The falling levels on the Rhine are already disrupting freight.

State-run refiners are increasingly replacing Middle Eastern barrels with supplies from Russia and the Atlantic Basin.

The lull came as a weekend meeting between Iranian and Omani officials indicated a fresh attempt to resolve the crucial issue of shipping around Hormuz.

Many Canadians remain perplexed and angered by the deterioration in what was previously one of the most reliable trading alliances in the world, worth more than $900 billion in 2024.

At least 124 Russia-linked vessels were targeted in the Black Sea and the Sea of Azov, from July 8-20, according to statements from Ukraine’s General Staff.

The new terminals will be linked to Jebel Ali, and integrated with a nearby east coast zone called Jafza through an inland logistics network.

The ships could make the voyage to China via the Suez Canal, but that would increase the voyage from about 7,000 miles to more than 17,000 miles.

The U.S. restored a blockade against Iranian shipping on July 14, a step that all but halted Tehran’s crude exports when it was imposed previously.

A bulge in demand was caused by shippers trying to get ahead of increasing bunker fuel prices, ironically causing a spike in freight rates.

The IMO’s secretary general told Bloomberg Radio that ships should continue to avoid navigating Hormuz because of the current level of navigational risk.