AGP Executive Report
Last update: 4 hours agoHormuz Risks: US strikes on Iran’s Qeshm Island have renewed fears of escalation near the Strait of Hormuz, even as Washington and Tehran review proposals through Qatari mediation. Iran says ships from Iraq, India, China and Qatar are exempt from its transit restrictions, but Tehran says the waterway will not fully reopen without concessions. Gulf governments also fear that US bases on their soil could expose them to Iranian retaliation. Oil Markets: Brent settled at a nearly four-week low of $103.60 a barrel as hopes for a deal eased supply concerns, though renewed fighting could quickly reverse the drop. Iraq’s Export Routes: Iraq raised exports through Türkiye’s Ceyhan port to 500,000 barrels a day, up about 43%, as it diversifies routes amid Hormuz disruption. Baghdad is also targeting a year-end deal with Chevron for the West Qurna-2 field. Gulf Energy Shift: Middle East LNG shipments to South Korea plunged 66% through September, leaving the region with just 7% of its imports as North American supply took the lead. In Abu Dhabi, the 1.5-gigawatt Al Ajban solar project nears grid connection, part of the UAE’s push to expand clean power.
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