Global oil prices surge after suspected attacks on two tankers in Gulf of Oman

Agencies
June 14, 2019

New York, Jun 14: World oil prices have risen following suspected attacks on two tankers in the Gulf of Oman, worsening frayed tensions in the crude-rich Middle East region.

The rise in oil prices - jumping as much as 4.5 per cent before pulling back somewhat - boosted share prices of energy companies, while global stock markets also won some support from the prospect of US interest rate cuts this year. The Gulf of Oman lies at the other end of the strategic Strait of Hormuz from the Gulf, part of a vital shipping lane through which at least 15 million barrels of crude oil and hundreds of millions of dollars of non-oil imports pass each day.

US Secretary of State Mike Pompeo accused Iran of responsibility for the incidents and said the United States would raise the attacks at a UN Security Council meeting scheduled for later Thursday. Iran labelled the attacks "suspicious." US oil benchmark West Texas Intermediate for July delivery finished up 2.2 per cent at USD 52.28.

The advance marked a reversal from a sharp fall on Wednesday following a bearish US oil inventory report. "Tension across the Middle East is high - and the attacks on two tankers has further exacerbated the situation, even though there does not appear to have been any damage to the cargos," said John Hall, chairman of British-based consultancy Alfa Energy.

A note from Eurasia Group said the "incidents appear aimed at demonstrating the vulnerability of Gulf shipping while damaging confidence in the US ability to protect freedom of navigation." Gains in oil prices have been "constrained by high inventories and concerns about the global economy," it added. In equity markets, gains by petroleum-linked shares lifted Wall Street shares.

The S&P 500 finished up 0.4 percent, snapping a two-day losing streak. "From a broader perspective, the stock market has traded sideways over the last four sessions as it waits for further policy guidance from the Fed and for any updates on the US-China trade front," said Briefing.com Stocks elsewhere were mixed, with Frankfurt gaining, Tokyo retreating and London and Paris flat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 12,2024

gazaresistence.jpg

The Palestinian Hamas resistance movement says its fighters have killed at least 20 Israeli soldiers in northern parts of the besieged Gaza Strip in just two days, in retaliation for the occupying regime’s genocidal war on the Palestinian territory.

In a statement on Monday evening, Hamas said that fighters of its military wing, al-Qassam Brigades, “killed at least five occupation soldiers” in northern parts of the coastal territory earlier in the day.

It added that Hamas fighters also killed 15 Israeli soldiers in the war-ravaged region on Sunday.

The resistance movement’s “qualitative operation … confirms once again the failure of the criminal Zionist entity to suppress and eradicate the Palestinian resistance, which continues to direct qualitative strikes against its terrorist soldiers,” Hamas further said on its Telegram channel.

Palestinians have increased their resistance operations in the face of intensified Israeli aggression in northern Gaza that has claimed the lives of more than 1,000 over the past weeks.

“Our valiant resistance is waging a war of attrition with the criminal enemy, inflicting daily losses on its soldiers and vehicles, and all of [Israeli prime minister Benjamin] Netanyahu’s bets and dreams of achieving any of his goals are failing,” the Gaza-based resistance movement added.

Hamas also vowed that Israel’s ongoing crimes and aggression against Gaza would be met with increased resistance and painful strikes, which will continue until the aggression against Palestinians ends and the regime fully withdraws from the blockaded territory.

As the war in Gaza enters its 14th month, the Health Ministry reports that Israeli attacks have killed at least 43,603 Palestinians and wounded 102,929 others.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 6,2024

TRUMP.jpg

On the verge of a landslide win in the U.S. election, Republican presidential candidate Donald Trump delivered a powerful victory speech, calling it a "magnificent victory for the American people." Reflecting on the July 13 assassination attempt, Trump said, "God spared my life for a reason," underscoring his belief that his leadership has a higher purpose.

