#gulf-region

#gulf-region

We could provide mine-clearance vessels we are good at that, Merz said, adding that a sound legal basis would be needed for such an intervention.

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

The IEA sees global oil demand falling by 80,000 barrels per day this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report.

"With that corridor uncertain, itineraries have been cancelled and future plans are on hold."

Brent crude, the international benchmark, fell more than 9 percent to $90.38 a barrel on Friday, taking it below $91 for the first time since March 10.

The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.

The analysis of energy imports reveals significant variations in the percentage sourced from the Middle East across different regions, indicating a complex global energy landscape.

The Treasury Department posted the license on its website late Friday, allowing countries to purchase Russian oil loaded on vessels from Friday through May 16.

Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.

Crude oil extended its rally for a third consecutive session today, supported by rising geopolitical tensions, severe winter weather disrupting US output, and a surprise draw in US crude inventories. Together, these factors kept the market focused on immediate supply risks and sustained the rebound. Markets reacted to renewed geopolitical risk sin the Middle East. President Trump has renewed pressure on Iran, while a US naval group's arrival in the region has fuelled disruption fears.