LNG
Overview
LNG's role as a key feedstock is well established as it helps manage both input costs and carbon emissions. Heavy industrial users' drive to achieve net zero targets has added a new dimension to how and where it is being deployed. Overall, its use is expected to increase and is tipped to become the strongest-growing fossil fuel.
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US resumes air strikes against Iran
US resumes air strikes against Iran
Washington, 1 September (Argus) — US forces began to carry out strikes against Iran at 12pm ET (16:00 GMT) on Tuesday following apparent Iranian attacks on Saudi tankers attempting to transit through the strait of Hormuz. US strikes hit targets on Qeshm island in the strait of Hormuz and near Bandar Abbas in southern Iran, according to Iranian news agency Tasnim, which is affiliated with the Islamic Revolutionary Guard Corps (IRGC). Washington appeared to expect strong retaliation from Iran, with US embassies in Jordan, Qatar, Bahrain and Oman issuing security warnings to US citizens living in those countries. Two very large crude carriers (VLCCs) carrying Saudi crude have been involved in separate security incidents in the strait of Hormuz, according to navigational warnings from the Pakistan Navy. The US and Iran exchanged strikes on Monday for the first time in more than a month. The US said it had taken "limited, precise action" against Iran's IRGC minelaying forces on Larak island in Hormuz, while the IRGC said it retaliated with ballistic missile attacks against US bases in Jordan. The Pentagon cited the IRGC attack on the US base in Jordan as an additional justification for the military action on Tuesday. Iran's ability to target ships passing through Hormuz counters recent US claims of having decisively eliminated Tehran's military threat and of enabling an increase in oil exports through the critical Mideast Gulf waterway. Vessel traffic through the strait of Hormuz remained low on Monday amid increased attacks on commercial vessels transiting the waterway, according to data from maritime security firm Windward. Trump on Monday "officially" declared Iran a "failed nation", citing the supposed destruction of its military potential. Treasury secretary Scott Bessent, speaking on the sidelines of the G20 finance ministerial in North Carolina on Tuesday, likewise described Iran as "militarily crushed" and said that the US was prioritizing its naval blockade and new economic sanctions against Iran to bring pressure on Iran. Bessent at the same time downplayed the importance of Hormuz. "In two years, the strait of Hormuz will be like a worthless piece of water," he said, citing projects by Mideast Gulf states to diversify exports from the region by pipelines. Earlier Tuesday Iranian president Masoud Pezeshkian said the country would immediately reciprocate if the US returns to its commitments under an interim agreement reached in June. Tehran has repeatedly linked the restoration of free navigation through the strait of Hormuz to US implementation of the June agreement. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says it will reciprocate if US honors June deal
Iran says it will reciprocate if US honors June deal
Dubai, 1 September (Argus) — Iran will immediately reciprocate if the US returns to its commitments under an interim agreement reached in June, president Masoud Pezeshkian said on 1 September, as tensions between Tehran and Washington flared again around the strait of Hormuz. "If the US returns to its commitments under the memorandum of understanding, the Islamic Republic of Iran will immediately reciprocate," Pezeshkian said during a speech at the Shanghai Cooperation Organisation (SCO) summit in Bishkek, according to Iran's state-run news agency Irna. The June agreement, reached after around three months of negotiations mediated by Pakistan and Qatar, sought to end the conflict that began with US and Israeli strikes on Iran on 28 February. But the accord quickly began to unravel amid disagreements over its implementation. Pezeshkian said Washington began violating its commitments less than two weeks after the agreement was reached, adding that Iran had responded "proportionately". Tehran has repeatedly linked the restoration of free navigation through the strait of Hormuz to US implementation of the June agreement. The comments came a day after the US and Iran exchanged strikes for the first time in more than a month. The US said it had taken "limited, precise action" against Iran's IRGC minelaying forces on Larak island in the strait of Hormuz, while the IRGC said it retaliated with ballistic missile attacks against US bases in Jordan. The latest exchange followed a period of relative calm after daily strikes between 11-23 July. Commercial shipping through Hormuz remains severely disrupted. Maritime security risks have also increased in recent days. A tanker was struck by three unidentified projectiles during an outbound transit through Hormuz late on 31 August, according to UK Maritime Trade Operations, a day after another tanker was hit by an unknown projectile during an inbound transit. SCO cooperation Pezeshkian said on 31 August that war was in no one's interest and that Tehran remained open to a negotiated solution with Washington. He used the SCO summit to also call for deeper economic and energy cooperation among member states, proposing the creation of an "SCO energy consortium" spanning production, supply, transportation and consumption. Pezeshkian also proposed the establishment of an SCO bank, greater use of national currencies in settlements between member states and a common export and investment insurance mechanism. He argued that the measures could strengthen trade, financing and supply-chain resilience among SCO members and reduce vulnerability to external disruptions. The SCO includes China, Russia, India, Pakistan, Iran and several central Asian states. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US, Iran exchange strikes again: Update
US, Iran exchange strikes again: Update