The 78-year-old is currently projected to secure 267 electoral votes, just three shy of the pivotal 270. His opponent, Vice President Kamala Harris, trails with 224 votes. Trump hailed his campaign as the "greatest political movement of all time," vowing, "We are going to help our country heal, fix our borders, and made history for a reason tonight. I will fight for you and your family with every breath in my body."

The Democrats face a formidable Republican lead, with Trump’s team predicting an ultimate tally of 315 electoral votes. A pivotal element in Trump's success was a sweeping takeover in key battleground states. From a Democratic lead of 6-1 in these areas during the 2020 elections, the scales shifted to a 7-0 advantage for Trump, with decisive wins in Georgia, Pennsylvania, and North Carolina and leads in Arizona, Wisconsin, Michigan, and Nevada.

The significance of this Republican victory deepens as the party also takes control of the Senate and holds a commanding lead in the House of Representatives race.

Trump expressed deep gratitude to his supporters, his running mate JD Vance, wife Melanie, and his children for standing by him throughout the challenging campaign. He also extended a special thanks to Tesla CEO and tech mogul Elon Musk, a prominent Trump supporter.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 5,2024

hdknikhil.jpg

Bengaluru: In a major legal twist, an FIR has been filed against Union Minister H.D. Kumaraswamy, his son Nikhil Kumaraswamy, and their close associate Suresh Babu. The trio is accused of threatening a senior IPS officer and making false allegations against him. The FIR, registered by the Sanjaynagar police, follows a complaint by Additional Director General of Police (ADGP) M. Chandrasekhar, who heads the Special Investigation Team (SIT) under the Karnataka Lokayukta.

Allegations Against Kumaraswamy
The crux of the case revolves around ADGP Chandrasekhar's investigation into Kumaraswamy's alleged illegal approval of a mining lease to Sri Sai Venkateshwara Minerals (SSVM). Kumaraswamy, currently serving as Union Minister for Steel and Heavy Industries, has been accused of bypassing legal procedures in favor of SSVM, prompting Chandrasekhar to seek the Karnataka Governor's approval to pursue legal action.

In response, Chandrasekhar claims that Kumaraswamy lashed out publicly. On September 28 and 29, the former Karnataka Chief Minister held press conferences, accusing the officer of bribery, misuse of medical records, and personal misconduct. According to the ADGP, Kumaraswamy also issued a threat of transferring him to another cadre outside Karnataka.

Nikhil and Aide Suresh Babu Involved
Kumaraswamy’s son Nikhil Kumaraswamy is also implicated in the controversy. On September 29, Nikhil allegedly echoed his father’s accusations against Chandrasekhar. The third individual named in the FIR, Suresh Babu, a close aide to Kumaraswamy, is accused of escalating the issue by writing a letter to the Karnataka Chief Secretary. This letter, containing further allegations, was made public on social media, adding to the pressure on the senior officer.

Legal Action and Charges
Though Chandrasekhar's complaint was filed in October, formal legal proceedings began on November 4 after securing approval from the 42nd Additional Chief Metropolitan Magistrate (ACMM). The charges include Section 224 (threat of injury to a public servant) of the Bharatiya Nyaya Sanhita (BNS). A police source familiar with the case confirmed the charges.

ADGP Chandrasekhar's Response
In a strong rebuttal, ADGP Chandrasekhar addressed his team and the media, branding Kumaraswamy as an accused person trying to intimidate the SIT. He emphasized that these attacks were intended to undermine his officers' morale and interfere with the investigation.

“An accused, no matter how powerful, remains an accused. This attempt to instill fear in the minds of officers is meant to hinder justice," Chandrasekhar said in a written statement. Referring to Kumaraswamy, he added, "This accused, who is currently out on bail, has resorted to such tactics to shake our resolve."

Quoting Shaw to Drive the Point Home
In a dramatic conclusion, Chandrasekhar cited playwright George Bernard Shaw, saying, “Never wrestle with pigs. You both get dirty, and the pig likes it,” signaling his intent to remain unshaken in the face of public accusations and personal threats.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.