Latest news with #WaelSawan
Yahoo
a day ago
- Business
- Yahoo
Israel-Iran war is jamming ship signals, Shell warns
The boss of Shell has warned that oil tankers are having their signals jammed when they pass through the Strait of Hormuz as the conflict escalates between Israel and Iran. Wael Sawan, the chief executive of the FTSE 100 oil giant, said it had drawn up contingency plans in case the war in the Middle East leads to major upheaval in the crucial shipping route, which carries around a fifth of the world's oil. He raised concerns about the disruption to shipping signals in the area, which has affected nearly 1,000 ships in the Gulf, according to Windward, the shipping analysts. A collision involving tankers south of the Strait of Hormuz occurred on Tuesday, with both vessels catching fire. Mr Sawan said: 'What is particularly challenging right now is some of the jamming that's happening.' He told the Japan Energy Summit and Exhibition in Tokyo that Shell is 'being very careful' with shipping in the Middle East, adding that any blockage of the trade route risked triggering a substantial shock to the global economy. Around 19m barrels a day pass through the strait separating the Persian Gulf from the Gulf of Oman and the Indian Ocean beyond, which is just 21 nautical miles wide at its narrowest point. The United States has previously called the waterway 'the world's most important choke point'. Mr Sawan said: 'If that artery is blocked, for whatever reason, it has a huge impact on global trade. We have plans in the eventuality that things deteriorate.' Oil prices have surged from around $60 a barrel at the start of this month to more than $77 a barrel on Thursday, over concerns that supplies could be disrupted by the upheaval in the Middle East. European wholesale gas prices have also climbed by nearly 10pc since the outbreak of the war between Israel and Iran, which has entered its seventh day. White House officials said on Thursday that Donald Trump has approved a plan to attack Iran but is yet to give a final order. The US president gave private instructions to military chiefs in the situation room inside the White House on Wednesday, according to reports. Mr Trump said on Wednesday: 'You don't know that I'm going to even do it. I may do it. I may not do it. Nobody knows what I'm going to do. I can tell you this: Iran's got a lot of trouble, and they want to negotiate.' Gao Jian, an analyst at Qisheng Futures, said: 'The geopolitical situation remains highly tense, with no signs of easing.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Shell is being 'very careful' with shipping in the Middle East, CEO says
By Kathleen Benoza and John Geddie TOKYO (Reuters) -Shell CEO Wael Sawan said on Thursday the oil and gas major was being "very careful" with its shipping through the Middle East given the escalating conflict between Israel and Iran. The Iran-Israel air war entered a seventh day on Thursday with President Donald Trump keeping the world guessing on whether the United States will join the fighting. "The escalation in tensions over the last few days, in essence, has added to what has already been significant uncertainty in the region," he told an industry conference in Tokyo. "We're being very careful with, for example, our shipping in the region, just to make sure that we do not take any unnecessary risks." About 20% of the world's oil and fuel flows through the Strait of Hormuz, a crucial waterway in the Middle East, and Sawan said what was particularly challenging was electronic interference disrupting commercial ship navigation systems. "The Strait of Hormuz is, at the end of the day, the artery through which the world's energy flows, and if that artery is blocked, for whatever reason, it'll have a huge impact on global trade," he said. Sawan said the rise in oil and gas prices in recent days has been "moderate" as investors wait to see whether physical infrastructure might be damaged. Oil prices have risen to their highest levels in more than two months this week. Shell is closely monitoring the possibility of U.S. military action and has plans in place should things deteriorate, he said. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Telegraph
a day ago
- Business
- Telegraph
Israel-Iran war is jamming ship signals, Shell warns
The boss of Shell has warned that oil tankers are having their signals jammed when they pass through the Strait of Hormuz as the conflict escalates between Israel and Iran. Wael Sawan, the chief executive of the FTSE 100 oil giant, said it had drawn up contingency plans in case the war in the Middle East leads to major upheaval in the crucial shipping route, which carries around a fifth of the world's oil. He raised concerns about the disruption to shipping signals in the area, which has affected nearly 1,000 ships in the Gulf, according to Windward, the shipping analysts. A collision involving tankers south of the Strait of Hormuz occurred on Tuesday, with both vessels catching fire. Mr Sawan said: 'What is particularly challenging right now is some of the jamming that's happening.' He told the Japan Energy Summit and Exhibition in Tokyo that Shell is 'being very careful' with shipping in the Middle East, adding that any blockage of the trade route risked triggering a substantial shock to the global economy. Around 19m barrels a day pass through the strait separating the Persian Gulf from the Gulf of Oman and the Indian Ocean beyond, which is just 21 nautical miles wide at its narrowest point.
