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Oil Traders Want U.S. to Release Sanctioned Tankers as Freight Costs Soar

Some of the world's biggest oil traders are asking Washington for permission to put sanctioned tankers back to work, as a global vessel shortage pushes oil transportation costs to extraordinary levels. Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Co. are negotiating with U.S. officials for licenses to purchas…

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India’s HPCL Struggles to Secure Oil Tankers as Hormuz Risks Persist

Hindustan Petroleum Corporation Limited (HPCL), a major Indian state-owned refiner, is struggling to hire tankers to transit the Strait of Hormuz and pick up cargoes in the Gulf, chairman Vikas Kaushal has told Bloomberg. Despite the recovery of crude oil flows from the Gulf via Hormuz to nearly pre-war levels, buyers…

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China’s Carbon Emissions Plunge 3.1% as Oil Demand Slumps

A decline in fuel use in China’s industrial sector has led to a 3.1% decline in carbon dioxide emissions in the third quarter of the year, the Finnish climate outlet Centre for Research on Energy and Clean Air has reported, as cited by Reuters. The lower emissions from the world’s largest generator of CO2 resulted fro…

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Oil Prices Head for 12% Weekly Loss Despite Fresh Tanker Attacks

Crude oil prices were on course for a sharp weekly drop, with both Brent crude and WTI shedding 12% since Monday, following the results of the U.S. midterm elections, which gave rise to hopes that the war in the Middle East could be brought to a swift end. At the time of writing, Brent crude was trading at $99.42 per …

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Iran Reports More Tanker Fires in Strait of Hormuz

Two oil tankers and a tugboat caught fire in the Strait of Hormuz, Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Thursday, as Iran continues to report a growing number of incidents with vessels trying to transit the Strait on routes unauthorized by the Islamic Republic. One of the oil tankers hit a naval min…

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EU Survey Reveals Massive Support for Renewable Energy Transition

A majority of European Union citizens are in favor of an accelerated transition away from oil and gas and into alternative energy sources and transport electrification, a survey conducted by the European Investment Bank has shown, as reported by Reuters, which got an exclusive look at the survey. According to the surv…

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UAE Weighs Plans for Third Strait of Hormuz Bypass Pipeline

The United Arab Emirates currently operates one crude export pipeline that bypasses the Strait of Hormuz and announced earlier this year that it was building a second. A third pipeline is reportedly being planned to further expand crude capacity and reroute energy flows around Hormuz, reducing exposure to Iranian disr…

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Iran Says Four Oil Tankers Destroyed by Mines Near Strait of Hormuz

Four oil tankers were destroyed after hitting naval mines in an area south of the Strait of Hormuz proscribed by Iran as prohibited for navigation, Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday, as attacks on vessels in the region intensify while crude oil flows have dipped from recent highs. The f…

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Dubai Benchmark Slips Into Contango for the First Time Since July

The curve of the Dubai benchmark is showing signs that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz. Physical flows have been gradually rising for the past two…

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