Tag Archives: seizure

REFILE-UPDATE 5-Iran tanker heads to Greece, Iran warns U.S against seizure bid

REFILE-UPDATE 5-Iran tanker heads to Greece, Iran warns U.S against seizure bidAn Iranian tanker at the centre of an angry confrontation between Iran and Washington sailed for Greece on Monday after it was freed from detention off Gibraltar, as Tehran said any U.S. move to seize the vessel again would have “heavy consequences”. While Iran’s Foreign Minister Mohammad Javad Zarif appeared to downplay the possibility of military conflict with Washington in an interview on U.S. television, he also indicated on a visit to Finland that Washington was seeking “more escalation”.



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The Latest: US unveils seizure warrant for Iranian tanker

The Latest: US unveils seizure warrant for Iranian tankerThe U.S. government says it has a warrant to seize an oil tanker at the center of a diplomatic standoff because of violations of U.S. sanctions, money laundering and terrorism statutes. The U.S. attorney’s office in Washington says a seizure warrant and forfeiture complaint were unsealed Friday. The U.S. is seeking to take control of the oil tanker Grace 1, along with all of the petroleum aboard and $ 995,000.



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UPDATE 1-U.S. warrant issued for seizure of Iranian oil tanker in Gibraltar

UPDATE 1-U.S. warrant issued for seizure of Iranian oil tanker in GibraltarA U.S. court has issued a warrant for the seizure of an Iranian tanker that British Royal Marines had seized last month in Gibraltar, a court document showed on Friday. The oil tanker Grace 1, the more than 2 million barrels of oil it carries and $ 995,000 are subject to forfeiture based on a complaint by the U.S. government, U.S. Attorney for the District of Columbia Jessie Liu said in a news release.



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Oil Resumes Drop as Demand Fears Overshadow Iran Tanker Seizure

Oil Resumes Drop as Demand Fears Overshadow Iran Tanker Seizure(Bloomberg) — Oil resumed its decline as a sharp drop in the Chinese yuan compounded fears that a deepening trade war will depress demand, countering concerns crude flows may be disrupted following Iran’s seizure of another ship.Futures lost as much as 1.5% in New York. The yuan weakened beyond 7 a dollar for the first time in more than a decade after President Donald Trump said Friday he can raise tariffs on China to a “much higher number.” That followed his threat the day before to increase levies, which spurred the steepest one-day drop in crude prices in more than four years. Iran seized a foreign tanker in the Persian Gulf on July 31, the Revolutionary Guards said on their Sepah News portal Sunday, without giving any details about the vessel.Asian stocks and currencies extended declines on the escalating tension between the world’s two largest economies as China’s move to let the yuan weaken stoked fears of a currency war. Investors are awaiting speeches from Federal Reserve policy makers this week after Chairman Jerome Powell said last month’s rate cut didn’t signal the start of a lengthy easing cycle.“Investors think a full confrontation or military clash between the U.S. and Iran is unlikely, but are more concerned about the possibility the U.S.-China situation will worsen,” said Jun Inoue, a senior economist at Mizuho Research Institute Ltd. in Tokyo. Oil prices could fall a lot further if the additional tariffs on China are imposed and the Fed doesn’t cut rates again, he said.See also: Trump Is Spooking Oil Markets More Than Iran: Julian LeeWest Texas Intermediate oil for September delivery fell 75 cents, or 1.4%, to $ 54.91 a barrel on the New York Mercantile Exchange as of 7:23 a.m. in London after losing as much as 82 cents earlier. The contract dropped 1% last week and tumbled 7.9% on Thursday.Brent crude for October settlement declined 96 cents, or 1.6%, to $ 60.93 a barrel on the ICE Futures Europe Exchange. It fell 2.5% last week. The global benchmark traded at a premium of $ 6.04 to WTI for the same month.Trump said Thursday he would impose a 10% tariff on a further $ 300 billion of Chinese imports, before saying the following day that the levies could be raised even further. Beijing pledged to respond. China has a “nuclear option” of depreciating its currency even further as a potential way of provoking the U.S., said Kyle Rodda, an analyst at IG Markets Ltd. in Melbourne.The ship taken by Iran’s Revolutionary Guards was carrying around 4,400 barrels of smuggled fuel when it was seized near Farsi Island in the western part of the Persian Gulf off Iran’s southwestern coast, Sepah News reported. Iran’s state-run Press TV reported that the seized ship is an Iraqi tanker that was delivering the fuel to some Arab countries in the Gulf. Iraq’s oil ministry denied it was one of theirs.\–With assistance from James Thornhill.To contact the reporter on this story: Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Andrew Janes, Ben SharplesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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Britain tells UN tanker seizure was 'illegal interference'

Britain tells UN tanker seizure was 'illegal interference'A top British representative to the United Nations has declared in a letter to the Security Council that Iran’s seizure of a British-flagged tanker amounted to “illegal interference,” and he rejected Tehran’s version of events. Iranian authorities impounded the Stena Impero with 23 crew members aboard after patrol boats of the Islamic Revolutionary Guard Corps seized it Friday in the highly sensitive Strait of Hormuz.



