AGP Executive Report
Last update: 12 hours agoOil & Shipping: Gulf crude exports have largely bounced back toward 2025 norms, but Brent is still near $100 as the market prices in fresh disruption risk around the Strait of Hormuz and lingering refined-fuel tightness. Hormuz Security: Ship-tracking shows flows are nearing prewar levels, yet tankers still face attacks—three Liberian-flagged vessels were hit by projectiles—and congestion is pushing transfers farther out, raising costs. Market Drivers: Oil rose about 2% after China suspended oil-products exports beyond Hong Kong and Macau, tightening already strained diesel markets. Regional Power Projects: Turkey issued a new NAVTEX for Oruc Reis surveys tied to a planned gas pipeline to Turkish-occupied Cyprus, while Cyprus and Israel’s Great Sea Interconnector faces renewed friction over maritime zone claims. Syria Energy Disruption: A gas pipeline blast near Damascus knocked out three power plants, adding to repeated sabotage concerns. Household Energy Pressure: UK energy bills rise as the Ofgem price cap increases and VAT cuts on electricity expire, while Israel weighs another gasoline excise cut after record pump prices. Aviation Demand: IATA says Middle East carrier demand fell year-on-year in August, reflecting regional turmoil.
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