South Korea has deployed a warship to the Stait of Hormuz after the Islamic Revolutionary Guard Corps seized a South Korean-flagged tanker Monday, citing pollution. South Korea demands that the ship and its 20-man crew be released.
The conflict between the US and Iran raises concerns at Norwegian marine insurer DNK, reports Reuters. The company expects to see rising premiums on war risk insurance for ships in the Strait of Hormuz.
Escalation of the conflict between the US and Iran has not yet led to any "dramatic change" pertaining to threats to commercial vessels in the Persian Gulf, although the threat level remains elevated, according to marine insurers' war committee.
A war committee consisting of representatives from marine insurance companies will meet today to assess the threat level facing merchant vessels following Iran's announcement of revenge against the US.
Iran now says that missiles that hit one of its oil tankers in the Red Sea likely came from Saudi Arabia. This marks the latest escalation in a conflict between the two Middle Eastern nations that has roiled the oil market.
De to missiler, som har ramt et iransk tankskib, blev formentlig affyret fra Saudi-Arabien. Det siger en talsperson fra National Iranian Tanker Company, skriver Bloomberg News. Han har siden trukket udsagnet tilbage. Opdateret.
Iranian news agency ISNA and Reuters report that an Iranian tanker ship has burst into flames after being hit by an explosion off the coast of Jeddah in Saudi Arabia. The ship allegedly belongs to Iranian oil company National Petroleum Company.
Vessel Stena Impero, which was seized by Iran in July, remains detained in the country, says Stena Bulk CEO Erik Hånell. This happens despite the fact that Iranian authorities have said the vessel has been released.
VLCC and LPG rates will face pressure following Saturday's drone attack on two Saudi oil plants, assesses investment bank Cleaves Securities. The bank furthermore predicts that the strike may lead to "several attacks on shipping" in the area around the Strait of Hormuz.
A spokesperson from Iran's Ministry of Foreign Affairs says vessel Stena Impero may be released "within days". The ship was detained by Iran on July 20 and has since then been docked at the Port of Bandar Abbas.