Crude Oil
Overview
Argus crude oil pricing has been entrenched in the world’s global markets since 1970. We report each market the way it trades, using transparent market-appropriate methodologies. Our price assessments have been adopted in a wide range of commercial contracts, official selling prices, internal transfer pricing, tax formulas and economic modelling used by governments and companies operating in the upstream, midstream and downstream oil industries.
With US crudes now in demand globally, the intersection between pipeline and seagoing markets at the US Gulf coast is central to global crude pricing. For more than two decades Argus WTI assessments at Midland and Houston have been the standard physical benchmarks for US crude, as well as the settlement indexes for a robust derivatives market.
Our rich, deep and trusted coverage of the global crude oil markets is unrivalled. To make informed business decisions in today’s oil markets, you need Argus.
Crude Market Intelligence
Deepen your understanding of the global crude oil market and see how Argus brings clarity — from key market drivers and rigorous methodology to the actionable insights that help customers make confident decisions.
Latest crude oil news
Browse the latest market moving news on the global crude oil industry.
Container ship sinks in strait of Hormuz: Update
Container ship sinks in strait of Hormuz: Update
Adds Iranian navy statement London, 14 October (Argus) — A container ship has sunk in the strait of Hormuz after hitting a mine, the Islamic Revolutionary Guard Corps (IRGC) navy said according to state news agency Irna. The vessel was earlier identified as the GFS Pride by Pakistan navy's Navarea IX service, which said it was involved in a security incident in Omani waters. This is the second vessel to sink in the area in two days, after dry bulk carrier Cape Dao, whichhad been drifting since being hit on 23 September. Attacks on commercial shipping in the strait have escalated in the past few days. Six vessels came under attack on 11 October. The IEA today said oil exports from the Mideast Gulf through Hormuz increased by 3.7mn b/d on the month to 10.9mn b/d in September, contributing to a sharp rebound in global supply. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
IEA says 96mn bl yet to be released from stocks
IEA says 96mn bl yet to be released from stocks
London, 14 October (Argus) — Around 96mn bl of oil is yet to be released from stocks under an agreement made by IEA members in March, the agency said today. In its latest Oil Market Report (OMR), the IEA said its members had released 331mn bl of oil by the end of September, with 46mn bl still to be released in Europe, 40mn bl in the Americas and 10mn bl in Asia-Pacific. It did not provide a crude-to-products breakdown. The March stock release was initially announced as 400mn bl, but members planned contributions came in at around 427mn bl. The release was in response to the effective closure of the strait of Hormuz in the immediate aftermath of the US-Israeli attack on Iran. The IEA said today that Japan and Hungary had released more than they had committed under the March announcement. IEA members are now working to expedite the release of the remaining volumes, including a "substantial" diesel release, following an announcement by G7 leaders earlier this month. The IEA's latest intervention has been prompted by a combination of the Iran war and Ukraine's accelerated bombing campaign against Russian refineries in the summer. It said the vast majority of these stocks will be released in the next four months. The IEA's governing board will meet on 15 October "to take stock" of efforts to release more diesel. By Aydin Calik IEA emergency stock releases mn bl Released* To be released Europe 76 46 Americas 132 40 Asia Pacific 123 10 Total 331 96 *Releases as of end-September. source: IEA Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Global oil supply rebounds in September: IEA
Global oil supply rebounds in September: IEA
London, 14 October (Argus) — Global oil supply sharply rebounded in September, but the gains remain fragile because of increasing attacks on energy targets by Iran and the Yemen-based Houthis, the IEA said today. In its latest Oil Market Report (OMR), the IEA said global oil supply increased by 2.5mn b/d in September from August, driven by higher output and exports from the Mideast Gulf. Exports from the region rose by 4.4mn b/d on the month to 13.9mn b/d, around 75pc of levels seen before the US-Iran war. Flows through the strait of Hormuz increased by 3.7mn b/d to 10.9mn b/d, elevated by ship-to-ship transfers in the Gulf of Oman, the IEA said. Still, the agency downgraded its global oil supply forecast for this year. It now sees supply falling by 5.76mn b/d to 100.65mn b/d, compared with a 5.67mn b/d fall in September's OMR. It sees supply rebounding by 7.67mn b/d to 108.32mn b/d in 2027. The IEA said global refinery runs remained constrained by the effects of the US-Iran war, and by lower runs in Russia and Asia-Pacific. Product flows from the Middle East have risen in recent weeks but remain half of pre-war levels, the agency said. The world is particularly short of diesel, it said. Global diesel availability fell by 1.5mn b/d in the second quarter and by 1.7mn b/d in the third quarter, compared with year-earlier levels, and middle distillate flows are likely to remain constrained well into 2027. The IEA forecasts global oil demand will fall by 2.62mn b/d to 102.38mn b/d this year, lower by 120,000 b/d from its September projection. It sees demand rebounding by 2mn b/d to 104.38mn b/d next year, which is 560,000 b/d below its prior forecast and still below 2025. The IEA's projections imply that even with a sharp fall in demand the global oil market will be in a supply deficit of 1.73mn b/d this year. It said global observed oil inventories were 509mn bl below pre-war levels at the end of September, with on land stocks at their lowest since at least 2016. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi Aramco administrative building in Dahran attacked
Saudi Aramco administrative building in Dahran attacked
Singapore, 14 October (Argus) — An administrative building in Dahran, Saudi Arabia belonging to state-controlled Saudi Aramco was targeted on the evening of 13 October, leading to a fire. The relevant authorities have responded to the incident and taken the necessary measures, and there have been no injuries or fatalities, the Saudi energy ministry said in a post on X, without disclosing further details. This comes shortly after the Saudi-led military coalition conducted air strikes on oil storage and distribution sites in Yemen. State-owned Yemen Petroleum's al-Sabaha central station, about 10km west of the capital Sana'a, and its Ras Isa facility at the port of Hodeidah were attacked, and two people died at the latter location, according to Houthi-run Al Masirah TV. The Saudi-led coalition had identified a number of sites where civilian infrastructure was being used for Houthi military operations, including the central fuel station in Sana'a and facilities designated for transporting and distributing fuel in Hodeidah, according to a coalition statement posted by spokesman Turki al-Maliki on X. The coalition's operation focused on neutralising Houthi capabilities used to threaten Saudi Arabia, Yemen, the southern Red Sea, and maritime routes, the statement said. The Houthis initially responded by threatening a "harsh and painful" retaliation in Riyadh if Sana'a was attacked. They later warned workers to stay away from Saudi state-controlled Aramco sites and other oil facilities in Saudi Arabia because they could be targeted. The group also renewed earlier warnings to airlines, passengers and airport workers. The latest attack comes after strikes on Riyadh's King Khalid International Airport over the weekend that killed at least 14 people. The Houthis have previously targeted Saudi oil facilities. They claimed attacks on Aramco's Shedgum and Tanajib gas plants at the weekend, but this has not been independently verified and Aramco has not confirmed them. The front-month December Ice Brent contract was at $106.95/bl at 11:00 Singapore time (03:00 GMT), up by 1.2pc from the close on 13 October. The November Nymex WTI contract was at $95.30/bl, also rising by 1.2pc from its close on 13 October. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our crude oil products
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.
