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Country risk, from the local press

Iran · Country watch

Hormuz Shipping Declines, Iran Eyes Russia Trade

Shipping through Hormuz drops amid attacks; Iran targets $20 billion in exports to Russia, signaling a shift in trade priorities.

· · 13 sources

The picture Deteriorating

Conditions for doing business in Iran are deteriorating due to reduced shipping activity in Hormuz and rising global oil prices, impacting logistics and energy sectors.

In this briefing Strait of Hormuz · Kpler · Brent Crude · West Texas Intermediate · Mohammad-Ali Dehghan Dehnavi · Iran Trade Promotion Organization · Russia

Regulation

Nothing significant reported today.

Disruption

  • logistics
  • energy

Hormuz shipping hits two-month low after attacks

Coastal city skyline across a wide blue strait
Julien Goettelmann / Unsplash

The Strait of Hormuz has seen a significant decline in shipping activity, with vessel transits dropping to their lowest level in over two months, according to analytics firm Kpler, Mehr News Economy reports. This downturn follows a spike in attacks in the region, which have raised concerns over the security of this crucial maritime passage. The Strait of Hormuz is a vital route for global oil shipments, and disruptions here can have widespread implications for energy markets.

Impact Energy companies and shipping firms face increased risks and potential delays due to reduced activity in the Strait of Hormuz.

Sources: Mehr News Economy ↗

Internal tension

Nothing significant reported today.

Safety & health

Nothing significant reported today.

Companies

Nothing significant reported today.

Markets

  • energy

Global oil prices rise amid Middle East risks

Global oil prices have surged, with Brent crude rising over 3.5% to $103.80 per barrel and West Texas Intermediate reaching $91 per barrel, according to Radiofarda.com. This increase is driven by ongoing supply risks in the Middle East and a storm threatening oil-rich regions in the United States. The market's reaction reflects heightened geopolitical tensions and potential disruptions in oil supply chains.

Impact Oil importers and energy-dependent industries face higher costs due to the rising global oil prices.

Sources: Radiofarda.com ↗

Trade

  • public-sector

Iran targets $20 billion in exports to Russia

Iran aims to significantly boost its exports to Russia, potentially increasing from the current $1–2 billion to as much as $20 billion, according to Mohammad-Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization, as reported by IRNA. Dehghan Dehnavi highlighted the opportunity to tap into over $50 billion in Russian import needs. This strategic move seeks to strengthen economic ties between the two nations and capitalize on Russia's demand for imports.

Impact Iranian exporters and public-sector trade bodies are likely to benefit from expanded market access and increased trade volumes with Russia.

Sources: IRNA - Islamic Republic News Agency ↗

Politics

Nothing significant reported today.

Also today in Iran

Sources in this briefing

Sources: each headline links to the original article on the publisher's site.

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