State-owned energy titan of Abu Dhabi, a top regional and global oil producer
Today, Iran has launched missiles, cruise missiles, drones and fast boats that have struck vessels and an oil facility in the UAE's Fujairah and the Strait of Hormuz. The US military has said it has fired on Iranian forces while escorting merchant ships through the strait and President Trump has warned Iran it will be "blown off the face of the earth" if it hits US ships.
The UAE has directed ADNOC to fast-track the West-East Pipeline, targeting 2027 operation as tensions around the Strait of Hormuz persist. The move follows Abu Dhabi’s exit from OPEC and aims to boost capacity beyond 1.8 million bpd via Fujairah, reinforcing Gulf export routes.
Oil markets are facing a prolonged impact from the current crisis in the Strait of Hormuz, with analysts and industry leaders warning that a full rebound in flows may take years. Saudi and UAE officials emphasise resilience strategies to cushion prices, while other observers caution that the damage to global trading systems will extend beyond the immediate conflict.
A tentative deal has reopened the Strait of Hormuz and allowed some vessels to leave the Persian Gulf, but global oil flows have not returned to normal. Producers and shipowners have cut output and delayed shipments; tankers stranded in the Gulf and shut-in fields will take weeks to months to restart full exports, keeping pressure on prices and inventories through summer.
The operation near the Strait of Hormuz uses ship-to-ship transfers to move oil from Gulf fleets to international vessels. Since early May, about 92 ships have participated, with large-scale activity seen in mid-June. The Apache helicopter downing and US responses feature in the latest developments; officials say no Central Command forces are directly involved in the transfers.
Since the latest talks, tanker traffic through the Strait of Hormuz has picked up, while Iran-linked vessels continue transiting. The U.S. has granted a sanctions waiver through August, and discussions aim for a durable ramp-up in Gulf LNG exports. Oil prices have fallen modestly on the news.
The Financial Conduct Authority has had parts of its £9.1bn motor‑finance compensation scheme suspended after legal challenges from Volkswagen Financial Services, Mercedes‑Benz Financial Services, Crédit Agricole Auto Finance and consumer group Consumer Voice. The Upper Tribunal has set hearings for December or February; lenders will not need to calculate or pay redress while legal proceedings continue, delaying mass payouts until at least 2027 if the scheme survives.
Bloomberg and Arab News report on refining demand, pricing dynamics for Fujairah shipping, and the broader impact of sanctions on Iranian and Middle Eastern crude flows. Independent Chinese teapots and private refiners are adjusting purchases as discounts versus ICE Brent widen for non-Iranian cargoes while Iranian shipments press ahead.
Iraq and Syria have signed preliminary deals at a Washington summit to rehabilitate the Kirkuk–Syria pipeline, aiming to bypass the Strait of Hormuz, with Chevron involved and a stated capacity of 2 million barrels per day. The moves include collaborations with SpaceX’s Starlink and broader energy, healthcare, and tech investments worth over $60 billion.