U.S. Wants Military Coalition to Safeguard Shipping Off Iran, Yemen

By Phil Stewart WASHINGTON, July 9 (Reuters) - The United States hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where Washington blames Iran and Iran-aligned fighters for attacks, the top U.S. general said on Tuesday. Under the plan, which has only been finalized in recent days, the United States … [Read more...]

CMA CGM Says it has Sufficient Security to Operate in Persian Gulf

By Sudip Kar-Gupta AIX-EN-PROVENCE, France, July 7 (Reuters) - CMA CGM, the world's fourth biggest shipping company, said it has sufficient security measures in place to continue operating in the Persian Gulf region even as concerns mount over a possible dispute between Iran and major world powers. The Persian Gulf is a key route for oil tankers, while container shipping … [Read more...]

Persian Gulf War Risk Premiums Seen Costing $500,000 Per Oil Shipment

(Bloomberg) --The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the tanker hauling it can now cost upwards of $500,000, according to people familiar with the insurance market. Earlier this year, the same … [Read more...]

Iran Exposes Oil’s Sea Change in the Persian Gulf

By Liam Denning (Bloomberg Opinion) --“It is not the role of the United States to take the lead in protecting neutral shipping in the [Persian] Gulf.” That was George Shultz, President Ronald Reagan’s Secretary of State, arguing in early 1987 against granting a request from Kuwait to reflag its oil tankers as American and gain protection from Iran during the so-called … [Read more...]

U.S. and Gulf Allies Face Tough Task Protecting Oil Shipping Lanes

By Ghaida Ghantous and Rania El Gamal DUBAI, June 14 (Reuters) - The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said. Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of … [Read more...]