What could new US sanctions on Iran entail?
The US says it is preparing to announce new sanctions on Iran. It’s been billed an “economic D-day” and is expected to add further pressure on the country’s economy that’s already been battered from previous sanctions and a US naval blockade.
The renewed economic pressure would not be the first time the US has used economic tools at its disposal to corner Iran.
US sanctions oil trader Wellbred over Iran links
The US imposed sanctions on Singapore-based Wellbred Capital and its trading firms in the United Arab Emirates and Switzerland, citing links with Iran, as it steps up measures to target Tehran’s global financial links.
The company had ties to Iranian oil shipping magnate Mohammad Hossein Shamkhani, the US Treasury’s Office of Foreign Assets Control said on its website on Monday.
“Shamkhani built Wellbred as a company outside the network’s Iranian business, though Shamkhani is ultimately responsible for Wellbred’s operations,” it added in a statement outlining the measures targeting nearly 60 companies, individuals and ships.
Six months of war: 20 dead in 68 incidents near Hormuz, IMO says
The Strait of Hormuz has been the main focus of the six-month war between Iran and the US and Israel, with many commercial vessels targeted in the vital conduit for oil and gas shipments.
In total, 68 incidents have been confirmed by the International Maritime Organisation (IMO) in the Gulf and neighbouring bodies of water, the equivalent of one every 2.6 days.
Across all incidents, at least 20 seafarers or port workers were reported killed, 35 wounded and one missing, the UN maritime agency said.
About half of the incidents have involved tankers, 20 percent container ships and 15 percent bulk carriers.
The United Kingdom Maritime Trade Operations (UKMTO) classified 47 of the incidents as attacks.
Liberia-flagged vessels have been most affected, being involved in 13 incidents, followed by 10 vessels each from Panama and the Marshall Islands.
Iran-flagged vessels were reported as being involved in four incidents.
Pakistan says army chief held talks with Iran focussed on preventing further escalation of Middle East conflict
Pakistan’s army chief Asim Munir held discussions with Iran that were focussed on measures including the prevention of a further escalation of the conflict and the reopening of the Strait of Hormuz, the Pakistani military said in a statement on Tuesday.
Munir discussed regional peace and ways to reach a negotiated settlement to disputes, the statement added.
Commodity vessel transits through Strait of Hormuz fall to three-month low, data shows
Only one commodity vessel transited the Strait of Hormuz on Monday, the lowest number since May 7, preliminary shipping data showed on Tuesday.
One very large gas carrier entered the strait from the Gulf of Oman on Monday, initial data from shiptracker Kpler showed at 0251 GMT, compared with six vessels of all types on Sunday. The figures could change as some ships had switched off transponders on their way through.
Oil tanker struck by projectile off Oman
An oil tanker was struck and disabled by a projectile in the Strait of Hormuz off the coast of Oman, causing damage but no casualties, a British maritime agency said early Tuesday.
“The Master of an oil tanker reports the vessel has been struck by an unknown projectile causing damage to the engine room and disabling the vessel,” with the crew reported as safe, the United Kingdom Maritime Trade Operations said.
The incident occurred nine nautical miles (16.7 kilometres) northeast of Ash Shishah in Oman, it said.
The online statement did not specify the vessel’s nationality or direction of travel.
Oil prices steady as investors weigh impact of expanded US sanctions against Iran
Oil prices steadied on Tuesday, after falling more than 2% in the previous session, as investors assessed the impact of harsher US secondary sanctions against Iran.
Brent crude futures were down 9 cents, or 0.1%, at $92.16 by 0104 GMT, while US West Texas Intermediate crude was up 1 cent at $85.02 a barrel.
Both contracts fell more than 2% on Monday with US crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks.
