Yemeni government claims gains near Bab el-Mandeb as Houthis hit Saudi airportsKenya confirms first Ebola death, imported from CongoTwo killed as about 650 Ukrainian drones target Moscow regionGulf oil flows recover as Iran keeps attacking tankersFrench bond selloff weighs on euro as Le Pen unveils spending cutsFormer BND chief Hanning arrested on suspicion of selling secretsFrench school protests reach new scale as unions join and Macron calls crisis meetingDrones sink cargo ship in Bulgaria's Black Sea zone as attacks on shipping widenFighting spreads in Tigray as Ethiopia-Eritrea war risk growsWHO rates plague risk low as Russia denies outbreakAfD takes Saxony-Anhalt parliament presidency with four unexplained extra votesSaudi Arabia, Pakistan and Turkey activate Mecca defence pact over Houthi attacksSeventh arrest over Fairford plot as US and UK differ on the threatKremlin threatens retaliation after Lithuania moves to lift nuclear weapons banBolsonaro family gains strength as Lula 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Angeles draws outrage in CaliforniaReflection AI and Mistral unveil new models to compete with Chinese rivalsSouth Korea prepares response to force North Korean apology over DMZ blastDeepSeek to raise at least $12bn in Tencent-backed roundEU Commission proposes 15-year probation and fewer vetoes for new membersIsrael puts army on alert and threatens Gaza ahead of October 7 anniversaryGaza ceasefire a year on: Trump plan stalled, UN chief says truce falls shortFrance test-fires new M51.3 nuclear missileUK threatens to expel Israeli diplomats if Jerusalem consulate closesFrancis Halzen wins 2026 Nobel Prize in Physics for neutrino workUS envoy meets Sudan army chief in Egypt in bid to end the warJapan's 10-year yield tops 3% as fiscal fears growUK weighs tariffs on Chinese EVsKosovo deadlock deepens as protests over Specialist Chambers law turn violentPakistan PM invites Imran Khan's party to talks, urges end to marchGoogle ordered to halt Finland data centre workIndia-US trade talks stall againDisney and FCC dispute over broadcast licences moves to courtYemeni government claims gains near Bab el-Mandeb as Houthis hit Saudi airportsKenya confirms first Ebola death, imported from CongoTwo killed as about 650 Ukrainian drones target Moscow regionGulf oil flows recover as Iran keeps attacking tankersFrench bond selloff weighs on euro as Le Pen unveils spending cutsFormer BND chief Hanning arrested on suspicion of selling secretsFrench school protests reach new scale as unions join and Macron calls crisis meetingDrones sink cargo ship in Bulgaria's Black Sea zone as attacks on shipping widenFighting spreads in Tigray as Ethiopia-Eritrea war risk growsWHO rates plague risk low as Russia denies outbreakAfD takes Saxony-Anhalt parliament presidency with four unexplained extra votesSaudi Arabia, Pakistan and Turkey activate Mecca defence pact over Houthi attacksSeventh arrest over Fairford plot as US and UK differ on the threatKremlin threatens retaliation after Lithuania moves to lift nuclear weapons banBolsonaro family gains strength as Lula retools for Brazil runoffOpposition leaders briefly detained at march on Indian Election CommissionZelensky warns of massive Russian attack as strikes hit Kharkiv, Zaporizhzhia and KyivGermany and France call for EU tool to close market to China, Beijing objectsUS Treasury yields ease from 2002 highs as oil dipsSouth Korea probes AI use in bank hacks after data exposed at seven firmsMali army retakes Kidal as Tuareg rebels withdrawNew York declares disaster emergency as US measles cases near 3,900Floods in Dakar kill residentsSpain re-approves housing decrees and lifts Puigdemont warrant as campaign beginsParamount completes $111bn takeover of Warner Bros DiscoveryTrump approves firing-squad execution of Fort Hood shooter Nidal HasanS&P 500 hits record high as AI chip stocks rallySeparatist Parti Québécois wins Quebec election, promises independence referendumOpenAI apologises to Australian parliament over agent access to government sitesTrump's remark that Iran could 'take out' Los Angeles draws outrage in CaliforniaReflection AI and Mistral unveil new models to compete with Chinese rivalsSouth Korea prepares response to force North Korean apology over DMZ blastDeepSeek to raise at least $12bn in Tencent-backed roundEU Commission proposes 15-year probation and fewer vetoes for new membersIsrael puts army on alert and threatens Gaza ahead of October 7 anniversaryGaza ceasefire a year on: Trump plan stalled, UN chief says truce falls shortFrance test-fires new M51.3 nuclear missileUK threatens to expel Israeli diplomats if Jerusalem consulate closesFrancis Halzen wins 2026 Nobel Prize in Physics for neutrino workUS envoy meets Sudan army chief in Egypt in bid to end the warJapan's 10-year yield tops 3% as fiscal fears growUK weighs tariffs on Chinese EVsKosovo deadlock deepens as protests over Specialist Chambers law turn violentPakistan PM invites Imran Khan's party to talks, urges end to marchGoogle ordered to halt Finland data centre workIndia-US trade talks stall againDisney and FCC dispute over broadcast licences moves to court
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Symbolic image: Gulf oil flows recover as Iran keeps attacking tankersSymbolic image

Gulf oil flows recover as Iran keeps attacking tankers

9 sources

Oil exports from the Gulf are back near 80% of prewar levels, according to Shell's chief executive. Iran keeps attacking ships in Hormuz, and Western stockpiles are nearly spent.

Vitol chief executive Russell Hardy said on Tuesday that about 12mn barrels of crude and 2mn barrels of refined fuels a day now leave the Gulf, after the US Navy cleared a route through the Strait of Hormuz. Bloomberg reports that Saudi Arabia's key pipeline carries 5.8 million barrels, according to a minister. Brent traded below $98 a barrel in London.

Attacks continue

Bloomberg reports that Iran has stepped up attacks on ships in Hormuz as flows climb. Tankers run past Iranian attacks and pass cargoes to ships waiting in the Gulf of Oman, a method Hardy called very inefficient because vessels wait days or weeks for cargo.

Stockpiles nearly spent

Hardy said the seven-month conflict between the US, Israel and Iran has run down inventories: "There aren't any more inventories to drain in the west." Without the current flow, he warned, a $200-a-barrel scenario looms. Reuters likewise reports executives saying the world has nearly burned through its buffer.

Tanker shortage

Hardy describes a shipping crisis, with chartering prices "pretty parabolic". One oil executive said North Sea cargoes sold for $145 a barrel last week, and European refining margins have turned negative, which may cut fuel output.

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