SINGAPORE: The costs of Qatari energy and commodity exports are likely to rise as the UAE ban on Qatari vessels cuts the ships off from the region’s main refueling port, forcing ships to sail further for fuel or pay higher prices.
The Arab allies are applying many economic pressure points, including barring Qatari flagged ships from entering their waters.
Around half a dozen oil, chemical and liquefied natural gas (LNG) tankers coming from Qatar have left UAE waters or halted in the open ocean instead of docking in the UAE or Saudi Arabia as planned, according to shipping data in Thomson Reuters Eikon.
Qatar is the world’s biggest LNG exporter, sending shipments of the fuel used in power generation to key users in Japan, China and India, and the country also exports about 620,000 barrel per day of oil, among the smallest Middle East oil producers.
However, vessels leaving Qatari ports typically refuel ahead of their voyages at the UAE port of Fujairah, the Gulf’s largest ship-fuel or bunkering port. That is leaving shipowners and charters scrambling to plan the logistics for their vessels.
“It’s a big mess this morning,” said a Singapore-based shipbroker.
The Britanis super-tanker, capable of carrying up to 2 million barrels of oil, was parked in Fujairah’s anchorage zone for the past week, but since Monday moved to just beyond Fujairah’s port limits, the data on Eikon showed.
Lying near the Strait of Hormuz, which ships pass on their way to customers in Asia, the US, or Europe, Fujairah is one of the world’s most important ports for the global energy market. Besides refueling, vessels also merge cargoes with those of other tankers before sending blended supplies to their final destination.
Ships looking to fuel in Fujairah may incur delays and higher costs after being forced to divert to nearby regional ports, or to Pakistan, Sri Lanka, India, and even as far as Singapore, shippers and traders said.
“Some of the affected vessels sailing out of the Gulf will probably have to look toward Iraq, Iran, or Oman for bunkers, however, it depends on the political stance of those countries,” said commodities broker Matt Stanley at Freight Investor Services in Dubai.
Blocking the Qatari vessels could displace up to 25 percent of the between 800,000 and 900,000 tons of marine fuels sold in Fujairah each month, said two trade sources familiar with the market.
Because of the small size of its oil exports, Qatari crude tends to be co-loaded onto tankers along with other regional crudes to make the voyage economical. That process may also be disrupted because of the ban.
While the UAE is clear in banning both Qatari-flagged vessels and ships coming from Qatar, it was not immediately certain whether Saudi Arabia is taking as strong of a position.
The Aramco-owned supertanker Asian Progress V, which is under a Singaporean flag and carrying Qatar Land crude, remains berthed at Saudi Arabia’s Ras Tanura Abu Sa’fah berth where Saudi Arab Medium crude loads.
Oil-pricing agency S&P Global Platts on Tuesday said it was reviewing the use of Qatari Al-Shaheen crude in its oil price assessments because of the port ban.
Besides disrupting energy exports, the UAE ban on Qatari ships is impacting aluminum exports. Norsk Hydro on Tuesday said Qatari metal exports that typically were reloaded on larger ships at the UAE port of Jebel Ali have been blocked amid the ban.
Qatari commodity export costs to rise as UAE port ban disrupts trading
Qatari commodity export costs to rise as UAE port ban disrupts trading
UN nuclear watchdog says it’s unable to verify whether Iran has suspended all uranium enrichment
VIENNA: Iran has not allowed the United Nations nuclear watchdog to access nuclear facilities affected by the 12-day war in June, according to a confidential report by the watchdog circulated to member states and seen Friday by The Associated Press.
The report from the International Atomic Energy Agency stressed that therefore it “cannot verify whether Iran has suspended all enrichment-related activities,” or the “size of Iran’s uranium stockpile at the affected nuclear facilities.”
The IAEA report on Friday warned that due to the continued lack of access to any of Iran’s four declared enrichment facilities, the agency “cannot provide any information on the current size, composition or whereabouts of the stockpile of enriched uranium in Iran.”
The report stressed that the “loss of continuity of knowledge over all previously declared nuclear material at affected facilities in Iran needs to be addressed with the utmost urgency.”
Iran long has insisted its program is peaceful, but the IAEA and Western nations say Tehran had an organized nuclear weapons program up until 2003.
Highly enriched material should be verified regularly
According to the IAEA, Iran maintains a stockpile of 440.9 kilograms (972 pounds) of uranium enriched up to 60 percent purity — a short, technical step away from weapons-grade levels of 90 percent.
That stockpile could allow Iran to build as many as 10 nuclear bombs, should it decide to weaponize its program, IAEA director general Rafael Grossi warned in a recent interview with the AP. He added that it doesn’t mean that Iran has such a weapon.
Such highly enriched nuclear material should normally be verified every month, according to the IAEA’s guidelines.
The IAEA also reported that it had observed, through the analysis of commercially available satellite imagery, “regular vehicular activity around the entrance to the tunnel complex at Isfahan.”
The facility in Isfahan, some 350 kilometers (215 miles) southeast of Tehran, was mainly known for producing the uranium gas that is fed into centrifuges to be spun and purified.
Israel has struck buildings at the Isfahan nuclear site, among them a uranium conversion facility. The US also struck Isfahan with missiles during the war last June.
The IAEA also reported that through the analysis of commercially available satellite imagery, it has observed “activities being conducted at some of the affected nuclear facilities, including the enrichment facilities at Natanz and Fordow,” but it added that “without access to these facilities it is not possible for the Agency to confirm the nature and the purpose of the activities.”
The confidential IAEA report also said Friday that Iran did provide access to IAEA inspectors “to each of the unaffected nuclear facilities at least once since the military attacks of June 2025, with the exception of Karun Nuclear Power Plan, which is in the early stages of construction and does not contain nuclear material.”
IAEA joined Geneva talks between Iran and US
The IAEA reported on Friday that Grossi attended negotiations between the US and Iran on Feb. 17 and Feb. 26 in Geneva at which he “provided advice on issues relevant to the verification of Iran’s nuclear program.” The report said that those negotiations are “ongoing.”
The Trump administration has held three rounds of nuclear talks this year with Iran under Omani mediation. Thursday’s round of talks in Geneva ended without a deal, leaving the danger of another Mideast war on the table as the US has gathered a massive fleet of aircraft and warships in the region.
Oman’s Foreign Minister Badr Al-Busaidi said technical talks involving lower-level representatives would continue next week in Vienna, the home of the IAEA. The agency is likely to be critical in any deal.
The US is seeking a deal to limit Iran’s nuclear program and ensure it does not develop nuclear weapons.
Iran says it is not pursuing weapons and has so far resisted demands that it halt uranium enrichment on its soil or hand over its stockpile of highly enriched uranium.
Similar talks last year between the US and Iran about Iran’s nuclear program broke down after Israel launched what became a 12-day war on Iran, that included the US bombing Iranian nuclear sites.
Before the June war, Iran had been enriching uranium up to 60 percent purity.
