Oil prices fell in choppy trading on Monday as investors awaited clarity on talks between the U.S. and Iran and remained cautious about sustained supply losses caused by shipping disruptions.
Bahrain has put forward a draft United Nations Security Council resolution that would authorise countries to use "all necessary means" - diplomatic language for force - to protect commercial shipping in and around the Strait of Hormuz, according to a text seen by Reuters on Monday.
Fifteen Turkish-owned vessels remain stranded in the blockaded Strait of Hormuz, Türkiye’s Transport and Infrastructure Minister Abdulkadir Uraloğlu said on Wednesday.
Several marine insurers said they are cancelling war risk cover for ships due to the conflict in Iran and the Gulf. Insurers including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations will take effect from 5 March.
Türkiye raised its security level for Turkish-flagged vessels in the Strait of Hormuz to Level 3 on Sunday (2 March). The development follows Iranian restrictions on shipping after U.S. and Israeli strikes and confirmation of Supreme Leader Ali Khamenei’s death.
Türkiye's President Recep Tayyip Erdoğan condemned the recent attacks on commercial ships in the Black Sea, calling the actions "unacceptable" and issuing a stern warning to all involved parties.
Norway has listed two Russian fishing companies, Norebo JSC and Murman Seafood, in line with European Union sanctions adopted on 20th May. The Norwegian government stated that the decision supports the country’s broader security policy objectives.
World shipping nations have agreed to introduce the industry’s first emissions tax to curb greenhouse gas output.
Shipping firms may soon face fees to navigate the Baltic Sea, a vital shipping route, to fund the protection of undersea cables. This follows a series of suspected sabotage incidents, with NATO deploying forces to safeguard the region’s infrastructure.
A Chinese container ship has completed its first non-stop voyage to Germany marking the launch of a "China-Europe express" shipping route.
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