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Iran strikes airbase used in US attack
Iran strikes airbase used in US attack
Dubai, 1 June (Argus) — Iran's Islamic Revolutionary Guard Corps (IRGC) said on Monday it had struck an airbase used by the US to launch an attack on a communications tower in Sirik, near the strait of Hormuz. "Following the aggression of the US army against a communication tower in Sirik… the IRGC Airforce targeted the airbase from which the aggression originated, and the intended targets were destroyed." The IRGC did not specify the location of the airbase. But Kuwait's ministry of defence said at around 06:00 local time on Monday that the country's air defences were "engaging hostile missile and drone attacks". The ministry did not initially disclose the source or target of the attacks but has since blamed Iran, describing it as a "dangerous escalation". Kuwait hosts several US military bases, including the Ali al-Salem airbase west of Kuwait City, near the Iraqi border. Several other Gulf countries also host US bases. The US attacks referenced by the IRGC were confirmed by US Central Command (Centcom) on Monday. Centcom said it had conducted "self-defence strikes on Iranian radar and command and control sites for drones" in Gerouk — a port city in Sirik county — and on Qeshm Island in the strait of Hormuz. The US strikes took place on Saturday and Sunday "in response to aggressive Iranian actions", including the shooting down of a US drone that was "operating over international waters". Centcom did not specify where the strikes were launched from. The exchanges come as Washington and Tehran continue to trade messages in search of an agreement to end the conflict and reopen the strait of Hormuz. The White House suggested on 28 May that a US-Iran deal was close, with President Donald Trump indicating a possible lifting of the US blockade on Iranian ports. Washington imposed the blockade in mid-April in response to Iran's moves to close the strait of Hormuz. Assessments from Tehran have remained more cautious, reflecting wide gaps in the two sides' negotiating positions. But the Trump administration has since rowed back after pushback from supporters concerned that any deal may not address US objectives on Iran's nuclear programme. "Iran really wants to make a deal, and it will be a good one for the USA, and those that are with us," Trump said in a post on his Truth Social platform, responding to criticism of his administration's efforts. "Just sit back and relax, it will all work out well in the end ꟷ it always does!" By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US majors warn oil prices rise as stocks fall
US majors warn oil prices rise as stocks fall
New York, 29 May (Argus) — US oil majors warned that inventory drawdowns that cushioned supply disruptions from the conflict in the Middle East are reaching their limits, setting the stage for higher crude prices. Above-normal inventories at the start of the year, along with releases from strategic reserves and waivers on sanctioned oil, helped offset the impact of the effective closure of the strait of Hormuz, which accounts for about a fifth of global daily crude flows. "The ability for the market to absorb this imbalance is drastically diminished today versus where we started," Chevron chief executive officer Mike Wirth told the Bernstein Strategice Decisions Conference in New York this week. "Over the next few weeks, we're likely to see those pressures flow through more directly to physical prices and there's more upward pressure that I would expect as we get into June and certainly into July," he said. Such a scenario raises the prospect that even if a deal is reached to end the war with Iran and re-open the key oil chokepoint, higher oil prices could linger. "We're approaching unheard of inventory levels — I mean, really, really low levels," said ExxonMobil senior vice president Neil Chapman at the conference. "You can debate whether that's going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you'll see price shoot up." Oil prices have traded in a $90-$110/bl range during the period only because of efforts to run down inventories. "It can't last forever," Chapman cautioned. "Once you get to the minimum inventory levels and all-time low inventory levels, there's only one way to go." While the current energy crisis will likely prove short-term, Wirth said there could be long-term ramifications, though he added it was hard to predict what these could be. One immediate effect will be an effort to build up reserves to guard against similar crises in the future, which will support oil demand and push up prices. Billions of dollars will also need to be spent repairing damaged energy facilities across the Middle East, which could spur cost pressures in the industry. "That all tends to suggest the floor under prices is likely to be a little firmer and higher than otherwise would have been," Wirth said. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Jones Act waiver squeezes US flag shipping market
Jones Act waiver squeezes US flag shipping market
New York, 29 May (Argus) — The US decision to waive domestic shipping requirements under the Jones Act until at least mid-August is prompting shippers to favor foreign-flagged vessels for US-to-US trips, even when Jones Act compliant vessels are available, according to shipping data reviewed by Argus . The waiver was first issued on 17 March to help offset rising oil and refined products prices caused by the US-Israel war with Iran by easing movements between US ports. It was later extended by 90 days to 15 August by President Donald Trump. US independent refiners have made use of the waiver extensively , chartering more than 60 foreign-flagged vessels over the past two months for trips normally handled by one of the 92 ocean-going vessels, more than 150 sea-going articulated tug barges and thousands of smaller barges in the Jones Act-compliant fleet. This is the first Jones Act waiver issued at the request of the Department of Defense (DoD) since the statute was amended in 2021 to require a finding that "there are insufficient qualified vessels to meet the needs of national defense without such a [DoD] waiver". But the official justification for this latest waiver has yet to be published, according to