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Strait Of Hormuz Tensions Drive 60% Surge In Tanker Rates
Tanker rates for the route via the Strait of Hormuz have doubled since Israel started bombing Iran last Friday, the Financial Times has reported, citing shipowners growing reluctance to sail through the chokepoint.
The daily rate for a very large crude carrier chartered from the Gulf of China, for instance, has jumped from $19,998 last Thursday to over $47,600 this week, the publication noted, citing figures from Clarksons Research, a maritime analysis provider. The insurance sector is responding to the situation as well, raising premiums for vessels traversing the Strait of Hormuz by as much as 60%, the FT again reported this week. With the new prices, the insurance of a $100-million ship has jumped from $125,000 to $200,000, the FT said. “We’ve not yet seen a missile fired at a ship in the Arabian Gulf, so what it represents is the market saying, look, there’s definitely a heightened level of concern about the safety of shipping in the region,” the global head of marine and cargo insurance at Marsh McLennan, Marcus Baker, told the FT. Other media reported that insurance for tankers specifically had jumped considerably, too. Safety4Sea cited figures from Xclusiv Shipbrokers showing that the insurance rate per barrel of crude carried by a VLCC from Ras Tanura in eastern Saudi Arabia to Ningbo in eastern China had gone up from $0.25 per barrel last Thursday to some $0.70-0.80 a day later. “Tehran cannot close Hormuz without crippling itself: the new Jask outlet east of the strait has loaded under 300,000 bpd and ran for only a month last year, while almost all of Iran’s 1.7-1.8 mbpd of exports—chiefly to China—still sail from Kharg,” Zclusiv Shipbrokers said. Even so, a closure of the strait remains a possibility despite the potential for an adverse impact on Iranian exports. Source: Oilprice.comGhana: BOST Welcomes Kalibi Sporting Club Volleyball Team After Tournament In Burkina Faso
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Trump Fires Nuclear Chief In Energy Deregulation Shakeup
In a dramatic escalation with sweeping implications for the U.S. nuclear industry, President Donald Trump has removed Nuclear Regulatory Commission (NRC) Chairman Christopher Hanson, opening up a big vacancy at the top for a candidate with softer regulatory inclinations.
The NRC, which oversees the operation of America’s 94 commercial nuclear reactors and regulates new designs such as small modular reactors (SMRs), plays a pivotal role in U.S. energy security and the clean energy transition. Trump’s move allows his administration to appoint new leadership that could accelerate licensing processes, ease certain regulatory burdens, and potentially fast-track the deployment of next-generation nuclear technologies that fit his broader “energy dominance” strategy, NPR eports. Critics of Hanson have argued that his tenure favored cautious, risk-averse regulatory frameworks that could delay or discourage private-sector investment. By contrast, Trump’s allies are expected to push for a more permissive environment aimed at strengthening U.S. competitiveness against Russia’s Rosatom and South Korea’s KHNP in the global reactor export market. These moves could also influence U.S. leverage in critical supply chain negotiations over nuclear fuel enrichment and uranium sourcing, particularly amid ongoing tensions with China. Major tech companies including Meta, Microsoft, and Amazon, which are increasingly reliant on long-term nuclear power purchase agreements to fuel AI-driven data infrastructure, are closely watching how the leadership change could affect advanced reactor project approvals and market timelines. The industry is bracing for one of the most consequential shifts in U.S. nuclear oversight in years. The deals are lining up, quickly. Constellation Energy and Meta inked a 20?year deal earlier in June for 1,121?MW of output, supporting its relicensing through a $13.5?million?annual tax revenue. Amazon Web Services (AWS) also expanded its nuclear portfolio via a revised “front?of?meter” PPA with Talen Energy, securing up to 1,920?MW through 2042, including backing for future SMRs. Source: Oilprice.com