Oil and Gas
Iran eases Strait of Hormuz transit rules amid oil shock
Iran is easing restrictions on transit through the Strait of Hormuz, saying vessels not deemed hostile and not supporting military action against Tehran may pass, according to its mission to the United Nations.
Ships must comply with Iranian security regulations and coordinate their passage with relevant authorities, the mission said late on Tuesday.
The Strait of Hormuz has become a flashpoint in the current U.S.-Israeli war with Iran.
Tehran has repeatedly attacked vessels in the waterway, effectively closing off a key shipping route for global oil and gas supplies.
The narrow passage between Iran and Oman is the only link between the Gulf and the world’s oceans.
It is regarded as one of the most important shipping routes globally, with around 20 per cent of the world’s oil supply normally passing through it. (dpa/NAN)
-
News1 day agoTop 20 Ecobank’s InnovateX finalists emerge for ₦20m prize money
-
Industry1 day agoMAN summit to tackle high energy costs for manufacturers
-
Oil and Gas1 day agoOil falls as Middle East talks outweigh concern over fresh strikes
-
News1 day agoNigeria panel says 37 detained miners died from overcrowding and neglect
-
Finance1 day agoUBA seeks jail term for WEMPCO directors, intensifies N61bn loan recovery drive
-
News1 day agoZenith Bank expands tech fair reach with first ever virtual edition, focuses on AI
-
Oil and Gas1 day agoBayelsa suspends oil firm’s land acquisition over fatal community dispute
-
News1 day agoTinubu seeks Senate’s approval to borrow additional $20.5bn, €1.05bn loans