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34 articles
A drone attack sparked a major fire at Libya's Zawiya oil refinery, with flames and thick smoke rising from the site. The NOC warned of potential force majeure and operational suspension if attacks persist, amid ongoing political instability.
Iran and Oman have resumed talks in Muscat on ensuring safe maritime routes through the Strait of Hormuz, a vital chokepoint for global oil supplies. Discussions come as regional tensions rise, with both sides committed to further technical and diplomatic consultations.
The UAE has accused Iran of launching a missile attack on an ADNOC oil tanker in the Strait of Hormuz, calling it an act of piracy by the IRGC. The assault drew widespread condemnation from Gulf and Arab states, which urged Tehran to stop targeting shipping and reopen the strategic waterway without conditions.
As high crude oil prices strain energy costs, Japan is looking to Iceland, a world leader in renewable energy, for lessons on harnessing geothermal resources. Despite having significant geothermal potential, Japan remains dependent on imported fossil fuels, and Iceland's success offers a roadmap for greater energy security and sustainability.
Kuwait's Oil Minister announced on Sunday that the country is negotiating with Saudi Arabia and neighboring Arab states to build a new crude oil export pipeline that would bypass the Strait of Hormuz. This move seeks to reduce dependence on the strategic waterway amid heightened geopolitical tensions in the Gulf region.
US Secretary of State Marco Rubio has proposed reshaping global energy flows to bypass the Strait of Hormuz, but experts warn the plan faces pipeline limits and severe Red Sea security threats. The idea, floated in a recent Fox News interview, envisions a permanent geopolitical shift beyond the strategic waterway, yet analysts say it would take decades and billions in investment to even partially reduce dependence.
Hungary will shut down its only nuclear power plant, Paks, as the Danube River hits record lows, hampering reactor cooling. The plant provides nearly half of the country's electricity, and the shutdown marks its first full closure in 44 years.
Saudi Arabia and 13 other countries have formed a multinational maritime defense alliance to protect freedom of navigation in the Bab al-Mandeb Strait, the Red Sea, and the Gulf of Aden. The move comes amid heightened tensions and recent Houthi attacks on shipping lanes, with the alliance emphasizing its defensive nature.
Oil prices surged after an attack on a cargo vessel in the Strait of Hormuz forced the UN to cancel ship evacuation plans. Brent crude rose as much as 4 percent, and Asian markets fell as the incident shattered hopes of restoring normal shipping operations.
