Oman postpones GCC-Iran meeting on Strait of Hormuz as Oil Prices Rise on Supply Fears
US forces redirect 101 vessels as of Sept. 13 to enforce the ongoing blockade on Iran
Oman has postponed Monday’s planned talks with Iran and regional foreign ministers on managing shipping through the Strait of Hormuz. Iran and Oman agreed to postpone the talks “at the request of some regional countries,” said Mohammad Ali Bak, an official in Iran’s foreign ministry who was quoted by IRNA on X. The delay comes as oil prices jump sharply — Brent crude pushing past $107 a barrel — on fears of disruption to global energy supplies, and as CENTCOM confirms US forces have redirected 101 commercial vessels to ensure compliance with the ongoing blockade against Iran.
AirBaltic files for US Chapter 11 bankruptcy protection amid Iran war
Latvia’s AirBaltic said Monday that it had filed for protection under Chapter 11 of the US Bankruptcy Code, as it tries to reduce its debt amid increased fuel prices brought on by the Iran war.
“For AirBaltic, whose primary financing arrangements, creditors, aircraft leases and other significant obligations are international in nature, Chapter 11 provides an established framework for addressing these matters in a single court-supervised process,” the government-controlled airline said in a statement.
The airline has been struggling for months and set out in August a strategy for regaining “financial sustainability”, after reporting a net loss of 70 million euros ($81 million) for the first quarter of this year.
It also said Monday that it had secured a credit line of 350 million euros ($404 million) to ensure its liquidity and continue flying during the proceedings.
In the long term, AirBaltic hopes to put in place a “stronger, more sustainable capital structure” and improve its competitiveness.
In the meantime, it said “flights will operate as scheduled, tickets and reservations will remain valid, and customer service will continue as usual”.
Source: Gulf News
