New Delhi, May 6 (IANS) Global oil inventories that can be tapped without disrupting supply chains could be exhausted within three weeks, raising the risk of ‘operational stress’ in markets by mid‑June, a report has said.The report from investment bank JP Morgan said that the global oil inventory stood at 8.4 billion barrels of oil in early 2026, but only a small portion is usable without pushing the system into strain in order to keep the circulation network working.”Of the 8.4 billion barrel…
Latest Project Freedom News & Updates
Washington, May 6 (IANS) The United States has launched a major naval operation in the Strait of Hormuz to escort stranded commercial vessels and restore shipping through one of the world’s most critical oil routes, with Secretary of State Marco Rubio accusing Iran of illegally “holding the global economy hostage”.Speaking at the White House on Monday, Rubio said President Donald Trump had authorised “Project Freedom” to guide trapped civilian ships to safety after weeks of escalating …
Washington, May 6 (IANS) US Secretary of State Marco Rubio warned that Iran’s actions could trigger broader economic instability as the increasing tensions in the Strait of Hormuz and fears of prolonged disruption to one of the world’s busiest energy corridors are increasing pressure on global oil markets.At the White House news conference , Rubio said Iran’s attempts to control shipping through the Strait of Hormuz threatened fuel supplies, global trade and international shipping lanes re…
Washington, May 6 (IANS) US Secretary of State Marco Rubio defended President Donald Trump’s authority to conduct military operations against Iran without congressional approval, calling the War Powers Act “100 per cent unconstitutional”.The remarks came during a wide-ranging White House briefing on Tuesday in which Rubio defended the administration’s military response in the Strait of Hormuz, broader pressure on Iran and Washington’s Middle East strategy.“The War Powers Act is uncon…
Washington, May 5 (IANS) The current US-Iran standoff in the Strait of Hormuz has left thousands of commercial vessels stranded, disrupting global trade and threatening energy supplies, with potential ripple effects for import-dependent economies like India.US officials said more than 22,500 mariners aboard over 1,550 commercial vessels are currently unable to transit the region due to Iranian attacks and threats to shipping.The Strait of Hormuz, a narrow but critical waterway between Iran and O…
Washington, May 5 (IANS) The United States on Tuesday urged its allies to step up and share responsibility for securing the Strait of Hormuz, signalling a push towards a broader international role in safeguarding one of the world’s most critical shipping lanes.Secretary of War Pete Hegseth said Washington expects partner nations to contribute to maritime security even as US forces lead a new mission to protect commercial vessels from Iranian threats.“The world needs this waterway a lot more …
Washington, May 5 (IANS) US Secretary of War Pete Hegseth and Joint Chiefs Chairman Air Force Gen. Dan Caine have outlined “Project Freedom” as a limited, defensive military mission aimed at restoring commercial shipping through the Strait of Hormuz amid rising tensions with Iran. Hegseth said the operation was ordered by President Donald Trump to “restart the free flow of commerce through the Strait of Hormuz under the umbrella of Project Freedom,” stressing that it is “separate and d…
Washington, May 5 (IANS) The United States has launched a military mission to break what it calls Iran’s blockade of commercial shipping in the Strait of Hormuz, deploying warships and aircraft to escort vessels through one of the world’s most critical oil routes.US Secretary of War, Pete Hegseth said the operation, dubbed “Project Freedom”, was ordered by President Donald Trump to “restart the free flow of commerce through the Strait of Hormuz.”He described the mission as “defensi…
Seoul/Washington, May 5 (IANS) US President Donald Trump has claimed that Iran has taken shots at a South Korean cargo ship and other targets, noting that it is time for Seoul to participate in a mission to reopen the crucial Strait of Hormuz. Trump made the remarks in a social media post as the United States launched an operation, called Project Freedom, on Monday (local time), to guide commercial vessels stranded by the US-Israeli war against Iran, out of the waterway, a key shipping route for…
SEOUL, May 5 (IANS) A fire that broke out after an explosion aboard a Panama-flagged bulk carrier operated by South Korea’s HMM Co. in the Strait of Hormuz has been extinguished, and no injuries were reported, the company said Tuesday. The explosion occurred at about 8:40 p.m. Monday (Korean time), while the HMM Namu was anchored in waters off the United Arab Emirates, HMM said. The fire began in the engine room, and crew members used carbon dioxide to fight the blaze for about four hours.HMM sa…