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Latest market news

Nuevo Midstream Dos to buy Eagle Ford assets

  • Market: Condensate, Crude oil
  • 25/03/19

Nuevo Midstream Dos has agreed to buy an infrastructure company in the Eagle Ford shale from private equity firm ArcLight Capital Partners.

The companies did not disclose terms of the deal. Nuevo Midstream will purchase Republic Midstream which includes about 100 miles (161km) of crude gathering pipelines, 300,000 bl of storage and a six-bay truck station in the Eagle Ford shale in south Texas.

The assets also include a 26-mile (42km) pipeline from a central delivery point of the gathering system to Kinder Morgan's Crude and Condensate pipeline (KMCC) and Enterprise's Eagle Ford crude pipeline system. KMCC and the Enterprise line both move Eagle Ford crude to the Gulf coast.

The deal is expected to close in the second quarter.

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Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

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08/05/26

Iran seizes US-sanctioned oil tanker off Oman: IRNA

Iran seizes US-sanctioned oil tanker off Oman: IRNA

Dubai, 8 May (Argus) — Iran's navy has seized an oil tanker that is sanctioned by the US for moving Iranian oil, on the basis it was "attempting to disrupt oil exports and the interests of the Iranian nation," according to state news agency IRNA. Ocean Koi "was carrying oil cargo of the Islamic Republic of Iran" and was taken by the country's navy to the southern coast, IRNA said. The US treasury included Ocean Koi on its list of sanctioned vessels for links to the Iranian oil trade in February. Oil analytics firm Vortexa shows the tanker, under the name Jin Li , loaded a small amount of high-sulphur fuel oil (HSFO) off the coast of Oman on 7 May with its destination showing the port of Khor Fakkan in the UAE. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US, Iran again exchange fire in Hormuz

07/05/26
News
07/05/26

US, Iran again exchange fire in Hormuz

Washington, 7 May (Argus) — The US and Iranian militaries exchanged fire for the second time in three days on Wednesday during an attempted passage by US warships through the strait of Hormuz. Iranian forces targeted three US destroyers with missiles, drones and small boats while they were in transit through Hormuz to the Gulf of Oman, according to US Central Command (Centcom), which oversees the Middle East-based US forces. The US forces struck back at Iranian missile and drone launch sites, command and control locations and surveillance nodes, Centcom said. Iran's state news agencies reported explosions near the Iranian port of Bandar Abbas and other locations along the Iranian coastline hugging the strait of Hormuz. Iran's forces damaged the US warships and forced them to abandon the attempted transit, according to the Tasnim news agency, which is affiliated with Iran's Islamic Revolutionary Guard Corps. "No US assets were struck," Centcom said. US and Iranian naval forces clashed on 4 May, when two US destroyers passed through Hormuz to help two US-flagged vessels to depart the Mideast Gulf. The US forces that day launched the Project Freedom mission to enable the departure of ships stranded in the Mideast Gulf, but President Donald Trump put the mission on hold on 5 May. The US and Iran halted hostilities on 7 April. The 4 May clash was not deemed a serious violation of the ceasefire, the Pentagon said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US court finds 'section 122' tariffs unlawful

07/05/26
News
07/05/26

US court finds 'section 122' tariffs unlawful

Washington, 7 May (Argus) — A federal trade court ruled on Thursday that 10pc tariffs that President Donald Trump imposed in February on a vast number of imported products were unlawful under a 1974 law he used as the basis for the duties. Trump had imposed the "section 122" tariffs on imports on 20 February as a de facto replacement of emergency tariffs the US Supreme Court had thrown out the same day. Trump said he was imposing the 10pc tariffs to address a deficit in the "balance of payments" flowing into the US, using authorities that could remain in place for 150 days, until 24 July. Trump exempted energy, critical minerals, fertilizers and some agricultural imports from new import taxes. But the US Court of International Trade, in a 2-1 ruling on Thursday, found the latest tariffs were "invalid as contrary to law". The court said nowhere in the proclamation imposing the tariffs had Trump identified a "balance-of-payments deficit" under the meaning of the 1974 trade law. The administration had used a mechanism of finding deficits that unless every individual sub-account was balanced, the "president would always be able to identify a balance-of-payment deficit", the court said. The court permanently blocked the US from collecting the section 122 tariffs from state of Washington and two small private importers that had filed the case, and it also required the US to pay refunds and interest. But the court said California and other states that were part of the lawsuit had not shown legal "standing" to obtain the same relief. The court's decision, if upheld, could open the door to other states and plaintiffs that have paid the section 122 tariffs to pursue their own claims to obtain tariff refunds. The White House did not immediately respond to a request for comment. The administration is still in the process of refunding $166bn in emergency tariffs the Supreme Court struck down. The administration last month launched a system to manage tariff refunds. The first refunds will be paid out as early as 12 May, federal customs officials said earlier this week. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Trump claims deal with Iran to reopen Hormuz: Update

