Secretary General of the International Maritime Organization (IMO) since January 1, 2024
For over eight weeks, around 20,000 seafarers are stranded in the Gulf due to the Iran-U.S. conflict. A fragile ceasefire has brought hope, but the blockade of Iranian ports persists. Ships face attacks, shortages, and communication disruptions, intensifying the crisis for crews and global trade.
The two-month Iran war has seen markets buoyed as talks continue; Washington has pressed Tehran to reopen the Strait of Hormuz while Iran reviews US proposals. A US strike on an Iranian oil tanker was reported as tensions rise, and Pakistan-hosted discussions are ongoing.
Oil shipments through the Hormuz Strait have increased since the US and Iran reached a deal, with several tankers moving through and sanctions being waived for a 60-day period. Analysts say traffic is climbing toward prewar patterns, though total exports remain below historic peaks.
The US and Iran have signed a preliminary agreement and opened a 60-day negotiating window that has paused charges through the Strait of Hormuz. Iran and Oman have formed a working group to study future administration and service fees. Shipping has begun to return but remains well below prewar levels while demining and safety work continues.
The UN's International Maritime Organization has paused its evacuation of around 600 stranded ships and 11,000 seafarers after a vessel was struck off Oman's coast on Thursday. The attack, which multiple maritime sources say likely involved a drone or unknown projectile, has prompted fresh warnings from Iran and halted the IMO operation while safety guarantees are rechecked.
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.
Oil prices have extended declines as tanker exits from the Strait of Hormuz ease supply fears, even as a vessel is attacked in the Gulf of Oman. Brent trades near $72.76 a barrel and WTI around $69.84, with markets watchful of US-Iran tensions and ongoing evacuation plans by the IMO.
Vessel transits through the Strait of Hormuz have risen this week amid shifting navigation guidance and ongoing tensions between Iran, the U.S., and Oman. Observers report mixed routes with a northern Iranian corridor and a southern Omani corridor, while the broader risk to shipping remains elevated.