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War effects ripple into product markets
War effects ripple into product markets
Houston, 30 March (Argus) — The ripple effects of the Middle East crisis will continue to spread in oil products markets, executives at a major energy conference in Houston have warned. Jet fuel has already been affected, diesel will come next and then gasoline, just as the northern hemisphere summer driving season begins, Shell chief executive Wael Sawan told the CERAWeek by S&P Global conference in Houston on 24 March. "South Asia was first to get the brunt," Sawan says. "That has moved to southeast Asia, northeast Asia and then more so to Europe as we get into April." The effective closure of the strait of Hormuz due to the US/Israel-Iran war poses a systemic risk the longer it lasts, TotalEnergies chief executive Patrick Pouyanne says. Disruptions are worse on the products side, given an estimated 4mn-5mn b/d that has been left stranded by the waterway's closure, Pouyanne says. This has been aggravated by China's decision to ban exports from its refineries. "We can manage the situation," he says. "We have inventories up to three, four months. Beyond, it will be more systemic." The situation is particularly acute in southeast Asia, where nations are growing increasingly concerned about the likely impact on economic growth from soaring fuel costs. "That is why most of these countries are calling leaders, in particular US leaders, to try to find a solution," Pouyanne says. The administration of US president Donald Trump is taking action to relieve rising domestic fuel prices that have surged since the start of the war. The US Environmental Protection Agency (EPA) will allow refiners and retailers to blend more ethanol into gasoline than is usually allowed in some states, starting in May, and will waive other fuel rules. The agency issued emergency waivers on 25 March allowing continued nationwide sales of gasoline with up to 15pc ethanol (E15), administrator Lee Zeldin told the conference. The typically cheaper blend would have otherwise been restricted in much of the US during the summer because of rules to limit smog that do not apply to typical E10 gasoline. The EPA is also suspending federal enforcement of requirements for other US regions to switch to low-volatility "boutique" gasoline fuel blends this summer. California and major metro areas, such as Denver, make the switch each year as part of federally approved plans to comply with national air quality standards. It will be up to states and local jurisdictions to decide whether to maintain those specific standards, the agency says. Approaching $4/USG US retail gasoline prices rose by nearly 25¢/USG to average just under $4/USG in the week to 23 March, the highest in eight months, Energy Information Administration data show. West coast gasoline and diesel prices rose above $5/USG and $6/USG, respectively. The energy department has been closely monitoring fuel markets for supply disruptions that could create extreme and unusual conditions, Zeldin says. "We foresee potential for a disruption to the American fuel supply," he says. The emergency fuel waiver will last until 20 May, the maximum duration the Clean Air Act allows. The EPA will be ready to extend the emergency fuel waivers as ongoing issues continue to present the need for action, Zeldin says. The US administration earlier this month approved a 60-day waiver of domestic shipping requirements under the Jones Act in another attempt to ease the spike in commodity prices. The temporary waiver — which the White House says is to mitigate "short-term disruptions" to oil markets caused by the Middle East war — allows shippers to transport crude, natural gas, natural gas liquids, fertilizers, coal and other energy-related products from one US port to another without using US-built, US-crewed and US-flagged ships, as the 1920 Jones Act requires. By Eunice Bridges and Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia amends policies to ensure commodity security
Australia amends policies to ensure commodity security
Sydney, 30 March (Argus) — The Australian government will amend the Export Finance and Insurance Corporation Act to give government agency Export Finance Australia (EFA) new authority to underwrite additional cargoes of critical imports, including fuel and fertilizer, because rising risk premiums are challenging independent importers. The amendments would allow EFA to help firms hedge risk so they can "buy these cargoes and get them on the way to Australia as soon as possible," energy minister Chris Bowen said. The risk premium for discretionary spot purchases is increasing and "work to scope deals and secure additional fuel is already underway", he said. Under the changes, EFA will be able to issue insurance or indemnity contracts, provide guarantees, extend loans and undertake other arrangements necessary to secure supply from international markets. The government will only intervene to support discretionary volumes considered important for national fuel security, and where private importers cannot procure them on commercial terms. The measures are aimed at assisting independent importers that supply regional areas, some of whom have struggled to obtain extra fuel volumes because their usual suppliers have prioritised meeting the needs of contracted customers. The supply shortfall has left several regional service stations without fuel in recent weeks. The powers will "give suppliers confidence to secure additional and discretionary cargoes […] to service uncontracted demand, including regional and independent fuel suppliers", prime minister Anthony Albanese said on 28 March. The support is intended to help firms operating in the spot market and will not replace or subsidise fuel that importers are already contracted to supply, Bowen