Strait Of Hormuz News
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An earthquake hit the south of Iran near the Strait of Hormuz this morning, 100 miles east-southeast of Bandar Abbas. Iranian seismologists confirmed the tremor, according to the state-owned Islamic Republic News Agency.
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Abu Dhabi will ship 5 million barrels of crude next month from the United Arab Emirates’ port of Fujairah, as the state oil company boosts shipments loaded outside the Strait of Hormuz chokepoint, an official said.
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Abu Dhabi, with most of the crude in the United Arab Emirates, will raise output capacity to 3.5 million barrels a day to supply foreign buyers and feed an expanded local refinery, the head of the state oil company said.
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Iran countered a proposal intended to address concerns over the Persian Gulf country’s nuclear ambitions by urging world powers to outline their vision for bringing the decade-long dispute to an end.
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A group of U.S. lawmakers is proposing to intensify the economic pressure on Iran over its disputed nuclear program by drafting the harshest penalties to date on a nation whose income from oil exports has been cut in half by sanctions since 2011.
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International Petroleum Investment Co. plans to approach banks this year to finance an oil refinery at the United Arab Emirates’ largest port outside the Strait of Hormuz, a person with knowledge of the plans said.
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Iran and world powers failed to reach an accord on the Islamic Republic’s nuclear program in talks that ended last night, dragging out a decade-long dispute that threatens to escalate with new sanctions or military threats against Iran.
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Iran and world powers failed to reach an accord on the Islamic Republic’s nuclear program in talks that ended last night, dragging out a decade-long dispute that threatens to escalate with new sanctions or military threats against Iran.
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It would be relatively easy for Iran to make good on its threat to close the strategic waterway that carries oil tankers from the Persian Gulf -- and it would probably hurt itself most by taking such action.
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Iran has the ability to block the Strait of Hormuz “for a period of time,” and the U.S. would take action to reopen it, Joint Chiefs of Staff chairman General Martin Dempsey said.
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