Latest Oil and gas industry News

Audio shows UK navy trying to thwart Iran from seizing ship

Jul. 21, 2019 9:45 AM EDT

LONDON (AP) — In an audio recording released Sunday, a British naval officer insists that a British-flagged oil tanker must be allowed to sail through the Strait of Hormuz as Iranian paramilitary forces demand that the vessel change course before commandeering it. The audio, released by maritime security...

The Latest: Germany urges diplomacy amid Gulf tensions

Jul. 21, 2019 7:03 AM EDT

DUBAI, United Arab Emirates (AP) — The Latest on tensions in the Persian Gulf (all times local): 3 p.m. Germany's foreign minister is warning Iran that its seizure of commercial vessels in a key Persian Gulf shipping lane is contributing to an "escalation spiral" that could lead to war. Foreign Minister...

The Latest: UK rejects Iran's 'tit for tat' view of tanker

Jul. 21, 2019 5:44 AM EDT

TEHRAN, Iran (AP) — The Latest on developments related to tensions between the U.S. and Iran (all times local): 12:55 p.m. The U.K.'s foreign secretary says the seizing of a British-flagged tanker by Iran's Revolutionary Guard "raises very serious questions about the security of British shipping and indeed...

Libya's largest oil field shut down over pipeline closure

Jul. 21, 2019 4:47 AM EDT

CAIRO (AP) — Libya's national oil company has suspended operations at the country's largest oil field over the "unlawful" closure of a pipeline valve. The National Oil Corporation announced the move late Saturday without saying who was behind the closure of the pipeline linking the field to the port of...

US concerned over China's 'interference' in South China Sea

Jul. 21, 2019 3:49 AM EDT

HANOI, Vietnam (AP) — The United States said it's concerned by reports of China's interference with oil and gas activities in the disputed waters of the South China Sea, where Vietnam accuses Beijing of violating its sovereignty. State Department spokeswoman Morgan Ortagus said in a statement that China's...

Iran says its seizure of British ship a 'reciprocal' move

Jul. 21, 2019 1:35 AM EDT

TEHRAN, Iran (AP) — Iran's seizure of a British oil tanker was a response to Britain's role in impounding an Iranian supertanker first, senior officials said Saturday, as newly released video of the incident showed Iranian commandos in black ski masks and fatigues rappelling from a helicopter onto the...

Death toll rises to 15 in Chinese gas plant explosion

Jul. 20, 2019 10:59 PM EDT

BEIJING (AP) — Authorities in central China said Sunday the death toll in a gas plant explosion has risen to 15 with another 15 seriously injured. Three people who were previously missing have been found dead, said local authorities. About 270 firefighters and rescue workers have completed three rounds of...

British Airways, Lufthansa suspend Cairo flights

Jul. 20, 2019 8:48 PM EDT

LONDON (AP) — British Airways and Lufthansa both said Saturday they were suspending flights to Cairo for unspecified reasons related to safety and security. The British carrier said it was canceling flights to the Egyptian capital for a week. The German airline said normal operations would resume Sunday....

Gulf tanker incidents may raise shippers' costs, cut traffic

Jul. 20, 2019 7:04 PM EDT

Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway, with a spike in global oil prices a serious risk even without war, energy and maritime experts say. On...

Iran's poking at West heightens risks of military missteps

Jul. 20, 2019 5:41 PM EDT

WASHINGTON (AP) — Rather than tangle with a stronger U.S. military, Iran is poking and prodding its Western antagonists in ways apparently designed to avoid triggering war but that nonetheless seem to heighten the risk of missteps and miscalculation that could lead to an armed conflict with global...