Oil gains on Saudi supply disruption, Mideast tensions

Agencies
September 23, 2019

Singapore, Sept 23: Oil prices rose to their highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in the Middle East.

Brent crude futures increased to as much as $65.50 a barrel. The front-month contract was at $64.84, up 57 cents, or 0.9% at 0224 GMT.

U.S. West Texas Intermediate (WTI) crude futures were at $58.61 a barrel, up 52 cents, or 0.9%, after earlier hitting a high of $59.39.

Despite efforts by the world's top oil exporter Saudi Arabia to reassure global markets that it can resume full production by the end of this month after an attack on its largest oil processing facility in mid-September, buyers and traders remained sceptical.

State oil company Saudi Aramco has switched crude grades and pushed back crude and oil products deliveries to customers by days following the attack.

"The fund community faded the attack last week on the assumption that supply would return very quickly, but the reality is likely to be different," said Energy Aspects analyst Virendra Chauhan in Singapore.

Tensions in the Middle East have escalated after the attack. The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defences following an attack on Saudi oil facilities.

U.S. Secretary of State Mike Pompeo said on Sunday that the troops are for "deterrence and defence" and Washington aimed to avoid war with Iran.

In the United States, the impact of Tropical Storm Imelda on refineries in Texas has eased as Exxon Mobil Corp and Valero Corp restarted their crude processing units over the weekend.

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News Network
April 13,2024

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Tehran, Apr 13: Iranian armed forces have seized a container ship near the Strait of Hormuz amid rising tensions across the region after a deadly Israeli attack on Iran’s consulate in Syria.

The incident comes amid Israel bracing for Iranian retaliation after the regime's April 1 strike on a building in the Iranian embassy compound in the Syrian capital of Damascus, which killed seven IRGC military advisors, including two generals.

The ship was commandeered by the Islamic Revolutionary Guard Corps (IRGC), the elite force that lost seven members in the Syria strike, Iranian state media reported on Saturday.

“The ship has now been guided towards the territorial waters of our country,” state-run IRNA reported.

The vessel was identified as the Portugal-flagged MSC Aries, which reportedly departed from a port in the United Arab Emirates en route to India. 

Footage from the deck of the vessel obtained by The Associated Press news agency on Saturday showed soldiers rappelling down from a helicopter.

The helicopter appeared to be a Soviet-designed Mil Mi-17, which is operated by the naval forces of the IRGC.

Zodiac Maritime said in a statement that MSC is responsible for all vessel activities.

“Title to the vessel is held by Gortal Shipping Inc as financier and she has been leased to MSC on a long-term basis. Gortal Shipping Inc is affiliated with Zodiac Maritime,” it said.

The United Kingdom Maritime Trade Operations (UKMTO) had said a vessel was seized by “regional authorities” 50 nautical miles (92km) northeast of the UAE’s Fujairah in a waterway vital to world trade.

Another Israeli-linked container ship was attacked and damaged by a drone in the Indian Ocean in late November, which the United States blamed on Iran.

Israeli Foreign Minister Israel Katz said in a post on X that the move by Iran was “a pirate operation in violation of international law”.

He called on the European Union and “the free world to immediately declare” the IRGC a “terrorist organization and to sanction Iran now”.

The Gulf of Oman is near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all globally traded oil passes. Fujairah, on the United Arab Emirates’ eastern coast, is a main port in the region for ships to take on new oil cargo, pick up supplies or trade out crew.

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News Network
April 26,2024

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The US military has started the construction of a controversial maritime pier off the coast of Gaza, claiming that it seeks to bring aid into the besieged strip.

"I can confirm that US military vessels, to include the USNS Benavidez, have begun to construct the initial stages of the temporary pier and causeway at sea," Pentagon spokesperson Major General Patrick Ryder told reporters on Thursday.

US President Joe Biden ordered the construction of the pier in March. Shortly afterwards, the US deployed naval ships to the Eastern Mediterranean to construct the "floating pier" that will reportedly receive aid from Cyprus, and send it onward to Gaza.

The US announcement came amid mounting pressure on Israel to allow aid into Gaza as the UN and other aid agencies have warned of imminent famine due to Israel's prevention of the land-based delivery of life-saving aid to Gaza.

The deputy UN food chief said on Thursday the northern Gaza Strip is still heading toward a famine.

World Food Program (WFP) Deputy Executive Director Carl Skau called for a greater volume of aid to be allowed into Gaza and appealed for Israel to allow direct access from the southern Ashdod port to the Erez crossing.

The pier is scheduled to become operational in May.

Reuters quoted a senior Biden administration official, who asked not to be named, as saying that aid coming off the corridor will still need to pass through Israeli checkpoints on land, raising questions about possible delays even after aid reaches shore.

That is despite the aid having already been inspected by Israel in Cyprus prior to being shipped to the besieged strip.

According to the official, nearly 1,000 US troops would support the military effort, including in coordination cells in Cyprus and Israel.

The Israeli military said its troops would protect the US troops who are setting up the pier and provide logistics support for it.

Last month, experts said Israel backed the US plan to construct the pier in order to retain control over the aid deliveries and as a way to displace Palestinians from the besieged strip via the Mediterranean Sea, ahead of an expected invasion of the southern town of Rafah, where nearly more than half of Gaza's population of 2.4 have sought shelter from Israeli strikes elsewhere in Gaza.

Israel launched the war on Gaza on October 7 after the Palestinian resistance movement Hamas waged the surprise Operation Al-Aqsa Storm against the occupying entity in response to the Israeli regime's decades-long campaign of bloodletting and devastation against Palestinians.

Tel Aviv has also blocked water, food, and electricity to Gaza, plunging the coastal strip into a humanitarian crisis.

Since the start of the offensive, the Tel Aviv regime has killed at least 34,305 Palestinians and injured 77,293 others.

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News Network
April 23,2024

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The genocidal Israeli war on the Gaza Strip has entered its 200th day, with occupation forces killing more Palestinians in defiance of widespread international outcry to end the carnage.

The aggression marked its 200th day on Tuesday with no end in sight to the Israeli war that has so far killed a shocking number of Palestinians and led to a humanitarian crisis in the besieged territory.

The Gaza Health Ministry said Israeli forces have committed three "massacres" over the past 24 hours, killing at least 32 Palestinians and wounding 59 others.

The numbers, it added, bring the Palestinian death toll to more than 34,183, with at least 77,143 injured and an estimated 7,000 missing and presumed dead since early October.

More than 14,500 children and 9,500 women are among those killed, making up over 70 percent of the victims, according to health officials.

Israel waged its brutal US-backed war on the Gaza Strip on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Israel has been carrying out war crimes in Gaza by deliberately starving people and forcing their evacuation, as well as targeting hospitals and schools sheltering displaced Palestinians.

Despite all these atrocities, the regime has failed to achieve its declared objectives of “destroying Hamas” and finding Israeli captives held in Gaza.

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