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Letter from London: The oil market should panic tomorrow
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
The diesel crisis
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
Middle East oil vulnerabilities have been exposed
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
How Hormuz chokehold threatens LNG buyers
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
Letter from Iran: Testing times for Tehran-Beijing crude dynamics
Growing pressure from the Trump administration continues to threaten a resilient China-Iran oil nexus
Explainer: Iran’s indispensable energy role
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
Outlook 2006: The North Sea’s next chapter – From backbone to blueprint
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
A tale of two regulatory landscapes: the UK and Norway
The stark contrasts between the UK and Norway demonstrate how policy stability can shape the long-term trajectory of a mature basin
The curious case of oil-on-water
The market is facing being drowned in excess crude, but one caveat is that a large chunk is due to buyers reluctant to snap up sanctioned barrels
MENA states sharpen their gas focus
The GCC countries and other states in the region are looking to make greater domestic use of gas, both that produced at home and imported volumes
Iran UK
Chris Stephen
5 August 2019
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Iran plays naval cat-and-mouse game in the Gulf

Western military protection for its tankers is expanding, but unconventional tactics remain a threat

The arrival of a second British warship in the Gulf on 28 July means London has the resources to escort UK-flagged vessels through the Strait of Hormuz. But this support will be small comfort to tanker captains, or the industry that depends on them. State-of-the-art destroyer HMS Duncan and the already Gulf-based frigate HMS Montrose have the firepower, if backed by planes from the US 5th Fleet, to counter Iran's ageing collection of conventional bombers, frigates and submarines. But Iran has several unconventional means of causing havoc if it chooses. Limpet mines, placed by frogmen or delivered by fast boats, have already struck six tankers in the Gulf of Oman, triggering a blame-game abou

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