Ship seen in the Strait of Hormuz off Oman Fears Iran may close the strategically vital oil route through the Strait of Hormuz has prompted the United Arab Emirates to seek an alternate route to export its product. OPEC’s third largest exporter of oil has almost finished constructing a pipeline that will allow it to reroute much of its oil exports, bypassing the Straits. Twenty per cent of the... 

The move was confirmed by the country’s Oil Ministry, with the spokesman saying that Iran will be “selling its oil to new customers”. The decision is not expected to have a big impact, as France only bought three percent of its oil − 58,000 barrels a day − from the Islamic republic last year, and Britain buys less than 1 per cent. But it was seen as a warning shot to other EU nations that... 

Indian business delegation will visit Tehran in the end of February to boost oil imports from the Islamic Republic. India plans to send a business delegation to Iran to hold talks aimed at increasing the volume of Tehran’s oil exports to New Delhi, a report says. “We will need to lead a business delegation there, taking potential exporters across a range of sectors, and go out there and... 

The Bahrain-based US Fifth Fleet says it will not “tolerate” any disruption in the Strait of Hormuz after Iran announced its forces are capable of closing the route if necessary. “[The fleet] maintains a robust presence in the region to deter or counter destabilizing activities,” a spokesperson for the fleet said on Wednesday. “The free flow of goods and services through the...