#saudi-arabiauae-tensions

#saudi-arabiauae-tensions

The IEA sees global oil demand falling by 80,000 barrels per day this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report.

The energy shock from the Iran war pushed consumer prices to their highest level in nearly two years, with the Consumer Price Index rising 3.3 percent from a year earlier.

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.

"With that corridor uncertain, itineraries have been cancelled and future plans are on hold."

The International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.

The Panama-flagged Peace Gulf, a medium-range tanker, is heading to Hamriyah port in the United Arab Emirates, typically moving Iranian naphtha to non-Iranian ports for export to Asia.

Bahrain's Ministry of Foreign Affairs strongly condemned the continued malicious drone attacks launched from Iraq towards Bahrain and several Gulf Cooperation Council countries, calling on Baghdad to address these threats and attacks urgently and responsibly.

The continuing closure of the waterway is deeply damaging and getting global shipping moving is crucial to ease cost of living pressures. Iran is believed to have laid at least a dozen mines to prevent oil tankers and other vessels from passing through the strait.

The so-called 'petrodollar' system wasn't well understood for most of this time, but a secret deal between Henry Kissinger and Saudi Arabia ensured the dollar would remain the dominant reserve currency.

Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.

The United Arab Emirates (UAE) on Wednesday said its air defences are actively engaging incoming missiles and drones from Iran, with explosions heard across the country due to interceptions.

After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.

The global impact of the Gulf countries is not limited to oil. This region is a hub of the international economy and if it decides to focus on its defense and to start pulling investments and to stop its [economic] engagement with the international community, the effect will be felt in every household in the world.