Yahoo
a day ago
- Business
- Yahoo
Shell CEO Warns of ‘Huge Impact' If Strait of Hormuz Blocked
(Bloomberg) -- Shell Plc, one of the biggest traders of oil and natural gas, has contingency plans in case the conflict between Israel and Iran disrupts flows from the region, warning that a potential blockage of the Strait of Hormuz could deliver a substantial shock. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown How E-Scooters Conquered (Most of) Europe NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' Chief Executive Officer Wael Sawan said at the Japan Energy Summit & Exhibition in Tokyo. 'We have plans in the eventuality that things deteriorate.' The global energy market has been transfixed by the conflict between Israel and Iran, including the possibility the US may decide to join the assault. So far, while crude has spiked due to the hostilities, there's been no major interruption to flows of energy, although traders are on high alert. About a quarter of the world's oil trade passes through the Strait of Hormuz, which links the Persian Gulf to the Indian Ocean. In the past, Iran has targeted ships traversing the chokepoint, and has threatened to block the waterway. In recent days, ships' signals have been jammed. 'What is particularly challenging right now is some of the jamming that's happening,' said Sawan, referring to the interference in navigation signals in and around the Persian Gulf. Shell is 'being very careful' with shipping in the Middle East due to the conflict, he said. Senior US officials are preparing for the possibility of a strike on Iran in the coming days, according to people familiar with the matter, a sign that Washington is assembling the infrastructure to directly enter the conflict with Tehran. The situation is still evolving and could change, they said. 'The risks of serious energy supply disruptions will rise if the Iranian leadership believes that they are facing an existential survival threat,' RBC Capital Markets LLC analysts including Helima Croft said in a note. 'Direct US entry into this conflict could be a catalyst for more direct disruptive actions against tankers and critical infrastructure in the region.' Global oil benchmark Brent climbed as much as 1.3% to $77.66 a barrel on Thursday. That neared the intraday peak of $78.50 seen on June 13 — the highest price since January — when Israel began its attacks against Iran. In recent days, Qatar asked tankers to wait outside the strait until they're ready to load, while Japanese shipper Nippon Yusen KK instructed its vessels to maintain a safe distance from the shore while navigating Iranian waters. (Updates to add crude futures in penultimate paragraph) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P.
Bloomberg
a day ago
- Business
- Bloomberg
US Is Preparing for Possible Strike on Iran in the Coming Days
Senior US officials are preparing for a possible strike on Iran in the coming days, according to people familiar with the matter. Some of the people pointed to potential plans for a weekend attack. President Donald Trump, who for years called for the US to stay out of foreign conflicts, has in recent days mused about a possible strike. Markets, already on edge after the Fed downgraded its growth estimates for the year and projected higher inflation, turned cautious. Stocks fell in Asia and Europe, while S&P 500 futures were down 0.5%. The CEO of Shell, one of the biggest traders of oil and natural gas, warned that a potential blockage of the Strait of Hormuz, which links the Persian Gulf to the Indian Ocean, could deliver a substantial shock. 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' CEO Wael Sawan said at an industry event in Tokyo.
