Persian Gulf Now Most Risky for Oil Tankers Since Last Iraq War

By Alex Longley (Bloomberg) -- Not since 2005 have the world’s insurers considered shipping in the Persian Gulf so dangerous for oil tankers. The Joint War Committee of London’s Lloyd’s Market Association said Friday that it would expand its so-called ‘listed areas’ -- those regions that pose the greatest risks for shipping, and potentially warranting higher … [Read more...]

U.S. Navy Conducts Military Exercises in Gulf Amid Iran Tension

By Zainab Fattah (Bloomberg) -- The U.S. Navy is conducting exercises this month to ensure its readiness to guarantee freedom of movement through Persian Gulf and Red Sea waterways amid escalating threats from Iran to disrupt shipping across important choke points. The exercises, with regional and global allies, are part of the U.S. 5th Fleet Theater Counter Mine and … [Read more...]

Iran Says It Has Full Control Of Gulf, U.S. Navy Does Not Belong There

by Babak Dehghanpisheh (Reuters) Tehran has suggested it could take military action in the Gulf to block other countries’ oil exports in retaliation for U.S. sanctions intended to halt its sales of crude. Washington maintains a fleet in the Gulf that protects oil shipping routes. Tangsiri said Iran had full control of the Gulf and the Strait of Hormuz that leads into … [Read more...]

Strait of Hormuz: The World’s Most Important Oil Artery

LONDON, July 5 (Reuters) - With a third of the world's sea-borne oil passing through it every day, the Strait of Hormuz is a strategic artery linking Middle East crude producers to key markets in Asia Pacific, Europe, North America and beyond. This week, an Iranian Revolutionary Guards commander threatened that Tehran will block oil shipments through the waterway in response … [Read more...]

Watch: Iranian High-Speed-Attack-Boats Swarm US Destroyer

Four Iranian boats “harassed” a US Navy warship near the Persian Gulf, ignoring orders to back off, gCaptain reported yesterday. A defense official said Iranian Revolutionary Guard high-speed vessels swarmed missile destroyer USS Nitze on Wednesday at a high rate of speed—an "unsafe and unprofessional” move with two coming within 300 meters of the US warship. AP reports … [Read more...]