EMEA News
Over 40 Nations Join UK Talks Urging Strait of Hormuz Reopening
More than 40 countries joined UK-led talks urging the reopening of the Strait of Hormuz after Iran shut the key waterway, which handles around 20% of global energy flows.
The meeting, convened by Yvette Cooper, the UK Foreign Secretary, brought together international partners and organisations, including the IMO, the UK government said in a statement on its website on Thursday.
Participants warned the closure poses a serious threat to global energy markets and supply chains, given the Strait’s critical role in transporting oil, refined fuels and LNG, as well as essential goods such as fertilizers.
Countries called for the immediate reopening of the waterway and outlined coordinated actions, including increasing diplomatic pressure through the UN, exploring potential sanctions, and working to secure the release of vessels and crews stranded in the Strait.
They also stressed closer cooperation with industry to improve information sharing and support market confidence.
Further discussions among officials are expected as efforts continue to restore freedom of navigation.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 879.00 | 5.50 | 1870.00 | 58.50 |
| Rotterdam | 741.00 | 24.50 | 1414.50 | 83.00 |
| Houston | 854.50 | 49.00 | 1377.50 | 83.00 |
| Fujairah | 867.50 | 26.00 | 1898.00 | 193.00 |
| EMEA Average | 996.50 | 26.50 | 1647.00 | 89.00 |
| Global 20 Ports Average | 958.00 | 0.50 | 1759.00 | 67.00 |
| Global 4 Ports Average | 835.50 | 2.00 | 1640.00 | 104.50 |
| Global Average Bunker Price | 1037.50 | 26.00 | 1770.50 | 93.50 |
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