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Iran tanker seizure linked to earlier act by UK marines

Iran tanker seizure linked to earlier act by UK marinesTaken on its own, Iran’s seizure of a British-flagged oil tanker in the Strait of Hormuz may seem like a brazen act of aggression, a provocative poke in the nose to both Britain and its ally, the United States. While Britain says it acted near Gibraltar because the Iranian tanker Grace 1 was busting sanctions by delivering oil to Syria, Iran says it intervened because the British-flagged tanker hit an Iranian fishing boat.



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Seizure of British-flagged tanker "clear violation of international law" -UK Chamber of Shipping

Seizure of British-flagged tanker "clear violation of international law" -UK Chamber of ShippingThe seizure of a British flagged tanker by Iran is in “clear violation of international law” because it was in Omani waters, the head of the UK Chamber of Shipping said on Sunday. On Saturday British foreign minister Jeremy Hunt said the Stena Impero was seized in Omani waters in clear contravention of international law and then forced to sail into Iran. Iran says the tanker was captured after it collided with a fishing boat.



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UPDATE 1-Britain says seizure of two vessels by Iran is unacceptable

UPDATE 1-Britain says seizure of two vessels by Iran is unacceptableBritain said Iran’s seizure of a British-flagged vessel and a Liberian-flagged vessel in the Strait of Hormuz was unacceptable and called for freedom of navigation in the Gulf. “I’m extremely concerned by the seizure of two vessels by Iranian authorities in the Strait of Hormuz,” Foreign Secretary Jeremy Hunt said. “I will shortly attend a COBR (national security) meeting to review what we know and what we can do to swiftly secure the release of the two vessels – a British-flagged vessel and a Liberian-flagged vessel,” he said.



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Iran orders 'foreign powers' to leave the Strait of Hormuz, and says the West is playing a 'dangerous game' over Gibraltar tanker seizure

Iran orders 'foreign powers' to leave the Strait of Hormuz, and says the West is playing a 'dangerous game' over Gibraltar tanker seizureIran has threatened to disrupt maritime traffic in the strait before. Doing so could decrease the world's oil supply and send prices shooting up.



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Iran warns Britain's seizure of oil tanker in Gibraltar 'will not go unanswered'

Iran warns Britain's seizure of oil tanker in Gibraltar 'will not go unanswered'Britain's seizure of an Iranian oil tanker off Gibraltar last week will not be "unanswered", Iran's armed forces chief of staff, Major General Mohammad Bagheri, said on Tuesday, according to the semi-official Tasnim news agency. "Capture of the Iranian oil tanker based on fabricated excuses … will not be unanswered and when necessary Tehran will give appropriate answer," Bagheri said. Iran’s foreign ministry accused Britain of “piracy” and summoned the British ambassador in Tehran after Royal Marines helped customs officers impound the Grace 1 supertanker near Gibraltar on Thursday.  The British and Gibraltarian governments said the ship, owned by a Dubai-based company with ties to Tehran, was believed to be carrying two million barrels of crude oil to Syria, in breach of European Union sanctions against Bashar Assad’s regime.  On Friday Gibraltar's Supreme Court granted an order to the territory's authorities allowing them to hold the tanker for another fortnight. A British soldiers are seen during an operation involving the oil supertanker Grace 1, Credit: Reuters The Gibraltar government said the ruling had been made on the basis that there were "reasonable grounds" to believe the ship was breaking EU sanctions by transporting oil to Syria. On Friday,  an Iranian general warned the country could seize a British ship in retaliation. "If Britain does not release the Iranian oil tanker, it is the authorities' duty to seize a British oil tanker," Mohsen Rezai, a Major General in the Revolutionary Guards Corps and head of the country’s influential Expediency Council, which advises the Supreme Leader Ayatollah Ali Khamenei.  "Islamic Iran in its 40-year history has never initiated hostilities in any battles but has also never hesitated in responding to bullies," Maj Gen Rezai added.



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