US Navy ship collides with oil tanker

A US Navy ship collided with a Japanese-owned oil tanker over the weekend near the Strait of Hormuz. The USS Porter, a guided missile destroyer (pictured), was on scheduled deployment to the area when it crashed with the merchant vessel in the early hours on Sunday. No spills or leaks have been reported and the […]

New UAE pipeline bypasses Gulf

The UAE and Saudi Arabia have opened up and started operating a pipeline for oil exports which bypasses the Strait of Hormuz. The new link is expected to double the total pipeline capacity to 6.5million barrels a day, according to reports. The move will also reduce Iran’s power over oil markets as the country has […]

Japan pledges to reduce Iranian oil imports

Japan has announced it is supporting America’s sanctions on Iran and will begin to reduce the amount it imports. Japan currently imports 10% of its oil from the Middle Eastern country. After meeting with U.S. Treasury Secretary Timothy Geithner in Tokyo Japan’s Finance Minister Jun Azumi told reporters “We plan to start reducing this 10% […]

Turkey and South Korea seek waivers on Iran oil

Both Turkey and South Korea have asked for waivers from the US to exempt their big refiners from recent sanctions imposed on Iranian oil exporters, according to reports. The new law was made to prevent trade with Iran who are accused of building nuclear weapons but allows the issue of waivers to firms in countries […]

Iran threatens to cut major oil route

International reports suggest Iran has warned it could easily cut off the strategic Strait of Hormuz at the mouth of the Persian Gulf, the passageway through which a sixth of the world’s oil flows. According to Reuters Iran’s first vice-president warned that the flow of oil would be stopped if sanctions were imposed on Iran’s […]