Iran's seizure of Greek tankers adds risk on key oil route

30/5/2022 5:35:00 PM

OIL & GAS: Iran's seizure of Greek tankers adds risk on key oil route - Bloomberg

OIL & GAS: Iran's seizure of Greek tankers adds risk on key oil route - Bloomberg

DUBAI (May 30): Iran's seizure of two Greek oil tankers in the Persian Gulf raises the risk of further interruptions to shipments from a region that is a vital source of global energy supplies.On Friday, Iran diverted two Greek tankers, each loaded with about one million barrels of oil, into its territorial waters — an apparent tit-for-tat for a vessel that the European country seized.Greece is the world's largest oil tanker-owning nation, making any spat with Iran potentially serious

DUBAI (May 30): Iran's seizure of two Greek oil tankers in the Persian Gulf raises the risk of further interruptions to shipments from a region that is a vital source of global energy supplies.On Friday, Iran diverted two Greek tankers, each loaded with about one million barrels of oil, into its territorial waters — an apparent tit-for-tat for a vessel that the European country seized.

Greece is the world's largest oil tanker-owning nation, making any spat with Iran potentially serious for the global market. Likewise, about one-fifth of daily crude supply passes through the Strait of Hormuz, the narrow waterway separating the Persian Gulf from the Indian Ocean and crude buyers all over the world.

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A DUBAI (May 30): Iran's seizure of two Greek oil tankers in the Persian Gulf raises the risk of further interruptions to shipments from a region that is a vital source of global energy supplies.05- 30- 2022 05:34 PM Family members of Colonel Sayad Khodai, a member of Iran’s Islamic Revolution Guards Corps, weep over his body in his car after he was reportedly shot by two assailants in Tehran, Iran, May 22, 2022.A NEW DELHI (May 29): Oil & Natural Gas Corp's (ONGC) profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russia's invasion of Ukraine.× Copy URL Compared with conventional fossil jet fuel, the sustainable fuel used by Malaysia Airlines Bhd is made from fully renewable waste and residual raw materials, and can reduce greenhouse gas emissions by up to 80%, says the carrier.

On Friday, Iran diverted two Greek tankers, each loaded with about one million barrels of oil, into its territorial waters — an apparent tit-for-tat for a vessel that the European country seized. Greece is the world's largest oil tanker-owning nation, making any spat with Iran potentially serious for the global market. Colonel Sayyad Khodai, 50, was fatally shot on May 22 outside his home in the east of the Iranian capital by assailants on motorcycles. Likewise, about one-fifth of daily crude supply passes through the Strait of Hormuz, the narrow waterway separating the Persian Gulf from the Indian Ocean and crude buyers all over the world.1 billion) in the three months ended March 31 from 67. "Shippers will need to be more vigilant," said Matt Stanley, a trader and broker with Starfuels in Dubai. The colonel was killed “by the most vicious people, the Zionists, and God willing, we will avenge his death,“ Major General Hossein Salami said, according to an official statement released by the Guards’ Sepah News website."Iran will be extremely protective of any and all assets. Sign-up now and enjoy one (1) week free access!.

" Greece alerted all vessels from the country to"to adapt to the unacceptable situation" when sailing in the Persian Gulf. Iran had earlier blamed the killing on “elements linked to the global arrogance”, its term for the United States and Washington’s allies including Israel. Revenue surged 63% to 345 billion rupees, exceeding estimates. About 27% of the global fleet of oil tankers is Greek-owned, according to data from Clarkson Research Services Ltd, a unit of the world's largest shipbroker. Brent crude rose 0. The New York Times reported last week that Israel has told the United States that the Jewish state was behind the killing of Khodai.6% to about US$120 a barrel on Monday having gained 1.3 billion rupees, driven by a 64% jump in statutory levies paid to federal and local governments that moved in tandem with oil prices.7% on Friday, according to ICE Futures Europe data. It was the most high profile killing inside Iran since the November 2020 murder of top nuclear scientist Mohsen Fakhrizadeh.

Greek move The seized tankers, Prudent Warrior and Delta Poseidon, were taken by Iranian forces in the Persian Gulf on Friday, according to the US 5th Fleet in Bahrain. Both are Greek-owned and flagged, and had loaded cargoes in Iraq, according to tanker tracking data compiled by Bloomberg. The ideological arm of Iran’s military, the Guards described Khodai as a “defender of the sanctuary”, a term used for those who work on behalf of Tehran in Syria or Iraq. The price of Brent, a popular benchmark for global crude prices, averaged about US$98 a barrel during the March quarter. The seizure of the vessels came not long after Greek authorities, in coordination with US counterparts, stopped an Iranian-flagged tanker and confiscated its cargo. Previous incidents The US has imposed wide-ranging sanctions on Iran's economy and energy industry in an effort to force the Islamic republic to limit its nuclear programme. - AFP. The Persian Gulf nation held a British tanker for more than two months in 2019 after an Iranian oil tanker was blocked in Gibraltar. ONGC is leading the South Asian nation's oil hunt in unexplored areas and is seeking international partners to bring challenging fields to production to make up for the sagging output from its aging fields.

Both vessels were eventually released. Other British-, Saudi-, and UAE-owned tankers have been accosted in and around Hormuz in the past several years, while Iranian vessels have been hit in the Red Sea. Iran's Islamic Revolutionary Guard Corps, or IRGC, said it was responsible for the seizures.4% to 5. It also warned other Greek vessels in the area, according to the semi-official Tasnim news agency. The IRGC indicated that 17 other Greek vessels in the Gulf could also be seized, said Tasnim, which is closely aligned to the Iranian military organisation.

Ship-tracking data compiled by Bloomberg showed 19 Greek-owned vessels in the Persian Gulf, including the two being held. So far, shipbrokers said Greek tanker owners are not shying away from sending ships into the Persian Gulf. Subscribe to Mid-day email alert We deliver news to your inbox daily .