A Qatari liquefied natural gas (LNG) tanker was sailing toward the Strait of Hormuz on Saturday in what would be the first such transit since the outbreak of the US-Israel- Iran war, even as uncertainty persisted over peace efforts with Washington still awaiting Tehran's response to a proposal.
Iran has formally presented to Pakistani mediators its response to the latest US proposal aimed at ending the war, a source familiar with the matter confirmed on Sunday.
The message attributed to Iran’s Supreme Leader Mojtaba Khamenei comes as a recycled political narrative, built on repeating claims and falsehoods about the Arab Gulf states, in an attempt to impose a one-sided vision on a region undergoing major developmental and strategic transformations, writes Anwar Abdulrahman in a comment in the Gulf Daily News, our sister newspaper.
Oil prices rose on Thursday after Iran’s Islamic Revolutionary Guard Corps claimed that shipping through the Strait of Hormuz was stopped following what it said was an Israeli ceasefire violation in Lebanon.
Confusion over the scope of the newly announced US-Iran ceasefire and Israel's military campaign in Lebanon continued to disrupt shipping through the Strait of Hormuz, with industry operators adopting a cautious wait-and-see approach.
The two-week ceasefire announced by US with Iran will not restore container shipping operations through the Strait of Hormuz to pre-conflict conditions, with ocean supply chain disruption and elevated rates expected to continue, according to an industry expert.
Oil prices have dropped sharply and stock markets have jumped after the US and Iran agreed a two-week ceasefire deal that includes the reopening of the Strait of Hormuz waterway.
Iran has said that the country’s military will coordinate safe passage through the Strait of Hormuz during the ceasefire.
Oil prices rose on April 7 as a US deadline pressured Iran to reopen the Strait of Hormuz, with President Trump threatening attacks. Brent hit $111.21, WTI reached $114.73, reflecting heightened Middle East tensions.
Iraq could restore crude oil exports to around 3.4 million barrels per day within a week provided the Iran war ends and the Strait of Hormuz reopens, the head of the country’s state-run Basra Oil Company said.
