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Brent Enters Contango for First Time Since Iran War Began as Gulf Supply Surges June 24, 2026
Prices of Brent crude oil for second-month delivery traded higher on Wednesday than prices for prompt delivery for the first time since the Iran war started in late February, signaling increased near-term supply.
Reuters
UK Minehunting Force Arrives in Middle East as Multinational Hormuz Mission Takes Shape June 24, 2026
The United Kingdom’s specialist mine countermeasures force has arrived in the Middle East, marking a significant step toward restoring commercial confidence in the Strait of Hormuz as Western allies prepare...
Mike Schuler
More Stranded Oil Tankers Exit Hormuz, Adding to Global Supply June 24, 2026
Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices.
Reuters
Oil Tanker Booked in Persian Gulf at 897% of Benchmark Rate June 24, 2026
One of the world’s biggest operators of supertankers has provisionally booked a vessel to transport oil from the Persian Gulf to India at nearly nine times benchmark rates, a price that reflects the shortage of avalable ships in the area.
Bloomberg
Marine Insurers Back Hormuz Peace Deal as Trump Says Iran Seeking ‘No Tolls’ June 24, 2026
The global marine insurance industry is cautiously welcoming recent diplomatic developments in the Strait of Hormuz as uncertainty continues over how the world’s most important energy chokepoint will be managed...
Mike Schuler
IMO Tells Ships to Stay Put, Await Instructions as Hormuz Evacuation Begins June 24, 2026
The International Maritime Organization is telling thousands of ships stranded in the Persian Gulf to stay put and await instructions as it begins evacuating thousands of seafarers trapped by months...
Mike Schuler
Containership Fire Breaks Out Every 17 Days as Misdeclared Cargo Remains Major Threat June 24, 2026
A container ship fire now occurs somewhere in the world roughly every 17 days, highlighting the persistent danger posed by misdeclared and undeclared dangerous cargoes, according to new data cited...
Mike Schuler
Allianz: The Age of Predictable Shipping Is Over June 24, 2026
The global shipping industry is entering a new era defined by geopolitical tension, fragile supply chains and heightened uncertainty, according to Allianz Commercial, which warns that the relatively stable operating...
Mike Schuler
UAE Oil Exports Surged to 85% of Pre-War Levels, IEA Says June 24, 2026
Oil exports from the United Arab Emirates in early June recovered to nearly 85% of the country’s pre-Iran war levels — rebounding even before Washington and Tehran inked an interim peace deal as the Gulf nation drew on pipelines, storage and alternate shipping routes, according to a report from the International Energy Agency.
Bloomberg
Germany Ditches Delayed Frigate Program in Major Blow to Rheinmetall June 24, 2026
Germany scrapped a landmark frigate program following delays and expected cost overruns, sending shares in the country's top defense firm Rheinmetall RHMG.DE, which was supposed to get the contract, into a tailspin on Wednesday.
Reuters