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News & Articles By Garrison Vance
08/05/2026
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By Garrison Vance
Report: Iran, Oman Near Deal to Reopen Strait of Hormuz With “Service Fee” Collection
Iran and Oman are close to an agreement to fully reopen the Strait of Hormuz to shipping traffic, according to the New York Times (NYT), which cited Iranian and U.S. officials familiar with the developing accord. Under the reported arrangement, ships entering the strait from the Indian Ocean via the Gulf of Oman would be […]
07/26/2026
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By Garrison Vance
Pakistan Warns of Military Response to Yemeni Blockade in Red Sea
Houthis Impose Maritime Embargo on Saudi Shipping The Ansarallah-led Yemeni Armed Forces, commonly known as the Houthis, declared a full maritime embargo against Saudi Arabia on July 20, according to a statement from military spokesman Yahya Saree. The announcement, reported by NaturalNews.com, stated the embargo was effective immediately and based on an “eye for an […]
07/26/2026
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By Garrison Vance
Dubai Offers Residents Rewards to Attract Visitors as Tourist Numbers Plummet Amid War
The Dubai Department of Economy and Tourism (DET) has launched a new initiative, called Dubai Invite, that rewards residents for encouraging friends and family to visit the emirate, officials said. The program offers a benefits package valued at more than 3,000 Emirati dirhams (about $816) including hotel stays, dining deals, and attraction tickets, according to […]
07/24/2026
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By Garrison Vance
Shipping Firms Offer ‘Massive Bonuses’ for Strait of Hormuz Crossings, Report Says
South Korean shipping operator Sinokor Group has offered crews six months of extra salary for a return voyage through the Strait of Hormuz, according to a document seen by Bloomberg and cited in a July 20 report. The offer follows a wave of attacks that have killed 17 seafarers and disrupted commercial shipping in and […]
07/22/2026
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By Garrison Vance
Iran-Backed Houthis Impose Naval Blockade on Saudi Arabia
Yemen’s Iran-aligned Houthi rebels announced on Monday, July 20, they are imposing a maritime embargo on Saudi Arabia – a move that threatens global energy supplies and widens the conflict beyond the Gulf region, according to a statement from Houthi military spokesman Yahya Saree. The Houthis declared “a maritime embargo against the criminal Saudi enemy, based […]
07/16/2026
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By Garrison Vance
Gulf States Signal Openness to Strait of Hormuz Fees, Reject Iranian Control
Several Arab Gulf states have privately indicated to U.S. and European officials that they are not opposed to paying a fee for transiting the Strait of Hormuz, but they reject any arrangement that gives Iran control over the waterway, according to multiple U.S. and regional officials familiar with the discussions. The distinction between accepting a […]
07/13/2026
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By Garrison Vance
Russia Bans Diesel Exports Following Ukrainian Strikes on Refineries
Russia has imposed a ban on all diesel exports, effective immediately, according to Deputy Prime Minister Alexander Novak. The decision, announced at a government meeting with President Vladimir Putin, closes a loophole that had previously allowed self-producing oil companies to export fuel. “Today we introduced ban on exports of diesel,” Novak said, according to state […]
07/12/2026
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By Garrison Vance
IMF Cuts Global Growth Forecast to 3% on Iran War Impact
IMF Downgrades 2026 Global Growth Outlook The International Monetary Fund has reduced its 2026 global growth forecast to 3%, down from 3.5% in 2025, according to the fund’s July 8 World Economic Outlook update. [1] confirmed that the IMF would decide on its growth scenarios in that update. The IMF warned that the ongoing conflict […]
07/12/2026
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By Garrison Vance
Germany to Impose Energy Levies to Fund Emergency Gas Reserve
The German government confirmed plans to build a strategic gas reserve equivalent to 10% of the country’s storage capacity, according to the Federal Ministry of Economic Affairs. The reserve will be filled over 2027 and 2028, with establishment costs of €1.5 billion ($1.7 billion) and annual maintenance of up to €310 million ($353 million), Bloomberg reported. […]
07/11/2026
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By Garrison Vance
Turkey and Iraq Extend Key Pipeline Agreement as Export Route Remains Critical
Turkey and Iraq Extend Key Pipeline Agreement Turkey and Iraq are expected to sign a 12-month extension of the agreement governing the Iraq-Turkey crude oil pipeline within days, according to Turkish Energy Minister Alparslan Bayraktar. The extension is intended to prevent the expiration of the transit agreement on July 27 and keep crude flowing to […]
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