Speak to a specialist

Register and we will customize a solution that meets your exact needs. When you speak to one of our experts, you may be qualified to sample our industry-leading products on a no-cost basis.

You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.
Generic Hero BannerGeneric Hero Banner
Latest market news

Drone strikes cause fire near Dubai airport

  • Market: Crude oil, Oil products
  • 16/03/26

A fire was reported near Dubai International Airport (DXB) today after a drone struck one of the fuel tanks near the airport, authorities said.

The blaze was later contained, and authorities confirmed that no injuries were reported. Flight operations were temporarily suspended as a precaution while some flights were diverted to Al Maktoum International Airport (DWC), Dubai's second airport. Authorities later announced a gradual resumption of some flights to and from DXB to selected destinations.

Emirates, the world's largest international airline by passenger traffic, said it expected to operate a limited schedule after 10:00 Dubai time on Monday, although some flights scheduled for the day had been cancelled. DXB handled a record 95.2mn passengers in 2025, underlining the scale of disruption at one of the world's busiest international hubs, airport authority Dubai Airports said.

This is the third reported incident involving DXB since the US-Iran war began on 28 February. Two drones landed near the airport on 11 March, injuring four people, while a drone-related incident on 1 March caused minor damage to one of its concourses.

The latest incident underscores the strain on the Mideast Gulf aviation sector, where repeated drone and missile attacks have triggered airspace restrictions, flight diversions and operational disruptions at airports across the region. Restricted airspace has forced longer routings and cancellations, increasing fuel burn and disrupting passenger traffic.

In neighboring Kuwait, two fuel storage tanks at Kuwait International Airport were struck in a drone attack on 8 March, authorities said.

By Rithika Krishna

Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

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.

News
16/03/26

Australia moves to weekly fuel stock reporting

Australia moves to weekly fuel stock reporting

Sydney, 16 March (Argus) — Australia's Department of Climate Change, Energy, the Environment and Water (DCCEEW) will temporarily publish the latest available statistics on fuel stocks in the country under the Minimum Stockholding Obligation (MSO) weekly, transitioning from quarterly updates. Fuel suppliers are required to report stocks held on Tuesday by Friday and prove compliance with the MSO under federal law. Australia had 30, 37 and 29-days' worth of stocks for gasoil, gasoline and jet fuel at the normal rate of consumption, the latest weekly snapshot of fuel supplies as of 10 March show. This was 2pc, 52pc and 23pc above the required volumes under the MSO at the time. Demand for road fuels across Australia has spiked over the last two weeks because consumers rushed to service stations to procure supplies in anticipation of higher prices. This has meant the normal rate of consumption of 273,000 b/d and 578,000 b/d of gasoline and gasoil has been surpassed, eroding the level of MSO days of storage and leading to reported shortfalls in Australia's regional areas that rely on smaller independent wholesalers for supply, far from terminals. The Australian government allowed the release of up to 762mn litres (4.8mn bl) of gasoline and gasoil from Australia's domestic reserves on 13 March, reducing the MSO levels for each company to which it applies. The government has also taken other measures such as the relaxation in fuel standards to allow Australian refiner Ampol to sell its gasoline domestically at 50ppm sulphur content, above the national standard of 10ppm for a 60-day period. By Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Find out more
News

Crude futures rise after Kharg island attack

15/03/26
News
15/03/26

Crude futures rise after Kharg island attack

Singapore, 15 March (Argus) — Crude futures rose by almost 4pc in Asian trading on Monday, after US president Donald Trump threatened to destroy Iran's oil export facilities. The Nymex April WTI contract rose by 3.8pc to $102.44/bl shortly after trading started. The WTI contract briefly spiked to over $119/bl on 9 March but otherwise has not traded above $100/bl since 2022. Front-month May Ice Brent futures rose by 3.3pc to a high of $106.50/bl. The US "totally obliterated" military targets on Kharg Island, Iran's main oil export facility, but has so far left oil infrastructure intact , Trump said late on 13 March. Trump threatened to target oil facilities should Iran continue to interfere with passage through the strait of Hormuz. Iranian foreign minister Abbas Araghchi said on Sunday that his country will retaliate against the UAE for hosting the US attacks on Kharg. Futures rose despite more details emerging of the IEA's largest-ever stock release. The 412mn bl release will comprise more than 70pc crude , while Asian members of the group will make their share — around 65mn bl of crude and 43mn bl of products — available immediately, the IEA said on 15 March. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Iran vows retaliation on UAE for US attack on Kharg

