Bulk carriers carrying elemental sulphur cargoes in the Strait of Hormuz are at significant risk of accelerated structural corrosion, with some vessels having remained at anchorage for more than three times the standard cargo protection period, according to a leading marine consultancy expert.
Oil prices rose more than 4% at settlement on Friday, hitting their highest levels in over a month amid the ongoing Middle East conflict. Brent Crude futures surged by $3.87 (4.59%) to settle at $88.10 a barrel, while US West Texas Intermediate futures surged by 4.48% to $82.49.
The United States launched fresh waves of air strikes against Iran on Wednesday, targeting military infrastructure linked to Tehran's ability to threaten shipping in the Strait of Hormuz, while Iran retaliated with attacks on US military sites across the region, pushing the Gulf closer to a broader conflict.
US President Donald Trump on Tuesday abandoned a proposal to impose a 20% transit fee on cargo shipping through the Strait of Hormuz, saying Washington would instead pursue trade and investment agreements with Gulf states amid escalating tensions with Iran.
Oil prices are climbing once again, and with them, fears that inflation could make an unwelcome return. Renewed tensions between the US and Iran have shifted investors' attention back to the impact of higher energy costs on the global economy, said a leading global market strategist.
Oil prices settled lower on Friday after the latest round of US-Iran fighting as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz, but prices finished with sharp weekly gains. Brent crude futures fell by 29 cents to close at $76.01 a barrel.
The US and Iran held indirect technical talks in Doha on Wednesday as they seek to agree on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge of the talks and an Iranian official said.
Conflicting signals from Washington and Tehran over the next phase of US-Iran negotiations have cast fresh uncertainty over efforts to consolidate a fragile ceasefire, even as commercial shipping continues to move cautiously through Strait of Hormuz.
A tanker was struck by a projectile in the Strait of Hormuz on Saturday, as US-Iran tensions flared over the vital global energy shipping route, said media reports. Bahrain was also targeted in a drone attack in Tehran’s likely response to overnight airstrikes by the US.
The US military launched a new series of airstrikes on Friday after Tehran struck a commercial ship in the Strait of Hormuz with a drone, thus presenting a fresh test for the fragile ceasefire, said media reports, even as Israel and Lebanon reached a framework deal for peace.
