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Maritime

Iran seizes two vessels in Strait of Hormuz

Iran’s Islamic Revolutionary Guard Corps on Wednesday announced that its naval forces intercepted two vessels attempting to cross the Strait of Hormuz and redirected them to Iranian territorial waters, heightening tensions around one of the world’s most critical maritime routes. In a statement, AFP reported that the Guards disclosed that the operation took place earlier […]

Business featured

Fraudsters demand crypto for safe passage through Strait of Hormuz – Report 

Fraudulent messages promising safe passage through the Strait of Hormuz in exchange for cryptocurrency have been sent to several shipping firms, according to Reuters on Tuesday, citing a maritime security company. Greek risk advisory firm MARISKS said unidentified individuals posing as Iranian officials contacted companies with vessels stranded west of the strategic waterway, demanding transit […]

Oil and Gas

Tankers turn back as Hormuz crisis deepens shipping chaos

Traffic once again seized up in the Strait of Hormuz as both Tehran and Washington imposed separate blockades, with Iranian vessels continuing to test the United States shutdown, tracking data showed Monday. Iran announced on Friday that it would reopen the strategic waterway, but the United States did not reciprocate for vessels going to and […]

featured Oil and Gas

Oil prices drop as Iran declares Strait of Hormuz ‘completely open’

Oil prices plunged Friday after Iran’s Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was “completely open” for commercial tankers and cargo ships during the US-Iran ceasefire. International benchmark Brent North Sea crude plunged 10 per cent to $89.11 a barrel, after earlier falling five percent on US-Iran peace deal hopes. The main […]

Opinion

China slams US Hormuz blockade as ‘dangerous, irresponsible’

China accused the United States on Tuesday of “dangerous and irresponsible” behaviour over its blockade of Iranian ports, with President Xi Jinping vowing Beijing would play a “constructive role” in promoting peace in the Middle East. US President Donald Trump has threatened to sink ships entering or leaving Iranian ports and coastal areas in the […]

Conferences featured

France, UK to convene global talks to reopen Hormuz

France and Britain will co-host a video conference on Friday with countries ready to contribute to a “purely defensive mission” to secure the Strait of Hormuz, the French president’s office said. President Emmanuel Macron and British Prime Minister Keir Starmer will co-chair the meeting to discuss a plan to “restore freedom of navigation in the […]

IATA welcomes CBN's release of $265m to airlines
Aviation

Jet fuel supply recovery to take months despite Hormuz reopening — IATA

Jet fuel supply recovery is expected to take months even if the Strait of Hormuz reopens, according to the International Air Transport Association. The disclosure was made by IATA Director-General, Willie Walsh, to reporters in Singapore, as reported by Reuters on Wednesday. The development follows a temporary ceasefire agreement between the United States and Iran, […]

featured Oil and Gas

Dangote slashes petrol price to ₦1,200/litre amid global oil crash

The Dangote Petroleum Refinery & Petrochemicals has slashed the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier increase amid a sharp drop in global crude oil prices triggered by geopolitical developments. The latest adjustment represents a N75 reduction from the previous price of about N1,275 per litre, which the […]

featured Oil and Gas

Iran opens Hormuz Strait after two-week ceasefire deal with US

Iranian Foreign Minister Abbas Araghchi has announced that safe passage through the Strait of Hormuz would be possible for two weeks, coordinated with Iran’s armed forces “and with due consideration of technical limitations.” The development follows U.S. President Donald Trump’s condition that the waterway be reopened as part of a ceasefire, coupled with his warning […]

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