A second cargo of US WTI is on its way to Nigeria's new 650,000 b/d Dangote refinery, scheduled to arrive on 13 March. The Suezmax Otis loaded WTI Midland in Houston on 18 February, Kpler data show. Vitol chartered the tanker, shipping reports and tracking show. Dangote could be running different crudes to test which offer the best value and provide the most optimal operations, a source says, while sellers may be looking to strike attractive deals to ensure business at a later stage. The first WTI cargo was scheduled to arrive at the refinery in early March.
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Red Sea AWRP up after Houthi attack on Israel
Red Sea AWRP up after Houthi attack on Israel
London, 30 March (Argus) — Additional war risk premium (AWRP) rates in the Red Sea have risen after the Yemen-based militant Houthis attacked Israel at the weekend, an insurance broker told Argus . The Red Sea AWRP inched up to 0.65-0.75pc of hull and machinery value, from around 0.6pc — although 25–50pc of this may be refunded as a no-claims bonus, the broker said. Some insurers may still offer around 0.6pc, according to brokers, but such offers are increasingly rare. Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, 28 March, in their first attack since the war in the Mideast Gulf began. A source familiar with regional AWRPs told Argus today that the Houthis "have been fundamentally weakened," and "do not have the capability they had two years ago". "But the Houthis are resilient and will probably attempt to strike a vessel," the source said. "Their threat is capped, however, given the US has so much firepower in the region." The Houthis may attempt to charge vessel operators for safe transit, the source said, "having done this previously and in a similar way to Iran ". Red Sea rates remain below the Mideast Gulf level, where AWRP is around 1pc of hull and machinery value for a vessel stuck west of Hormuz, insurers told Argus . The rate to leave the Gulf is considerably higher. Hormuz passage becomes significantly more expensive For vessels passing the strait of Hormuz, AWRP is around 5.0–7.5pc of hull and machinery value and can reach as high as 10pc, according to brokers. In addition, and before obtaining AWRP coverage, shipowners must confirm to insurers they have no links to the US or Israel and must present approval granted by Iranian authorities. Cargo war risk premiums are also substantial, at around 10–20pc of a cargo's value, insurance brokers said. Based on these rates, the AWRP payment could amount to as much as $13.4mn for a five-year-old very large crude carrier (VLCC) valued at around $134mn, according to shipbroker Xclusiv. Any deal would also require cargo insurance, which for a full 300,000t cargo of Dubai crude would add $52mn, implying a combined war risk insurance bill of about $65mn — comparable to the price of a 10-year-old Aframax tanker, which is around $61.5mn, according to Xclusiv. By Andrey Telegin and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi East-West pipeline maxed out on Hormuz closure
Saudi East-West pipeline maxed out on Hormuz closure
Doha, 29 March (Argus) — Saudi Arabia's now primary export outlet, the 7mn b/d East-West pipeline, has reached full capacity, sources with knowledge of the matter told Argus . The kingdom has, over recent days, moved around 7mn b/d of crude through the pipeline, the sources said. The pipeline, which links Saudi Arabia's eastern oil fields to the Red Sea port of Yanbu, was developed during the 1980s Iran-Iraq "Tanker War" as part of contingency planning to maintain exports in the event of a closure of the strait of Hormuz. The US-Israel war with Iran which began on 28 February has effectively halted flows through Hormuz, after Tehran began threatening and targeting tankers in and around the strait. This has forced Saudi Arabia and other regional producers to shut in significant volumes of oil and gas output. State-controlled Saudi Aramco began offering customers in Asia-Pacific the option of loading crude from Yanbu during the first week of the war, ramping up exports from the Red Sea port. A large number of tankers have since been redirected to Yanbu. Crude exports via Yanbu have reached around 5mn b/d, with an additional 900,000 b/d of refined products also shipped from the Red Sea, the sources said. The pipeline also supplies around 2mn b/d to domestic Red Sea facilities, including 1.5mn–1.6mn b/d to refineries near Yanbu and 400,000–500,000 b/d to the Jizan refinery, as well as power and desalination plants along the coast. Despite operating at full capacity, flows through the pipeline remain insufficient to compensate for the loss of Hormuz, which previously handled around 15mn b/d of crude flows. Saudi Arabia exported around 7.1mn b/d of crude in February and averaged 6.3mn b/d in 2025, with roughly 5.5mn b/d previously shipped via the Mideast Gulf. The kingdom's ability to rapidly deploy spare infrastructure and reroute exports reinforces its position as the world's primary supplier of last resort. Saudi Arabia has also cut production by around 2.5mn b/d , shutting in several offshore fields — including Safaniya, Marjan, Zuluf and Abu Safa — in response to Iranian missile and drone threats targeting Gulf energy infrastructure. Infrastructure linked to Red Sea exports has also come under attack. Saudi Arabia's defence ministry on 20 March said that an Iranian drone struck near the 400,000 b/d Samref refinery in Yanbu, prompting a temporary halt to exports from the terminal. Meanwhile, Yemen's Iran-backed Houthi militants launched missiles at Israel on 28 March, marking its first direct involvement since the conflict began. The move raises the risk of further escalation in the Red Sea and around the Bab el-Mandeb, a critical route for global oil flows. The Houthis warned they would enter the conflict if US or Israeli operations expanded, although they have not yet indicated plans to target shipping. But the group has previously attacked tankers during the Gaza war. Any disruption to flows through Bab el-Mandeb would leave Saudi crude exports via the Red Sea dependent on transit through Egypt. By Bachar Halabi 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.
Houthis attack Israel; no Red Sea diversions yet
Houthis attack Israel; no Red Sea diversions yet
London, 28 March (Argus) — Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, in their first attack since the war in the Mideast Gulf began. The group said its "first military operation" targeted sensitive Israeli military sites using "a barrage of ballistic missiles". Earlier, Israel's Defence Forces confirmed "the launch of a missile from Yemen towards Israel", saying its air defence systems "intercepted the threat". The Houthis warned on Friday that they would enter the conflict if the US or Israel expanded alliances against Iran, used the Red Sea for hostile operations, or continued escalation against Iran and its regional allies. The strike raises the risk of a new front in and around the Red Sea. No attacks on merchant vessels or new diversions in the area have been reported today. But the group has previously shown its ability to disrupt trade: from November 2023 to October 2025, its campaign against commercial vessels in the Red Sea cut Suez Canal traffic as shipowners rerouted around the Cape of Good Hope, increasing freight and insurance costs. Mohammed al-Basha — founder of a consultancy specialising in Middle East risk analysis — said today's strike was intended as a signal rather than a step into full-scale war, allowing the Houthis to act militarily without being drawn into a wider fight with the US or Saudi Arabia. "By striking Israel, they are telling people in Yemen, their partners in the Iran-backed network, and supporters abroad that their priority has not changed. Their direction stays fixed on Israel first," he said. Al-Basha said the group's next moves are more likely to target commercial shipping than US naval vessels. "Disrupting traffic in the Red Sea, the Bab el-Mandeb Strait, the Gulf of Aden, and the Arabian Sea creates pressure without crossing a line that could trigger a direct US response. After that, the scope could widen to include Gulf states. For now, the hope is that this remains a signal rather than the start of a broader escalation." By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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