OCEAN

Major US maritime organizations have issued statements voicing their concern over the Trump Administration’s decision to issue a sweeping 60-day waiver of the Jones Act.Under the Jones Act, goods shipped between U.S. ports must be carried on vessels that are U.S.-built, U.S.-flagged and mostly U.S.-owned. A coalition of U.S. maritime labor organizations, including the American Maritime Officers; American Radio Association; International Organization of Masters, Mates and Pilots; Marine Firemen’s Union; Marine Engineers’ Beneficial Association; Maritime Trades Department, AFL-CIO; Sailors’ Union of the Pacific; Seafarers International Union; and the Transportation Trades Department, AFL-CIO

The U.S.-Israeli war on Iran has threatened Gulf ports and disrupted global trade through the Strait of Hormuz, a vital waterway through which roughly a fifth of the world's oil and liquefied natural gas normally passes. Iran's Revolutionary Guards have warned that any ship passing through the narrow Strait will be targeted.Below is a list of reported attacks since the U.S.-Israeli war on Iran started on February 28:MARCH 1A crew member was killed on board Marshall Islands-flagged crude tanker MKD VYOM after it was hit by a projectile as the vessel sailed off the Omani coast, 50 nautical miles north of the capital Muscat, manager V.Ships said.

When Saudi Aramco told its oil buyers in a letter this week that it had no clear idea which port it would use for April exports, it laid bare a new reality: Iran, not the United States, holds the key to reopening the global energy market.The letter, sent to Saudi oil buyers around the world, said they might receive oil from the Red Sea, but they might still get it from the Gulf."I might as well call Iran to find out when this war ends so I can get my oil," one regular Saudi oil buyer said upon receiving the letter as war raged across the Gulf and Iran shut down the Strait of Hormuz.

U.S. officials responding to economic uncertainty over high oil prices predicted on Sunday that the U.S.-Israeli war on Iran would end within weeks and that a drop in energy costs would follow, despite Iran's assertion that it remains "stable and strong" and ready to defend itself.U.S. President Donald Trump threatened more strikes on Iran's main oil export hub Kharg Island over the weekend and said he was not ready to reach a deal to end the war which has shut off the vital Strait of Hormuz and shaken up global energy markets.Trump has said Iran wants to negotiate, but Iranian Foreign Minister Abbas Araqchi on Sunday disputed that claim.

Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy, Belgium, South Korea and China after the attack meant a loss of around 17% of Qatar's liquefied natural gas exports for between three and five years.Gas prices in Europe soared as much as 35% on Thursday and oil jumped as much as 10%, before paring gains by mid-afternoon.