
Three suspects detained for storming Libya's state oil firm, attorney general says
TRIPOLI, May 29 (Reuters) - Three suspects have been detained for allegedly storming the Libyan state oil firm's headquarters in Tripoli, the country's attorney general said on Thursday, a day after its rival government in the east threatened to declare force majeure on oil fields and ports citing assaults on the firm.
The National Oil Corporation is based in Tripoli under the control of the internationally-recognized Government of National Unity. The parallel government in Benghazi in the east is not internationally recognised, but most oilfields in the major oil producing country are under the control of eastern Libyan military leader Khalifa Haftar.
The NOC has previously denied its corporation's headquarters were stormed, calling it "completely false" and quoted its acting chief as calling it "nothing more than a limited personal dispute that occurred in the reception area."
But the eastern-based government has threatened to also temporarily relocate the NOC's headquarters to "safe cities" such as Ras Lanuf and Brega, both of which it controls.
"The public prosecution reviewed the evidence of the storming of the Corporation's headquarters, inspected the scene, reviewed the video footage recorded at the time of the incident and heard the testimonies of those present," the attorney general said in a statement.
The three suspects were handed over by the defence ministry, which was asked "to arrest the remaining contributors to the incident," the attorney general said.
The national output of crude oil in the past 24 hours reached 1,389,055 barrels per day, the NOC said on Wednesday, reflecting normal levels.
Libya's oil output has been disrupted repeatedly in the chaotic decade since 2014 when the country divided between two rival authorities in the east and west following the NATO-backed uprising that toppled Muammar Gaddafi in 2011.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Guardian
2 hours ago
- The Guardian
IMF chief warns of broader risks from US strikes on Iran, after oil hits five-month high
Update: Date: 2025-06-23T06:21:15.000Z Title: Introduction: Oil dips back from five-month high amid Iran crisis Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The oil price has hit its highest level since January, after the US bombed Iran's nuclear facilities over the weekend. Traders are in a largely risk-off mood, as they weigh up the chances of further escalation in the Middle East, and ponder possible Iranian retaliations. But there's not a full-blown panic in the markets. There was an early leap in the oil price when the new trading week began; crude prices surged over 4%, pushing a barrel of Brent crude to a five-month high of $81.40 per barrel. But… it's slipped back even before traders in the City of London reached their desks, and is now up 1.7% at $78.32 per barrel. Yesterday, Iran's parliament voted to shut down the Strait of Hormuz, though which a fifth of the world's oil is transported. If it happened, that could create a supply shock that drives up the price of energy, fuelling inflation and hurting growth. In response, Marco Rubio, the US secretary of state, warned it would be 'economic suicide' for Iran to close the Strait, and urged China to sway Tehran on this point. Rubio told Fox News: 'I encourage the Chinese government in Beijing to call them about that, because they heavily depend on the Straits of Hormuz for their oil.' Holger Schmieding, chief economist at Berenberg Bank, says the Strait of Hormuz is 'the key economic risk to watch'. But, he also argues that a protracted disruption to energy flows in the Gulf region 'seems unlikely', as trying to throttle energy exports would be a high-risk strategy for Tehran. Schmieding told clients this morning: For more than two decades, the Iranian regime has sought to destabilise various parts of the Middle East. On its own, a big setback to Iran's apparent attempt to acquire nuclear weapons should count as a positive. In the short run, the US 'one off' strike against three Iranian nuclear facilities raises the geopolitical risks in the region to a new level. Markets will probably shift into 'risk off' mode as they await the Iranian response. In the long run, however, a severely weakened Iranian regime could turn into a significant positive for the region. Today: UK government to publish its industrial strategy 9am BST: Eurozone flash PMI manufacturing and services survey for June 9.30am BST: UK flash PMI manufacturing survey and services for June 2pm BST: Christine Lagarde testifies to the Committee on Economic and Monetary Affairs of the European Parliament in Brussels 2.45pm BST: US flash