The US-Iran war has entered a dangerous new phase in the Gulf, with American forces destroying five Iranian oil tankers and Tehran retaliating with missile strikes on a US-linked military base in Jordan and attacks on vessels in the Strait of Hormuz.
Gulftainer, a leading global trade infrastructure company based in the UAE, has signed a binding agreement for a strategic investment in Suksawat Terminal on Thailand’s Chao Phraya River.
Global food prices rose in August to their highest level since late 2022, driven by adverse weather conditions and international shipping disruptions, the UN Food and Agriculture Organisation (FAO) said on Friday.
Leading industry executives from the bitumen, base oil, refining, shipping and logistics will converge in Muscat this November for AMEA Oman 2026 expo, where they will discuss issues linked to regional trade and supply-chain. The one-day event follows previous editions held in Dubai, Bangkok and Mumbai.
Abu Dhabi National Oil Company (ADNOC) has announced that one of its vessels was targeted by a missile today while transiting the Strait of Hormuz early on Saturday (August 8). The incident resulted in no injuries, and the situation has been brought under control, said ADNOC in a statement.
Spanish water company Aqualia has secured a three-year contract renewal from National Shipping Company of Saudi Arabia (Bahri) for the operation and maintenance of three floating desalination plants in Yanbu with a combined capacity of 150,000 cu m of drinking water per day.
The International Trade Centre (ITC) said disruptions to shipping through the Strait of Hormuz are weighing on global trade, exposing the vulnerability of supplies of energy and fertilisers to one of the world's busiest maritime chokepoints. LNG exports plunged 95%, while urea was down 83%.
A fresh attack on a commercial vessel near the Strait of Hormuz and the diversion of Saudi-operated tankers away from the Red Sea underscored mounting risks to global energy supplies on Tuesday, even as the US and Iran issued conflicting statements over the status of negotiations.
Omani Foreign Minister Sayyid Badr bin Hamad Al Busaidi on Tuesday held constructive consultations with his Iranian counterpart Dr Seyed Abbas Araghchi in Tehran, Oman News Agency reported.
Iran appears to be losing significant control over the Strait of Hormuz as commercial vessels increasingly use an Omani shipping route despite Tehran’s warnings, while US President Donald Trump has ruled out any current or planned negotiations with Iran, adding to uncertainty over the strategic waterway and pushing oil prices higher.
