oil

Strait of Hormuz disruption sends tanker and LNG shipping rates to records as U.S.-Iran tensions spike Global oil and gas shipping costs surged to fresh records as traffic through the Strait of Hormuz slowed to a near standstill after Tehran targeted vessels transiting the key waterway, according to shipping data and industry sources. The choke point between Iran and Oman carries roughly one-fifth of the world’s oil and significant volumes of liquefied natural gas. The strikes on ships, part of Iran’s retaliation to U.S. and…

Oil and gas prices jumped Monday as escalating Iranian strikes across the Middle East snarled shipping lanes, hit energy infrastructure and stoked fresh inflation fears in global markets. European natural gas futures spiked as much as 50% intraday before closing 39% higher after QatarEnergy halted liquefied natural gas production following drone attacks on facilities in Ras Laffan Industrial City, according to the country’s defense ministry. Brent crude briefly touched $82 a barrel after at least three ships were attacked…

AXADLE, Somalia — Iran’s state media reported that the Islamic Revolutionary Guard Corps has declared the Strait of Hormuz closed to maritime traffic, warning commercial and oil tankers against attempting to transit the waterway as regional tensions escalate. According to Reuters, a senior IRGC commander said vessels that try to pass through the strait would face direct attack, adding that ships violating the order would be set ablaze. The remarks, carried by Iranian state outlets, immediately raised fears of energy-market…

Oil and natural gas prices surged as Israeli and U.S. strikes on Iran and retaliatory attacks by Tehran forced shutdowns of energy facilities across the Middle East and snarled shipping in the Strait of Hormuz, one of the world’s most critical maritime chokepoints. A sustained rise threatens to undercut the global recovery, stoke inflation and lift U.S. gasoline prices — a political risk for President Donald Trump and Republicans ahead of November’s midterm elections. Brent crude futures jumped as much as 13% to $82.37 a…

President Netumbo Nandi-Ndaitwah's two sons have rejected as "a blatant lie" allegations by Independent Patriots for Change (IPC) leader Panduleni Itula that they are involved in Namibia's oil industry, issuing a forceful denial on Friday and accusing the opposition of politically motivated smears. Itula earlier linked Ndeli and Nande Ndaitwah — identified by the IPC as members of the country's first family — to the petroleum sector through their private business interests. The opposition leader said the family was…

President Netumbo Nandi-Ndaitwah’s two sons have rejected as “blatant lies” an accusation by Independent Patriots for Change (IPC) leader Panduleni Itula that they are involved in the oil industry, saying the claims are politically motivated and threaten their safety and rights. Itula, whose party has positioned itself as a vocal critic of the ruling establishment, publicly linked Ndeli and Nande Ndaitwah to the petroleum sector through their private business interests. He said Ndeli’s company, Vaneli Foods, which was once…

Opposition parties in Namibia on Thursday united in opposing a petroleum amendment bill that would transfer regulatory authority over oil and gas from the Ministry of Industries, Mines and Energy to the Presidency, saying the move risks political interference, corruption and weakened parliamentary oversight. The bill, tabled in the National Assembly by Minister of Industries, Mines and Energy Modestus Amutse, has prompted an acrimonious debate as lawmakers weigh whether control of the country’s hydrocarbon sector should be…

Opposition parties in the National Assembly have united to reject a petroleum amendment bill that would transfer oil and gas regulatory authority from the Ministry of Industries, Mines and Energy to the President, saying the change risks political interference, corruption and weakened parliamentary oversight. The move, tabled by Minister of Industries, Mines and Energy Modestus Amutse, prompted sharp objections from a cross-section of opposition groups. The Affirmative Repositioning movement, the National Unity Democratic…

Somalia welcomes Turkish naval vessels as offshore oil exploration nears start MOGADISHU, Somalia — Somalia’s deputy defense minister, Omar Abdi Ali, alongside the Somali National Army chief, on Tuesday formally welcomed Turkish naval vessels to Mogadishu, officials said, marking a visible step in the country’s effort to strengthen maritime security as offshore oil exploration moves closer to execution. Port officials said one of the ships is an oil exploration and drilling vessel, accompanied by a security support ship. The…

Trump announces U.S.-India trade deal slashing tariffs to 18%, tied to cuts in Russian oil purchases President Donald Trump said he has agreed to a trade deal with India that will cut U.S. tariffs on Indian goods to 18% from 50%, in exchange for New Delhi lowering trade barriers, curbing purchases of Russian oil and increasing energy buys from the United States — and potentially Venezuela. In a social media post after a call with Indian Prime Minister Narendra Modi, Trump said the United States would reduce its “reciprocal”…