said. Eligibility criteria will be structured to ensure additional supply can be delivered quickly by operators with the capability and networks to distribute fuel into constrained regions. New Strategic Reserve powers The federal government has also released details of broader powers under the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Bill, which will create a strategic reserve for essential materials vulnerable to supply chain disruptions, including fuel, critical minerals and fertilizers. The bill expands EFA's remit on the National Interest Account, giving the agency a wider commercial toolkit beyond existing debt and equity options. The legislation will allow EFA to secure supply, sell and selectively stockpile fuel, critical minerals and other strategic commodities, Bowen said. It also gives EFA authority to construct financial arrangements such as fixed or floating offtake agreements, forward contract trading, intermediary demand and supply aggregation, physical stockpiling and contracts for difference. It also legislates the government's commitment to establish a A$1.2bn ($823mn) Critical Minerals Strategic Reserve. The government today announced it will cut the fuel excise a tax paid on each litre of diesel and gasoline sold in the country to ease cost of living pressures for a 90-day period. The excise will drop from 52.6A¢/litre to 26.3A¢/litre for a three-month period, Albanese said following a meeting of national cabinet. Canberra will also scrap the heavy vehicle road user charge for the next three months to reduce inflation for road freight. The tax is levied at 32.4A¢/litre and aims to recover costs for building and maintaining public roads, which carry most of Australia's freighted consumer goods. Delivered gasoil prices to the east coast of Australia have surged since the start of the US-Iran war, surpassing highs achieved during the Russian invasion of Ukraine in 2022 ( see graph ). Victoria will offer free public transport until the end of April to ease pressure on fuel demand, while Tasmania will provide free travel on buses and Derwent River ferries until 1 July. Other state governments have ruled out similar policies. By Tom Woodlock Australia delivered diesel prices (A$/litre) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran attacks US vessel off Oman coast, Salalah port hit
Iran attacks US vessel off Oman coast, Salalah port hit
Dubai, 28 March (Argus) — Iran's Revolutionary Guard Corps (IRGC) said on Saturday it had targeted a US military vessel off the Omani coast, while Omani authorities reported that two drones struck Salalah port earlier in the day. The incidents add pressure on Oman, a key regional mediator between Washington and Tehran. The targeted vessel was "at a considerable distance from the port of Salalah in Oman", Ebrahim Zolfaqari, spokesperson for Iran's Khatam al-Anbiya Central Military Headquarters, said, according to IRGC-linked Tasnim news agency. "The national sovereignty of the brotherly and friendly country of Oman is respected by the Islamic Republic of Iran," the statement said. It was not immediately clear whether the vessel attack and the strike on Salalah port were connected. Omani authorities said the Salalah drone attack injured an expatriate worker and caused limited damage to one of the port's cranes. Danish shipping firm Maersk said it has temporarily suspended operations at Salalah for 48 hours, adding that its crew were safe and no vessels or cargo were affected. German shipping firm Hapag-Lloyd also said port operations had been temporarily suspended and that authorities were assessing the situation. The company has moved its vessel Lisbon Express out of Salalah as a precaution. The attacks raise fresh concerns over the safety of Oman's ports, which had been viewed as alternatives for cargoes seeking to avoid the strait of Hormuz. Salalah, located outside the strait at Oman's southeastern tip, was also hit on 11 March, when several drones damaged storage tanks and triggered a fire. Other Omani ports, including Duqm and Sohar, have come under attack in recent weeks. Oman — which mediated US-Iran talks last month and in June 2025 — had initially seen fewer attacks than its Mideast Gulf neighbours after the US-Iran war began on 28 February. But the recent strikes indicate it is becoming increasingly difficult for the sultanate to remain insulated from the conflict. In today's other developments, Yemen's Iran-backed Houthis said they launched missiles at Israel , while Kuwait International Airport was struck again in a separate drone attack. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Kuwait airport hit again in drone attack
Kuwait airport hit again in drone attack
Dubai, 28 March (Argus) — Several drones struck Kuwait International Airport on Saturday, causing "significant" damage to its radar system, authorities said, in the latest attack on a facility repeatedly targeted since the start of the US-Israel war with Iran. No casualties were reported. Authorities said the extent of disruption to airport operations was not yet clear. Kuwait's airspace has faced repeated missile and drone threats during the conflict, prompting temporary closures, reduced flight operations, and persistent delays and cancellations. Saturday's strike came after a drone attack on the airport's fuel depot on 25 March that triggered a fire at the site. Two fuel storage tanks were also targeted on 8 March. The first attack on the airport occurred on 1 March, when Terminal One was struck during a broader wave of drone incidents across Mideast Gulf airports, leaving nine people injured. The repeated attacks come as airspace restrictions across several Mideast Gulf states continue to disrupt one of the world's busiest aviation corridors — a pattern that is likely to weigh on local jet fuel demand. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.