Adds US' comments and details on Iran's retaliation Washington, 31 August (Argus) — The US attacked Iranian military facilities on the island of Larak in the strait of Hormuz on Sunday, while Tehran retaliated by launching missiles at US bases in Jordan, according to Iran's Islamic Revolutionary Guard Corps. The Pentagon did not immediately confirm an attack on Iranian bases. But US Central Command (Centcom), which oversees US forces in the Mideast Gulf, said soon after that the US military had taken "limited, precise action against IRGC minelaying forces posting an imminent threat in the strait of Hormuz." The IRGC said it launched attacks on the King Hussein and al-Azraq bases in Jordan with ballistic missiles in response. It claimed "heavy damage" as a result of those strikes. Neither the US nor Jordan have commented on those strikes. Separately, Iran's army claimed a drone attack against the Al-Minhad base in the UAE, where it said US helicopters were stationed. The UAE ministry of defence has since denied that claim, describing them as "false". This marked the first exchange of strikes in more than a month. The US and Iran exchanged strikes daily from 11-23 July but fighting paused when the US administration declared its intention to switch to non-military forms of pressure against Iran. It is not clear what prompted yet another change in the US tactics. The US administration last week launched "Operation Economic Outcast" aiming to cut off Iran's business links to companies abroad. The White House last week declared the strait of Hormuz free of sea mines and doubled down on claims that as much as 10mn b/d of oil is exported from the Mideast Gulf under the US military umbrella. Most market participants and satellite tracking data do not corroborate the US claim of a spike in oil exports from the Mideast Gulf. A tanker transiting the strait of Hormuz near the coast of Oman was "struck by an unknown projectile" on Saturday night, according to the UK Maritime Trade Operations organization. A total of 12 vessels transited the strait of Hormuz on 27 August, the same number as a day before, according to data from maritime security firm Windward. This puts commercial vessel traffic through the waterway just under 10pc of the normal traffic levels prior to the 28 February US-Israel attack on Iran that prompted Iran to declare the strait closed. The Pentagon on Sunday angrily pushed back against a Washington Post report that cited confidential government documents showing senior US military commanders across the world had urged the White House to scale down military operations in the Middle East. "Publishing highly classified assessments from the (defense) secretary's orders book is a crime," the Pentagon said, while adding that "much of what they're publishing is inaccurate." By Haik Gugarats and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Renewed US-Canada spat hangs over oil industry
Renewed US-Canada spat hangs over oil industry
Washington, 31 August (Argus) — The integrated North American energy industry is not a direct target of renewed trade escalation between Washington and Ottawa. But US pressure tactics are likely to lend momentum to Canada's ongoing efforts to diversify oil and gas exports away from its largest market south of the border. Trade talks between the US and Canada ended abruptly in August, and President Donald Trump's administration on 22 August enacted a 50pc tariff on cement, plywood and other imports from Canada. Ottawa plans to retaliate with a 50pc tariff on US steel and aluminium from 8 September as part of a package targeting $28bn of imports from its southern neighbour. The latest retaliatory tariffs do not apply to energy, potash fertiliser or critical minerals. But they will further disrupt the North American auto and steel industries. US and Canadian government officials have accused each other of making last-minute demands that helped derail the talks. "We offered them the best access to the US of any country in the world," US trade representative Jamieson Greer says. Canadian prime minister Mark Carney says Ottawa engaged in talks with Washington in good faith, despite realising that any agreement involving the Trump administration "is written in pencil". Greer blamed Ottawa's lack of willingness to work with the US to blunt China's competitive edge in steel, auto manufacturing and advanced technologies. Carney dismisses the US accusation as an attempt to dictate Ottawa's foreign trade policy at the same time as imposing tariffs on Canadian imports, despite the US-Mexico-Canada free-trade agreement. Ottawa's allegedly lenient treatment of imports from China is part of a continually changing rationale for the US protectionist actions, Carney says. The US demands "revealed the limits of their commitment to a true economic partnership", he says. Northern exposure Canada has created a "60 Billion Dollar Deficit between our two Countries" and it is "not sustainable", Trump said in a social media post after the talks collapsed. The US ran a trade deficit of $48bn with Canada in 2025, according to the US Trade Representative's office. The deficit is almost entirely the result of US imports of Canadian crude, natural gas and electricity. Canada accounts for 99pc of the US' gas imports and 60pc of the US' crude imports and "I don't think they want us to stop sending it", Carney says. Ontario premier Doug Ford, who briefly placed a tariff on his province's electricity exports to the US during the early rounds of the trade dispute in March 2025, is again calling for restrictions on electricity exports to the US. But there appears to be little appetite in Ottawa to use Canadian energy exports to the US for political leverage in trade talks. The Liberal party government under Carney has revitalised relations with the energy industry to promote infrastructure projects targeting markets outside the US. Alberta province — Canada's oil and gas heartland — is scheduled to hold a referendum on 19 October on whether to remain part of the country. Polls indicate the vote is likely to result in a ‘remain' win, but any effort to restrict or tax oil and gas exports would strengthen the arguments of pro-independence voters, who feel a lack of perceived respect from the rest of the country. Alberta premier Danielle Smith has pushed against using oil and gas exports as leverage in the trade dispute with the US, countering calls from Naheed Nenshi, leader of the province's official opposition party, for the federal government to tax energy exports to the US. Smith argues that the US could impose reciprocal restrictions on refined products exported to Canada's eastern provinces. By Haik Gugarats and Behbod Negahban Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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