A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.
"Fortunately, our relations with Russia remain good," Anwar Ibrahim, Malaysia's prime minister, told local publication Sinar Harian. "Therefore, the Petronas team can negotiate with them."
The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.
Qatar's minister of state for foreign affairs, Mohammed bin Abdulaziz Al Khulaifi, speaks with Talk to Al Jazeera, as the Gulf faces its most dangerous escalation in years after coming under Iranian drone and missile attacks. Al Khulaifi condemns Iran's aggression, warns that attacks on energy infrastructure threaten global markets, and argues that Gulf security is inseparable from global stability.