06/05/26
News
06/05/26

Trump claims deal with Iran to reopen Hormuz: Update

Updates with changes throughout Washington, 6 May (Argus) — A peace deal under discussion with Iran would reopen the strait of Hormuz to navigation and lift the US blockade on Iranian trade, President Donald Trump said on Wednesday. "Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end," Trump said in a social media post, referring to the US designation for the military operation against Iran that started on 28 February. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before." Iran's foreign ministry said it was still reviewing a US proposal, state news agency Isna said on Wednesday. Iran's Tasnim agency, which is linked to Islamic Revolutionary Guard Corps (IRGC), said that the US proposal "contains some unacceptable clauses". Crude futures dropped sharply after Trump on Tuesday paused the US military mission to force Hormuz open and said that the US and Iran were close to a diplomatic breakthrough. Oil futures have gyrated over the past month after reported breakthroughs in the US-Iran talks that subsequently turned out to have been false starts. The US and Iran reached agreement on a ceasefire on 7 April, but the transit of vessels through the strait of Hormuz is still at a fraction of pre-war levels. Tehran has maintained tight control over the critical Mideast Gulf waterway, while the US has enforced a blockade of Iranian trade since 13 April. Neither Tehran nor Washington officially confirmed details of a possible agreement. Previous statements from Washington and Tehran have outlined the contours of an agreement that would curb Iran's nuclear program in exchange for sanctions relief for Tehran. But red lines drawn by both sides — the US insistence on eliminating Iran's theoretical capacity to produce nuclear weapons and Tehran's assertion of control over Hormuz — will have to be reconciled. The sequence of addressing the points of contention is also an issue, with Tehran keen to push discussion of its nuclear program to a later date. Senior US and Iranian leaders met face to face in Pakistan on 11-12 April, but that round of diplomacy ended without an agreement. The two countries since then have communicated indirectly, through Pakistan. The US on 4 May launched a military mission, dubbed Project Freedom, to challenge Tehran's control over Hormuz. Tehran responded to Project Freedom by launching missiles and drones at US warships and commercial ships transiting Hormuz, while the US destroyed six Iranian naval boats. Iran also targeted the port of Fujairah in the UAE. Trump said on Tuesday he would pause Project Freedom. Tehran had been reviewing the latest US peace proposal before Trump ordered the latest US military mission, and the subsequent confrontation put that review on pause, Tasnim claimed. "After Trump's retreat, Iran has resumed its review in this regard and will announce to the mediator whenever it reaches a conclusion," Tasnim said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Brazil must fight for oil investment: Correction

06/05/26
News
06/05/26

Brazil must fight for oil investment: Correction

Corrects March production figures in third paragraph. Houston, 6 May (Argus) — Brazil will need to work on the "predictability, stability and pace" of its oil investment environment to remain competitive as global capital becomes increasingly selective, an executive with Brazil's largest non-state oil producer said. Although Brazil is highly attractive for capital, "it doesn't necessarily mean it is here to stay unless we fight for it", Shell's vice president of its pre-salt operations in Brazil, Pablo Tejera Cuesta, said at the Offshore Technology Conference in Houston, Texas, on Monday. Shell is Brazil's second-largest crude producer after state-controlled Petrobras, with 427,000 b/d of output in March out of Brazil's about 4.24mn b/d total. Shell operates 20 floating production, storage and offloading vessels which recently helped push Shell's daily production to a record 500,000 b/d of oil equivalent, Tejera Cuesta said. But Brazil's government receives a relatively high share of production in comparison to some other producers, and recently regulatory decisions such as a 12pc export tax on crude that is being fought in court could contribute to eroding investor confidence in Brazil, Tejera Cuesta and other oil executives operating in Brazil said. There have also been debates and delays in decisions on drilling in the southern Pelotas basin and the environmentally sensitive equatorial margin, companies have complained. These frontier areas seen as key to maintaining Brazil's output "need to be explored" and "decisions need to be taken today, not tomorrow", Tejera Cuesta said. Brazil is also moving from decades of mostly greenfield growth from new crude discoveries to a "brownfield optimization space" in which it must use new technologies to enhance recovery of existing assets, he said. But there is still exploration underway, such as BP's 8bn bl Bumerangue oil discovery offshore Brazil . BP is advancing quickly on gathering more information on the subsurface, with plans to drill two appraisal wells and initial evaluation of an early production system starting, BP's senior vice-president of Brazil upstream Felipe Arbelaez said. "Hopefully we'll be here next year or in the next couple of years with even better news," Arbelaez said. Arbelaez as well urged Brazil to maintain a stable environment, holding up declining North Sea production as an example of excessive regulation in another part of the world. Regulators acknowledged some terms could improve, but touted Brazil's overall attractiveness. "We hope to keep advancing the regulatory and the bidding round activity [for new oil blocks] to keep this industry growing," said the director general of Brazil's oil regulatory agency ANP, Artur Watt. We want to "attract international investors to help us do that." By Carla Bass Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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