PMI manufacturing survey and services for June Update: Date: 2025-06-23T06:24:22.000Z Title: The US dollar has risen, a little, against a basket of currencies today as investors seek out safe haven assets. Content: The dollar index has gained 0.3% this morning, while the pound has slipped by 0.1% to $1.3433. Carol Kong, currency strategist at Commonwealth Bank of Australia, said the markets are in wait-and-see mode on how Iran responds, with more worries about the positive inflationary impact of the conflict than the negative economic impact. Kong explains: 'The currency markets will be at the mercy of comments and actions from the Iranian, Israeli and U.S. governments. The risks are clearly skewed to further upside in the safe haven currencies if the parties escalate the conflict.' Update: Date: 2025-06-23T06:20:05.000Z Title: IMF's Georgieva warns of growth risks from US strikes on Iran Content: The head of the International Monetary Fund has warned that last weekend's US strikes on Iran could hurt global growth, if the consequence ripple beyond the energy markets. Kristalina Georgieva told Bloomberg TV this morning that the Middle East crisis added to global uncertainty, explaining: 'We are looking at this as another source of uncertainty in what has been a highly uncertain environment.' Georgieva said the IMF was watching energy prices closely, warning that a rise in oil prices could have knock-on economic impact. She says: 'There could be secondary and tertiary impacts. Let's say there is more turbulence that goes into hitting growth prospects in large economies — then you have a trigger impact of downward revisions in prospects for global growth.' Georgieva is also hoping that energy supply routes will not be disrupted, saying: 'Let's see how events will develop. I pray no.' IMF's Kristalina Georgieva warned that the US strikes on Iran could potentially have broader impacts beyond energy channels, as global uncertainty escalates Update: Date: 2025-06-23T06:19:44.000Z Title: Introduction: Oil dips back from five-month high amid Iran crisis Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The oil price has hit its highest level since January, after the US bombed Iran's nuclear facilities over the weekend. Traders are in a largely risk-off mood, as they weigh up the chances of further escalation in the Middle East, and ponder possible Iranian retaliations. But there's not a full-blown panic in the markets. There was an early leap in the oil price when the new trading week began; crude prices surged over 4%, pushing a barrel of Brent crude to a five-month high of $81.40 per barrel. But… it's slipped back even before traders in the City of London reached their desks, and is now up 1.7% at $78.32 per barrel. Yesterday, Iran's parliament voted to shut down the Strait of Hormuz, though which a fifth of the world's oil is transported. If it happened, that could create a supply shock that drives up the price of energy, fuelling inflation and hurting growth. In response, Marco Rubio, the US secretary of state, warned it would be 'economic suicide' for Iran to close the Strait, and urged China to sway Tehran on this point. Rubio told Fox News: 'I encourage the Chinese government in Beijing to call them about that, because they heavily depend on the Straits of Hormuz for their oil.' Holger Schmieding, chief economist at Berenberg Bank, says the Strait of Hormuz is 'the key economic risk to watch'. But, he also argues that a protracted disruption to energy flows in the Gulf region 'seems unlikely', as trying to throttle energy exports would be a high-risk strategy for Tehran. Schmieding told clients this morning: For more than two decades, the Iranian regime has sought to destabilise various parts of the Middle East. On its own, a big setback to Iran's apparent attempt to acquire nuclear weapons should count as a positive. In the short run, the US 'one off' strike against three Iranian nuclear facilities raises the geopolitical risks in the region to a new level. Markets will probably shift into 'risk off' mode as they await the Iranian response. In the long run, however, a severely weakened Iranian regime could turn into a significant positive for the region. Today: UK government to publish its industrial strategy 9am BST: Eurozone flash PMI manufacturing and services survey for June 9.30am BST: UK flash PMI manufacturing survey and services for June 2pm BST: Christine Lagarde testifies to the Committee on Economic and Monetary Affairs of the European Parliament in Brussels 2.45pm BST: US flash PMI manufacturing survey and services for June


The Guardian
5 hours ago
- The Guardian
The strait of Hormuz: what is it, and why does it matter to global trade?
