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Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port

Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port
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Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port

Saudi Mawani: Emirates Shipping Line Launches New Service at Jeddah Islamic Port

The Saudi Ports Authority (Mawani) announced on Monday the addition of Emirates Shipping Line's (ESL) new service, ECRC, to Jeddah Islamic Port.

The expansion strengthens the Kingdom's maritime connectivity with the world and underscores the port's competitive advantage and operational efficiency.

The new service aligns with Mawani's strategy to boost Saudi Arabia's global market integration. The initiative will contribute to the National Transport and Logistics Services Strategy, positioning the Kingdom as a global logistics hub and a bridge between three continents.

The ECRC shipping service will connect Jeddah Islamic Port with Ningbo, Xiamen, and Nansha in China; Klang in Malaysia; Aqaba in Jordan; and Sokhna in Egypt through regular bi-monthly trips.

Jeddah Islamic Port's recent listing on the London Metal Exchange (LME) further solidifies its global logistics position. The listing bolsters the Kingdom's attractiveness as an investment destination and positions the port as a global metals distribution center.

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Oil up 2% on Libya Shutdowns, Mideast Escalation Fears

Storage tanks are seen at the Petroineos Ineos petrol refinery in Lavera, France, March 29, 2022. Picture taken March 29, 2022. REUTERS/Benoit Tessier/ File Photo Purchase Licensing Rights
Storage tanks are seen at the Petroineos Ineos petrol refinery in Lavera, France, March 29, 2022. Picture taken March 29, 2022. REUTERS/Benoit Tessier/ File Photo Purchase Licensing Rights
TT
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Oil up 2% on Libya Shutdowns, Mideast Escalation Fears

Storage tanks are seen at the Petroineos Ineos petrol refinery in Lavera, France, March 29, 2022. Picture taken March 29, 2022. REUTERS/Benoit Tessier/ File Photo Purchase Licensing Rights
Storage tanks are seen at the Petroineos Ineos petrol refinery in Lavera, France, March 29, 2022. Picture taken March 29, 2022. REUTERS/Benoit Tessier/ File Photo Purchase Licensing Rights

Oil prices rose 2% on Monday on news of fresh production outages in Libya, adding to earlier gains on concerns that an escalating Gaza conflict could disrupt regional oil supplies.

Brent crude futures climbed $1.64, or 2.08%, to $80.66 a barrel by 1041 GMT, while US crude futures were at $76.38 a barrel, up $1.55, or 2.07%.

Prices jumped after Libya's eastern-based Benghazi government announced the closure of all oil fields on Monday, halting production and exports.

"The biggest risk for oil market is probably a further drop in Libyan oil production due to political tensions in the country," said analyst Giovanni Staunovo of Swiss bank UBS, Reuters reported.

Oil prices opened the week higher after Hezbollah fired hundreds of rockets and drones into Israel on Sunday and Israel's military said it struck Lebanon with around 100 jets to thwart a larger attack, in one of the biggest clashes in more than 10 months of border warfare.

The clash raised fears of wider conflict in the region.

"Geopolitical risk factors will likely influence the oil market significantly," said Kelvin Wong, a senior market analyst at OANDA in Singapore.

Monday's gains follow from both oil benchmarks gaining over 2% on Friday after US Federal Reserve Chair Jerome Powell endorsed the start of interest rate cuts.

"The prospect of easing monetary policy boosted sentiment across the commodity complex," ANZ analysts said in a note.

Investors remain cautious over the actions of the Organization of Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, which has plans to raise output later this year, said Priyanka Sachdeva, senior market analyst at Phillip Nova.