maritime law firm Reed Smith, even though most voyages carried out by foreign-flagged vessels likely had Jones Act-compliant tonnage nearby. Out of 59 trips completed under the waiver as of 22 May, only 10 took place where no Jones Act vessels were available, according to data compiled by the American Maritime Partnership (AMP), which represent the US domestic maritime industry, using broker data. For the other 49 trips at least one Jones Act vessel was available, according to AMP data. By contrast, US Maritime Administration (MARAD) data show shippers seeking foreign tonnage under the waiver citing a lack of Jones Act vessels available for these trips — a claim seemingly at odds with the AMP data. MARAD did not respond to a request for comment. Some market participants told Argus that securing a Jones Act waiver can be surprisingly fast, with MARAD approval sometimes coming only 15 minutes after submitting the request. The quick turnaround suggests the administration's priority is to maintain steady US crude and refined products flow to help mitigate disruptions to oil markets caused by the Iran war , rather than ensuring US-flagged vessels are used first. "This is the first time that the government has ever instituted a blanket waiver for all kinds of energy-related products, all ports and MARAD does not even have to call anybody and see if there's an equivalent Jones Act vessel available," Jones Act shipowner Centreline Logistics co-chief executive Jonathan Whitworth told Argus . The Jones Act community initially showed little concern about the first waiver, in part because international freight rates for refined product tankers were already at a premium over comparable Jones Act vessel rates. That rare market configuration limited potential savings for shippers using the waiver and limited its use. But international freight rates for product tankers have since eased, which has increased use of the waiver. The extension of the waiver through mid-August — and the possibility of a further extension — has sparked concern among Jones Act shipowners. One Jones Act operator told Argus it has lost two contracts so far due to the waiver. Jones Act shipments are typically handled on multi-year contracts, but established Jones Act participants may now dealy committing to new long-term deals to capture lower rates in the international spot market instead. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Energy security fears drive diversification spend: IEA
Energy security fears drive diversification spend: IEA
London, 28 May (Argus) — The war in the Middle East, the subsequent de facto closure of the strait of Hormuz, and resulting concerns over energy security are prompting countries and companies to invest in energy diversification and electricity, energy watchdog the IEA said today. The IEA projects that global energy investment will reach $3.4 trillion in 2026, a slight lift on the year . Of this, around $2.2 trillion is set to go to power grids, storage, "low-emissions fuels", nuclear, renewables, energy efficiency and electrification, while around $1.2 trillion is expected to be invested in fossil fuels. "We are in the midst of the largest energy security crisis the world has ever faced", IEA executive director Fatih Birol said. The war is "expected to reinforce a strong prioritisation of energy security amongst decision-makers", as well as a "renewed focus on resilience and diversification", the IEA said. "Electricity-related investment remains the dominant theme in global energy spending trends", the IEA said. Investment in electricity supply and infrastructure is set to reach nearly $1.6 trillion in 2026, and increase to $2 trillion if end-use electrification is included, the report found. "Electricity is going to make even stronger inroads in the total energy mix as a response to this crisis", Birol said. The watchdog expects renewables spending to reach around $665bn in 2026, with $365bn going just to solar power, $200bn to wind and $75bn to hydropower. The annual growth in renewables spending "has moderated", in part because of declining technology costs, but also policy changes in China and the US. But "low-emissions sources" still make up more than 70pc of global power investment, the IEA said. Investment in fossil fuel supply in 2026 is set to hit just over $1 trillion, returning it "to the 2024 level", the IEA said. Oil investment is expected to drop for a third consecutive year in 2026 to below $500bn. "Uncertainty over the duration of the price spike, long project lead times, supply chain constraints and tighter offshore rig markets are limiting near-term spending responses outside the Middle East" for oil, the IEA said. But investment in natural gas is projected to grow to $330bn, the highest in a decade, driven by new LNG export projects and demand from data centres, the report found. Coal investment is also set to rise, to the highest level since 2012, at $180bn, the IEA said. The bulk of spending, at around 70pc, is in China. Some countries in Asia "may seek to keep existing coal-fired power plants operating for longer to bolster energy security", the IEA said. But it is "too early to say" what the net emission effect of this may be, Birol said today. Investments in renewables, nuclear, energy efficiency and electrification in the past decade "have tangibly improved energy security in major fuel-importing regions and reduced emissions", saving China, the EU, Japan, South Korea, southeast Asia and India around $260bn from avoided fossil fuel imports in 2025, the IEA said. The conflict "has already sparked a search for new energy export routes to reduce excessive reliance on the strait [of Hormuz]", the IEA said. And repair bills for damage to energy infrastructure are "difficult to establish" but are "set to run into tens of billions of dollars", the organisation added. Oil companies are "recalibrating their expectations for upcoming years, on the assumption that oil prices will settle back above the pre-conflict baseline as countries replenish their inventories", the IEA said. "Trust will be an important element in the energy world", in coming months and years, as governments seek reliable energy partners, Birol said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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