Strait

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…

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…

Mogadishu (AX) — The resurgence of pirate activity in the Indian Ocean alongside a surge of armed robberies in the Singapore Strait has reignited international apprehension regarding maritime safety. These notorious acts now pose a renewed threat to crucial global shipping avenues. Alerts from the European Union Naval Force (EUNAVFOR) and the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP ISC) have startled ship operators. They advised boosting ship defenses in these…