JSW Infrastructure anticipates handling 127 MT cargo this fiscal year, despite the US-Iran conflict impacting its Fujairah liquid terminal in the UAE. Operations are gradually normalizing, with insurance claims expected by October-end. The company also progresses with domestic port expansion plans, reporting an 8.2% drop in June quarter net profit.
The UAE launched its first passenger train service, operated by Etihad Rail, connecting Fujairah and Abu Dhabi in 1 hour and 45 minutes. The inaugural journey was met with celebrations, and over 10,000 tickets were sold pre-launch, with further expansion plans for the national network already underway.
Etihad Rail's passenger train service will commence on June 30, offering a fast, comfortable, and congestion-free alternative to road travel across the UAE. The phased rollout will initially connect Abu Dhabi, Dubai, and Fujairah, with plans to eventually link 11 cities.
The UAE is nearing completion of a pipeline to bypass the Iran-blockaded Strait of Hormuz, set to double ADNOC's export capacity through Fujairah by 2027, amid severe global energy disruptions.
Iran's Foreign Minister Abbas Araghchi has stated that ships entering the Strait of Hormuz must cooperate with the Iranian navy, amidst reports of a ship being seized near a UAE port. Iran claims the strait remains open for commercial ships under its naval oversight. This comes after the US imposed a counterblockade on Iranian ports, stranding thousands of ships. Araghchi, speaking at a Brics meeting in India, denounced US and Israeli actions, calling them violations of international law, and urged Brics nations to condemn these violations. He also warned the UAE that cooperation with Israel would not ensure protection. Meanwhile, a new UN Security Council resolution, sponsored by Bahrain and the US, condemning Iran's blockade is set for discussion, with Iran facing potential rebuff. However, Iran claims a deal with China has allowed oil tankers bound for China to pass through the strait since Wednesday, with China agreeing to limited charging, potentially undercutting US opposition.
India and UAE are finalizing an agreement to facilitate the evacuation of Indian workers via Fujairah port, a move likely to be signed during PM Modi's upcoming stopover. This pact addresses potential disruptions from the West Asia conflict, offering a crucial maritime route for over 4 million Indian workers in the UAE.
Iran's attack on ships in the Strait of Hormuz and a drone strike on the Fujairah Oil Industry Zone sent Brent crude to $114.44 and WTI to $106.42, while the 10-year Treasury yield climbed to roughly 4.44% and the 30-year broke above 5%. Bitcoin registered an intraday high of $80,717.66 on May 4, putting its […] The post Iran-UAE tensions are pushing Bitcoin toward a record bond-market danger zone appeared first on CryptoSlate.
Iran's attack on ships in the Strait of Hormuz and a drone strike on the Fujairah Oil Industry Zone sent Brent crude to $114.44 and WTI to $106.42, while the 10-year Treasury yield climbed to roughly 4.44% and the 30-year broke above 5%. Bitcoin registered an intraday high of $80,717.66 on May 4, putting its […] The post Iran-UAE escalation pushes Bitcoin’s bond-market test into the 4.5% danger zone appeared first on CryptoSlate.
Oil prices surged Tuesday as Iranian-linked attacks and military clashes heightened fears of disruption in the Strait of Hormuz. Brent crude rose 6% to $114.44 a barrel, while WTI settled 4% higher at $106.42. The Fujairah Oil Industry Zone was struck by a drone, with Emirati officials blaming Iran.
A drone strike from Iran injured three Indian nationals in Fujairah, UAE, igniting a fire at the petroleum industries zone. UAE defense confirmed four missiles were launched, with three intercepted. The Indian Embassy is ensuring medical care for the injured. This incident escalates regional tensions concerning energy infrastructure security.
Oil prices rose Monday as Trump announced "Project Freedom," a U.S. military operation to free cargo ships trapped by the Strait of Hormuz closure. Brent crude futures jumped 2.27% to $110.63/barrel while WTI added 1.98% to $103.96. The operation involves destroyers, over 100 aircraft, and 15,000 service members. Meanwhile, a tanker was hit by projectiles north of Fujairah, UAE, highlighting shipping dangers. OPEC+ also agreed to increase output by 188,000 bpd. Analysts warn $125 Brent could trigger global recession.
Oil prices were mixed Monday with Brent at $101.94 and WTI at $108.33 as Trump announced 'Project Freedom' to free ships trapped by the Strait of Hormuz closure. A tanker was hit by projectiles north of Fujairah, UAE, highlighting shipping dangers. Meanwhile, OPEC+ agreed to a 188,000 bpd output increase. Moody's Analytics warned that sustained oil prices around $125 could push the global economy into recession.
Oil prices dipped as markets weighed the U.S. military's 'Project Freedom' to clear trapped ships in the Strait of Hormuz and a modest output increase from OPEC+.
Oil prices rose modestly in choppy trade Monday as markets assessed Trump's announcement of 'Project Freedom' to free ships trapped by the Strait of Hormuz blockade. Brent crude futures rose 0.12% to $102.09 per barrel while WTI gained 0.18% to $108.36. The operation involves U.S. military assets including guided-missile destroyers, over 100 aircraft, and 15,000 service members. Meanwhile, a tanker was hit by projectiles north of Fujairah, UAE, highlighting ongoing risks. OPEC+ also agreed to increase output by 188,000 barrels per day.