President Donald Trump's unprecedented decision to bomb three Iranian nuclear sites has deepened fears of a widening conflict in the Middle East. Joining Israel in the biggest western military action against the Islamic Republic since its 1979 revolution, the world is now bracing for Iran's response. One way Iran could retaliate, analysts say, is to close off the strait of Hormuz, a vital trade route, through which over a fifth of the world's oil supply, 20m barrels, and much of its liquified gas, passes each day. Iran has in the past threatened to close the strait, which would restrict trade and impact global oil prices, but has never followed through on the threat. Among the world's most important oil chokepoints, the strait of Hormuz is geo-strategically important to the United States and beyond, as the strength of the global economy is heavily dependent on the flow of oil. The strait lies between Oman and Iran and links the Gulf to the north with the Gulf of Oman to the south and the Arabian Sea beyond. It is 33km wide at its narrowest point, with the shipping lane just 3km wide. About one-fifth of the world's total oil consumption passes through the strait. Between the start of 2022 and last month, approximately 17.8 million to 20.8m barrels of crude, condensate, and fuels flowed through the strait daily, according to data from analytics firm Vortexa. Members of the Organization of the Petroleum Exporting Countries (OPEC) – Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq – export most of their crude via the strait, mainly to Asia. The US Fifth Fleet, based in Bahrain, is tasked with protecting commercial shipping in the area. Closing the strait has the advantage of being a means to impose a direct cost on Trump, as it would trigger an oil price spike with a near immediate inflationary effect in the US and across the globe. But it would also be an act of dramatic economic self-harm. Iranian oil uses the same gateway, and shutting Hormuz risks bringing Gulf Arab states, who have been highly critical of the Israeli attack, into the war to safeguard their own interests. In particular, closing the strait would significantly harm China. The world's second-largest economy buys almost 90% of Iran's oil exports, which are subject to international sanctions. US secretary of state Marco Rubio has called on China to help stop Iran from closing it, telling Fox news: 'I encourage the Chinese government in Beijing to call them about that, because they heavily depend on the strait of Hormuz for their oil.' 'If they do that, it will be another terrible mistake,' he added, 'It's economic suicide for them if they do it.' There are already reports that some supertankers have U-turned in the strategic waterway following the US strikes. Iran's Press TV reported at the weekend that the Iranian parliament approved a measure to close the strait of Hormuz, but ultimately the decision will come down to Iran's top leaders. On Sunday Iran's foreign minister, Seyed Abbas Araghchi, hinted at what could be an open-ended retaliation when he said that Trump's decision to bomb Iran 'will have everlasting consequences'. In his first comments since the US joined Israel's war on his country, Iran's supreme leader Ayatollah Ali Khamenei said that Israel has made a 'grave mistake' and 'must be punished', but did not make any specific reference to the strait of Hormuz.


Reuters
20 hours ago
- Reuters
Oil to open higher as US strikes on Iran boost supply risk premium
LONDON, June 22 (Reuters) - Oil is likely to rise by $3-5 per barrel when trading resumes on Sunday evening after the U.S. attacked Iran at the weekend, market analysts said, with gains expected to accelerate only if Iran retaliates hard and causes a major oil supply disruption. U.S. President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes overnight, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC's third-largest crude producer. Global oil benchmark Brent crude could gain $3 to $5 per barrel when markets open, SEB analyst Ole Hvalbye said in a note. Brent settled at $77.01 a barrel on Friday and U.S. West Texas Intermediate at $73.84. "An oil price jump is expected," said Jorge Leon, head of geopolitical analysis at Rystad and a former OPEC official. "Even in the absence of immediate retaliation, markets are likely to price in a higher geopolitical risk premium." Crude had settled down on Friday after the U.S. imposed fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to a notice posted to the U.S. Treasury Department website. Brent has risen 11% while WTI has gained around 10% since the conflict began on June 13 with Israel targeting Iran's nuclear sites and Iranian missiles hitting buildings in Tel Aviv. Currently stable supply conditions and the availability of spare production capacity among other OPEC members have limited oil's gains. Risk premiums have typically faded when no supply disruptions occurred, said Giovanni Staunovo, analyst at UBS. "The direction of oil prices from here will depend on whether there are supply disruptions - which would likely result in higher prices - or if there is a de-escalation in the conflict, resulting in a fading risk premium," he said. A senior Iranian lawmaker on June 19 said that the country could shut the Strait of Hormuz as a way of hitting back against its enemies, though a second member of parliament said this would only happen if Tehran's vital interests were endangered. About a fifth of the world's total oil consumption passes through the strait. SEB said that any closure of the strait or spillover into other regional producers would "significantly lift" oil prices, but said they saw this scenario as a tail risk rather than a base case given China's reliance on Gulf crude. Ajay Parmar, oil and energy transition analytics director at consultancy ICIS, said it was unlikely Iran would be able to enforce a blockage of the strait for too long. "Most of Iran's oil exports to China pass through this strait and Trump is unlikely to tolerate the inevitable subsequent oil price spike for too long - the diplomatic pressure from the world's two largest economies would also be significant," he said.