If the northern front expands into an all-out war between Israel and Hezbollah, or if the Red Sea is closed by the Houthis – then the energy market will respond with increases in fuel prices.
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An official said pipes at the entrance of unit 3 of the refinery caught fire. He did not say what caused the pipes to catch fire.
Iranian officials received an order to evacuate a nearby factory as firefighting forces continued to battle the flames.
The report did not state what countries the vessels or the crew were from.
Analysts and OPEC sources say that the energy world nowadays is far different from 50 years ago, playing down any possibility of a new embargo.
Lane was president of privately held Stack Royalties, a Texas-based company that sells oil and gas mineral rights to investment funds and private equity groups.
The energy sector player reports stable production from the Karish reservoir amid global challenges, achieving robust financial results exceeding a billion dollars.
“The economy’s energy needs will be supplied by alternative fuels… The electricity industry is preparing to use alternative fuels to power its stations.”
The fuel was later brought to Italy where it was mixed with diesel and oil and resold illegally to motorists.
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