Immediate threat to Gulf oil flow lifted
The UK and Iran have shown that they do not want the seizure of a British-flagged oil tanker to be the trigger for an armed conflict
The decision by members of Iran's Islamic Revolutionary Guards Corps to board the Stena Impero off Oman and force it to sail to Bandar Abbas might well have been the spark to ignite a war in the Gulf. In the event, the UK and Iranian governments are showing clearly that they do not want this to happen. The UK's foreign minister, Jeremy Hunt, while describing the seizure of the tanker as an act of piracy, stressed his country's "desire to de-escalate" the crisis. Instead of direct military action to resolve the tanker issue, he proposed working with other European nations to work out a joint strategy to protect ships passing through the Strait of Hormuz. Iran's foreign minister, Mohammad Java

Also in this section
21 May 2025
From the upstream sector to the end-users, gas is no longer seen as a transition fuel or an afterthought, executives told attendees at the World Gas Conference
21 May 2025
Integrated refining and petrochemicals company highlights strategic flexibility amid trade war risks and long-term planning to futureproof business, says CEO Prabh Das
21 May 2025
OPEC and IEA split on oil demand outlook and even diverge on supply risks, with huge implications for market sentiment
20 May 2025
Petroleum Economist is proud to be an official media partner for the 9th OPEC International Seminar in Vienna