#oil-traffic

#oil-traffic

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 world's top 100 oil and gas companies banked more than $30m every hour in unearned profit in the first month of the US-Israeli war in Iran, with Saudi Aramco, Gazprom, and ExxonMobil among the biggest beneficiaries.

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.

In the past two months, conflict in Iran has created an energy crisis - the latest in a series. Oil prices spiked within days of the start of US, Israeli and Iranian bombing in the Gulf region on 28 February.

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 International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.

Brent crude, the international benchmark, rose more than 8 percent on Sunday to top $103 a barrel, marking the first time it exceeded the $100 threshold since Tuesday.

As oil flows come under threat due to the Iran war, parts of Asia are already under strain. Fuel supplies are tightening, prices are rising, and some countries warn stocks may run out.

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.