BRESTIR

Chinese shipping and logistics conglomerate COSCO Shipping's container liner unit said on Wednesday it had suspended all new bookings for routes to and from ports in the Middle East region, including those in the United Arab Emirates and Saudi Arabia.The move was due to escalating conflict in the region and traffic restrictions in the Strait of Hormuz, COSCO Shipping Lines said in a statement.Bookings for routes to and from Bahrain, Iraq and Kuwait have also been suspended, it added.The company said it was evaluating follow-up disposal plans, including possible alternative unloading ports, for goods currently on board.

A submarine attack on an Iranian ship off the coast of Sri Lanka has left at least 101 people missing, one dead and 78 injured, sources in Sri Lanka's navy and defence ministry told Reuters on Wednesday.It was unclear who attacked the ship, which the sources said has now sunk.A Sri Lankan navy spokesman said the report of 101 people being missing was not true, and that 32 people injured in the incident had been rescued by Sri Lankan navy and were under treatment in hospital.Sri Lanka's foreign minister told parliament earlier in the day that the navy had responded to a distress call from the ship and launched rescue operations at 6:00 a.m. (1230 GMT).

Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel, the highest since July 2024, taking gains since Friday to more than 15%. European gas prices soared as much as 40% before paring gains, adding to a 40% surge on Monday. Sugar, fertiliser and soy prices have all risen too.

Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources on Tuesday, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz.Shipping through the Strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near halt after vessels in the area were hit as Iran retaliated against U.S. and Israeli strikes.

The U.S. and Israeli air war against Iran widened on Monday, with no end in sight as Israel attacked Lebanon in response to strikes by Hezbollah and Tehran kept up its missile and drone attacks on Gulf states that host U.S. military bases.U.S. President Donald Trump said the operation could continue for some weeks and that it was unclear who was in charge in Iran, following the targeted killing of Supreme Leader Ayatollah Ali Khamenei in the opening hours of the U.S.-Israel campaign over the weekend.