G7 set to discuss climbing oil prices, release of emergency reserves
The Group of Seven (G7) finance ministers will meet on Monday to discuss a global rise in oil prices and a joint r...
Bahrain’s state-owned oil company Bapco has declared force majeure after an attack set the country’s only refinery ablaze. The firm says domestic supplies remain secure, but operations are disrupted by the ongoing Middle East conflict, underscoring regional energy risks.
The oil refinery has declared force majeure on Monday on its shipments after an Iranian attack set its refinery ablaze, the Bahrain News Agency reported. Bapco, the only oil processing facility in the country, has been significantly affected.
The company said its operations “have been affected by the ongoing regional conflict in the Middle East and the recent attack on its refinery complex.”
“Outbreak of a fire due to the Iranian aggression targeting a facility in Al Ma’ameer, with material damage reported but no casualties recorded, and the competent authorities have begun firefighting procedures,” Bahrain News Agency says in a post on X.
Force majeure is a legal provision that frees a company from contractual obligations in extraordinary circumstances.
This means that the country's trading partners including Saudi Arabia, South Africa, India and the United States cannot bring any claim against the country in the event that they are unable to fulfil any outstanding trade orders.
Bapco however reassured that all domestic market needs remain fully secured and that supplies will continue without disruption, supported by contingency plans already in place.
For Bahrainis, this means fuel, electricity, and essential energy needs should remain secure despite the refinery attack.
The move comes amid rising regional tensions, as countries take steps to secure energy reserves for their domestic needs following the U.S./Israel-Iran escalations.
Trump says the United States "don’t need people that join wars after we’ve already won," targeting his criticism at UK Prime Minister Keir Starmer. Israel continues to fire missles at strategic sites in Iran and Gulf regions report more strikes from Iran.
Baku has completed its evacuation of staff from the Azerbaijan Consulate General in Tabriz, while most employees from the Azerbaijan Embassy in Tehran have also returned.
Tehran’s Mehrabad Airport came under attack in heavy airstrikes on early Saturday morning (7 March), Iranian news agencies reported.
U.S. President Donald Trump threatened further attacks on Iran on Saturday (7 March), while the United Arab Emirates and Saudi Arabia continued to shoot down missiles in their airspace. Meanwhile, Iran’s President Masoud Pezeshkian said Tehran would stop attacking its neighbours.
Russian attacks on Ukraine’s second largest city in the early hours of Saturday (7 March) killed 10 people, including two children. Kharkiv mayor, Ihor Terekov, said 10 residents died after a Russian ballistic missile hit a five storey apartment block in the city.
Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader on Monday (9 March), signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.
An Israeli air strike and tank shelling killed six Palestinians, including two girls, in Gaza City on Sunday (8 March) in two separate attacks, local health officials say.
Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, is a hardline cleric with strong backing from the Islamic Revolutionary Guard Corps. His rise signals continuity in Tehran's anti-Western policies.
After days of high-altitude competition and fierce rivalries and despite challenging conditions in Shahdag, Europe’s top athletes pushed to the summit in one final test of endurance before the competition finished.
Trump says the United States "don’t need people that join wars after we’ve already won," targeting his criticism at UK Prime Minister Keir Starmer. Israel continues to fire missles at strategic sites in Iran and Gulf regions report more strikes from Iran.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment