The United States launched a fresh wave of military strikes across Iran overnight, targeting more than 80 sites after Tehran resumed attacks on commercial shipping in the Strait of Hormuz, further destabilising a fragile ceasefire agreed less than three weeks ago.
Bahri Logistics, a business unit of Saudi Arabia’s leading shipping, maritime transportation and logistics company Bahri, has signed a newbuild agreement with Grandweld Shipyard for the construction of two advanced offshore service vessels in bid to further boost its offshore capabilities.
Shipping between Iran’s Dayyer port and Qatar’s Al Ruwais port has resumed following coordination between the Iranian embassy in Doha and Qatari authorities, a Reuters report said quoting Iran’s commercial attaché in Doha.
Qatar's Ministry of Transport (MoT) has announced that all maritime navigation activities can now resume normally for all types of maritime vessels and ships.
Saudi food and beverage manufacturing major Almarai has recorded solid results for Q2 despite the shipping woes and regional pressures. Its revenue surged 11% y-o-y to hit SAR5.87 billion ($1.54 billion) driven by resilient supply chain and robust demand across its core sectors.
US President Donald Trump has threatened "major military punishment" against Iran and Yemen's Houthi movement after two Saudi oil tankers were attacked in the Red Sea, as fears of a widening threat to global shipping pushed oil prices above $100 a barrel for the first time since May.
Oil prices climbed for a second straight session on Wednesday, with Brent crude rising above $92 a barrel, as investors weighed the risk of widening supply disruptions from the escalating Middle East conflict.
The Indian government has ordered shipowners, ship managers and recruitment workers not to place its citizens on voyages through the Strait of Hormuz waterway until further notice, a report in The National newspaper said.
The Saudi Ports Authority (Mawani) has announced the addition of Maersk’s shipping service (Maersk - MECL) to Jeddah Islamic Port, thus enhancing the port’s maritime connectivity, expanding its service network with regional and global ports, and supporting the smooth flow of trade and supply chains.
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.
