.
Asia and Europe to battle over dwindling LNG cargoes
Asian and European energy buyers are competing to secure increasingly scarce LNG cargoes after conflict in the Middle East disrupted shipments through the Strait of Hormuz, the Financial Times reported on March 12.
Pattern of tanker missile strikes spread beyond chokepoints as maritime threat reaches ‘critical’ level
Attacks on commercial vessels across the Persian Gulf and surrounding waters are intensifying and spreading beyond the traditional shipping lane chokepoint in the Straits of Hormuz, maritime security officials warned.
IEA calls Middle East oil shock "the largest supply disruption in the history of the global oil market"
The war in the Middle East is triggering what the International Energy Agency called "the largest supply disruption in the history of the global oil market” in its latest monthly oil report.
Temporary US sanctions waiver for Russian oil fails to cool crude prices above $100
The US Treasury Department's Office of Foreign Assets Control (OFAC) issued a 30-day general license on March 12 to purchase Russian crude oil and petroleum products loaded on vessels before that day.
COMMENT: Iran's bankruptcy is its best weapon against the wealthy Gulf states
Gulf oil producers have lost an estimated $15.1bn in energy revenues since the war with Iran began, with $10.7bn in crude and LNG cargoes stranded inside the Strait of Hormuz.
Iran demands guarantees and reparations in ceasefire talks as Gulf mediators step in
Iran has told regional intermediaries that any ceasefire with the US and Israel must be tied to sweeping security guarantees and compensation, as back-channel diplomacy intensifies amid a widening regional conflict. d
TEHRAN BLOG: Permits-for-passage system emerges as the US heads towards a strategic defeat in Iran
A “permits-for-passage" system emerges as the US heads towards a strategic defeat in Iran after the White House makes a string of strategic blunders.
Middle East conflict drains $600mn a day from regional tourism
The Iran conflict is costing the Middle East tourism economy $600mn a day, WTTC said, with 4mn passengers stranded, 80,000 Dubai bookings cancelled and the region's $207bn annual visitor spending forecast now at serious risk.
Oil price above Russian budget benchmark, but cautious MinFin planning spending cuts
The price of Russian crude rose above the level assumed in the country’s federal budget for the first time in more than a year on the back of turmoil on the international energy markets as the Middle East conflict reshapes Moscow’s finances.
Russia pockets €6bn in fossil fuel revenues in first two weeks of war
Russia has pocketed over $6bn of excess revenues in just the first two weeks of war in Iran, the Centre for Research on Energy and Clean Air said.
COMMENT: Strategic reserve releases cannot replace an open Strait of Hormuz
A proposed record release of emergency strategic oil reserves from the International Energy Agency (IEA) could offer temporary relief to global markets if Middle Eastern supply disruptions deepen, but it will not prevent prices from rising again.
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US Navy says Straits of Hormuz too dangerous to traverse
The US Navy has declined repeated requests from the shipping industry to escort commercial vessels through the Strait of Hormuz since the outbreak of the war with Iran, saying it is too dangerous to traverse.
Where is Khamenei?
Where is the new Supreme Leader Mojtaba Khamenei? Since he was appointed on March 8 he has issued no statements, made no public appearances, and in fact has been totally invisible.
COMMENT: War risks pushing Gulf economies into contraction
Escalating conflict in the Middle East could push the Gulf economies into recession this year, with the scale of the downturn depending largely on how long the fighting lasts and whether energy infrastructure suffers lasting damage.
IEA agrees record release of 400mn barrels from emergency oil reserves to counter Gulf War impact
The IEA agreed on March 11 to release a record 400mn barrels from emergency oil reserves, dwarfing its 2022 Ukraine-linked release, as Iran's closure of the Strait of Hormuz and attacks on Gulf energy infrastructure drive prices higher.
Iran is sending more oil through Straits of Hormuz than before the war, sets anti-ship mines
Iran has reportedly sent more than 11mn barrels of oil through the Strait of Hormuz since the war began, all bound for China, CNBC reported on March 11, citing shipping data.