US Coast Guard Says Hurricane May Shut Oil Ports

 Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)
Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)
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US Coast Guard Says Hurricane May Shut Oil Ports

 Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)
Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)

The US Coast Guard warned of possible Texas port closures from Corpus Christi to Houston and began restricting vessel traffic because of Tropical Storm Beryl, which is expected to become a hurricane before making landfall by Monday morning at Port Lavaca.

Port closures could bring to a temporary halt shipments of crude oil to refineries and motor fuels from those plants.

Port condition "Yankee" was set by the Coast Guard captain of the port of Corpus Christi on Saturday afternoon, restricting vessel movement in ports from Matagorda Bay, 101 miles (163 km) southwest of Houston, to the US-Mexico border.

Citgo Petroleum Corp was cutting production at its 165,000 barrel-per-day Corpus Christi, Texas, refinery on Saturday ahead of the approach of Beryl to the Texas coast.

Citgo plans to keep the Corpus Christi refinery running at minimum production as the storm moves up the coast toward a projected landfall at Port Lavaca, a pipeline hub.

Oil producer Shell Plc completed the evacuation of workers from its Perdido production platform in the US-regulated Gulf of Mexico ahead of the approach of the storm, the company said on Friday night.

Production on Perdido was shut prior to the evacuations. Shell said it also evacuated workers from the Whale platform, which is due to start production later this year.

Gibson Energy, which operates a large oil terminal in Corpus Christi, said operations were continuing, but it would take further steps depending on the forecast.

The storm was moving on Saturday with maximum sustained winds near 60 mph (95 kmh), the National Hurricane Center said.

The latest forecasts would put Corpus Christi on the dry side of the storm where the lowest winds and least rain could be expected. But Beryl could bring gale-force winds to the port, which is why the Coast Guard restricts traffic or shuts the port.

Most of the northern Gulf's offshore oil and gas production is east of Beryl's forecast track.

US Gulf of Mexico offshore production of about 1.8 million barrels per day accounts for about 14% of total US crude output, according to the US Energy Information Administration. Any impact on supplies could push up prices of US oil and offshore crude grades.

Oil major Chevron Corp, among the biggest US offshore producers, said on Friday that production from its operated assets remained normal. But it evacuated nonessential personnel from some of its Gulf of Mexico facilities.

Murphy Oil Corp said it has not shut in production or evacuated personnel, and continues to monitor the storm.



Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.


Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.


Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
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Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.