Reopening

CEO of Danish shipping group says increased costs due to higher fuel bills passed on to customersBusiness live – latest updatesThe boss of the shipping company Maersk has said the reopening of the strait of Hormuz would have a “limited impact” on cargo flows, as the industry grapples with a sharp rise in energy costs.Vincent Clerc, chief executive of the Danish shipping group, said its fuel bill had nearly doubled since the start of the conflict, adding as much as $500m (£367m) in costs per month, but it had passed this on to its customers through higher freight rates. Continue reading...

Decision follows pressure from lawmakers and families as investigations continue into response to deadly disasterThe embattled Camp Mystic organization on Thursday halted plans to reopen this summer in a decision that followed months of intensifying outrage by political leaders in Texas and the families of 27 young campers killed last July when massive floodwaters swept through the all-girls Christian camp in the middle of the night.The decision comes after days of pointed questioning by Texas lawmakers who are investigating camp officials’ response to the devastating flood on July 4 that claimed the lives of the campers and two teenage counselors. The camp’s owner, Dick Eastland, also died in the flooding. Continue reading...

State upper house MP runs unopposed after initially being dropped during a preselection challenge. Follow today’s news liveGood morning, and happy Monday. Nick Visser here to take you through the day’s news. Let’s dive in. Continue reading...

• France's defense ministry announced 35 countries participating in military discussions for a defensive mission to escort commercial vessels through the Strait of Hormuz. • The talks address Iran's threats to toll or block the vital waterway, critical for global energy flows. • Initiative gains traction amid US pressure on allies, potentially easing oil price spikes affecting US consumers.

Defence chiefs have been discussing how to unblock the conduit for about a fifth of the world’s oil suppliesThe UK has offered to host an international security summit to draw up a “viable, collective plan” to reopen the strait of Hormuz as economic fallout from the Iran conflict continues.Defence chiefs have been discussing how they could unblock the vital shipping lane, through which about 20% of global oil supplies usually pass, amid the Middle East crisis unleashed by the US and Israel. Continue reading...

• West Texas Intermediate crude topped $100 per barrel for the first time since 2022 in early Monday trading, while Brent held above $102, driven by ongoing Middle East conflict in the Strait of Hormuz entering its third week. • Several tankers successfully transited the waterway over the weekend, lifting market sentiment; however, WTI pulled back to $95 by late trading, down over 3%, as President Trump pressured NATO allies to help break Iran's blockade. • The Dow, S&P 500, and Nasdaq rose as investors weighed the dual impact of potential Hormuz reopening against inflation concerns; Federal Reserve officials begin a two-day policy meeting this week amid uncertainty over rate path decisions.