
National · 63 updates
Before the war,Hormuzcarried around a fifth of the world's oil and LNG exports.
Iran and Oman have agreed on a proposed shipping route through the Strait of Hormuz. This agreement is a potential step toward reopening the critical waterway for energy supplies. A joint statement from Tehran and Muscat is currently in the final drafting stage. Sources indicate Iran would gain control over ships entering the Gulf via the strait. Talks continue, but finalization depends on third-party non-obstruction and detailed definitions.
Yemen's Houthis said separately they had struck two Saudi oil tankers
LONDON: A proposed deal between Iran and Oman that would give Tehran control over ships entering the Gulf through the Strait of Hormuz is not easily workable due to U.S. sanctions and restrictive insurance clauses on any payments, four industry sources said. Until U.S.-Israeli airstrikes at the end of February unleashed war in Iran, the narrow waterway between the Gulf and the Indian Ocean was the main route for about a fifth of world oil supplies and other vital goods. It was freely open to all ships with no fees.Control of the strait has been the biggest sticking point in efforts to end
Iran is seeking fees of between 5 per cent and 7 per cent of the price of cargoes from ships
Supplies from Kuwait also fell sharply to 33,000 tonnes, down 43 per cent from June, while Qatar supplied just 19,000 tonnes. The contrast with the pre-conflict period has been striking. In January, the US exported only 268,000 tonnes of LPG to India, whereas the UAE supplied 826,000 tonnes. As a result, the US accounted for 73 per cent of India's LPG imports in July, compared with just 12 per cent in January.
India has also increased domestic LPG production to offset lower imports from Gulf suppliers
Before the conflict broke out in West Asia, India imported about 60% of its LPG requirement of which 90% transited through the Strait of Hormuz.
A US official on Friday reported progress between Iran and Oman that could soon reopen the Hormuz.
Iran's Revolutionary Guard said on Saturday that re-opening the Strait of Hormuz is not related to Iran-Oman negotiations but conditional on the U.S. accepting Iran's conditions.A U.S. official on Friday reported progress between Iran and Oman that could soon reopen the Strait of Hormuz, potentially restoring oil exports that have been disrupted by the five-month-old U.S. war with Iran."The reopening of the Strait of Hormuz is subject to the specific mechanisms and conditions of the Islamic Republic of Iran and is not related to the negotiations between Iran and Oman," Iran
A US official, who declined to be identified, said on Friday that Washington anticipated an agreement soon between Iran and Oman, which sit on either side of the strait, so that normal oil traffic could resume.
There was no immediate response from the U.S.
Washington: US Vice President JD Vance on Saturday (local time) said that Washington is working to establish a route allowing commercial ships to safely pass through the Strait of Hormuz, while continuing to pressure Iran amid ongoing tensions in the region.Speaking to Fox News host Kayleigh McEnany on 'Saturday in America', Vance said the plan includes an Iranian commitment not to fire on commercial vessels and Tehran's assurance that it would allow the maximum flow of oil through the strategic waterway. However, he said the US remains sceptical of the assurances."We're talking to the Iranian
A significant shipping route agreement is nearing completion between Iran and Oman, which is essential for reviving the strategic Strait of Hormuz. Iran insists on receiving US compensation and an end to hostilities as part of the deal. Meanwhile, the UAE has noted that another ship has been attacked in the strait, highlighting that normal oil trade can only commence once these larger issues are resolved.
US seeks "a commitment from the Iranians that they're not going to fire at commercial vessels."
Iran said it was nearing a final pact with Oman defining new shipping lanes between them.
Iran has said it was nearing a final pact with Oman on shipping through Hormuz
In pre-war days, about 130 to 140 ships typically transited the strait.
Remarks were made by head of Iran's Basij paramilitary unit head, Hossein Taeb
Forward Seamen’s Union of India has said that the shipowners and managers of AM Pioneer are “pressuring the Master to force its 16 Indian crew to transit the high-risk Strait of Hormuz”
Iranian officials have insisted that the strait will not fully reopen until US meets Tehran's demands
This is a “temporary measure” due to the “geopolitical situation”, says the Petroleum Ministry; with applications pending since March, distributors are pushing the 5-kg free-trade cylinders and the 10-kg composites as alternatives
The leverage that brought US and Iran back to negotiations could make compromise harder.
Targeting commercial ships, seafarers unacceptable: Jaishankar at UNGA
A drone attack on tanker MT Petro Dolphin at Sohar Anchorage on October 11 left two Indian seafarers missing, while nine others were rescued and are safe, according to Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal."On Oct 11, tanker MT PETRO DOLPHIN, carrying 11 Indian seafarers, was subjected to a drone attack at Sohar Anchorage.While nine of our Indian crew members have been successfully rescued and are safe, two Indian nationals currently remain missing," he said.Also read: 1 Indian dead, 11 injured in Riyadh airport attack; Houthis claim responsibility— sar
The Iranian Embassy in India also confirmed the conversation in a post on X
The Singapore-flagged GFS Pride went down after a fire broke out on board, Singapore said. All 21 crew members were evacuated safely. The vessel was carrying more than 2,500 containers when it sank, according to Iran's Islamic Revolutionary Guard Corps (IRGC) navy, which claimed the ship had entered an “unauthorised and dangerous” route and struck a sea mine, triggering the fire.
The Islamic republic has demanded that all ships seek its authorisation before transiting.