INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Iran seizes oil tanker in Strait of Hormuz, says US Navy

The US Navy called Iran's actions "contrary to international law and disruptive to regional security and stability". (AFP)
  • A dozen Iranian Navy fast-attack craft swarmed the vessel in the middle of the strait, said a statement from the Bahrain-based US Fifth Fleet.
  • The troubled but commercially vital Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.

DUBAI, UAE –  Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident in less than a week.

The tanker, Niovi, was sailing from Dubai towards Fujairah, another port in the United Arab Emirates, when it was stopped by Iran’s Islamic Revolutionary Guard Corps Navy early on Tuesday.

“A dozen IRGCN fast-attack craft swarmed the vessel in the middle of the strait,” said a statement from the Bahrain-based US Fifth Fleet, referring to the Revolutionary Guard’s naval force.

Six days ago, Iran’s navy seized a Marshall Islands-flagged oil tanker in the Gulf of Oman, a nearby waterway also bordering the Arabian Peninsula and Iran.

The troubled but commercially vital Gulf waters, which carry at least a third of the world’s seaborne oil, have witnessed a spate of incidents since 2018, when then US president Donald Trump pulled out of a nuclear agreement and reimposed crippling sanctions on Iran.

Iran has harassed or attacked 15 internationally flagged merchant vessels in the past two years, the US Navy said, calling its actions “contrary to international law and disruptive to regional security and stability”.

“Iran’s continued harassment of vessels and interference with navigational rights in regional waters are unwarranted, irresponsible and a present threat to maritime security and the global economy,” it added.