15/03/26
News
15/03/26

Iran vows retaliation on UAE for US attack on Kharg

Houston, 15 March (Argus) — Iranian foreign minister Abbas Araghchi said his country will retaliate against the UAE for hosting US attacks this weekend on military targets on Kharg Island. The weapons used in the US attack on 13 March were fired from the UAE, Araghchi told state news agency Irna, including from a location very close to Dubai. "We would certainly retaliate but we try to be careful not to attack any populated area," Araghchi said. On 14 March, drones damaged two crude storage tanks in the UAE city of Fujairah, but it is not clear if that strike was in retaliation for the Kharg attack. On Sunday the UAE ministry of defense said it intercepted four ballistic missiles and six drones from Iran. The US hit more than 90 military sites on Kharg, including naval-mine storage facilities and missile storage bunkers, according to the US Central Command, which operates US forces in the Middle East. The US attack deliberately avoided energy-related assets on Kharg, which is Iran's primary crude export hub, but President Donald Trump threatened to attack oil infrastructure if Iran did not stop threatening to attack vessels crossing the strait of Hormuz. About 17mn b/d of crude and products normally transit through the strait. Araghchi said the strait is only closed to tankers and other vessels belonging to Iran's enemies and their allies. "Others are free to pass," he said. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

UK weighs Trump request to help reopen strait: Update 2

15/03/26
News
15/03/26

UK weighs Trump request to help reopen strait: Update 2

Adds details from joint GCC-UK statement London, 15 March (Argus) — The UK is considering how it can support efforts to reopen the strait of Hormuz after US president Donald Trump asked the UK and other countries to send warships to the waterway to defend against Iranian threats to shipping. "It is very important that we get the strait of Hormuz reopened," UK energy minister Ed Miliband said on Sunday in an interview with the BBC. "And we have already been talking with our allies, including the US, about this. There are different ways that we could contribute, including with mine-hunting drones. All of these things are being looked at in concert with our allies. Any options that can help to get the strait reopened are being looked at." The UK and the Gulf Cooperation Council, in a joint statement by their foreign ministers on Sunday, cited the importance of safeguarding "maritime routes" and the stability of global energy markets. At a meeting last week, the foreign ministers recognized the "inherent rights" of council members — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE — to defend themselves, and stressed that stability in the Gulf is "intrinsically linked" to the UK, they said. In a social media post on Saturday, Trump urged the UK, China, France, Japan and South Korea to send warships to the strait so that it was no longer subject to threats from Iran and could be reopened. "The Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help — A LOT!" Trump said. "The U.S. will also coordinate with those Countries so that everything goes quickly, smoothly, and well. This should have always been a team effort, and now it will be." In a separate post, Trump added that "hopefully China, France, Japan, South Korea, the UK, and others, that are affected by this artificial constraint, will send Ships to the area so that the Hormuz Strait will no longer be a threat by a Nation that has been totally decapitated." "One way or the other, we will soon get the Hormuz Strait OPEN, SAFE, and FREE!" Trump said. US energy secretary Chris Wright told NBC's Meet the Press on Sunday that he expects China will be a "constructive partner" in helping to reopen the strait of Hormuz. A crucial chokepoint for global energy trade which last year handled around 19mn b/d of crude and petroleum products, the strait has been largely closed to shipping since early March because of the threat of drone and missile attacks from Iran. But some ships are getting through. Five tankers carrying LPG, LNG and crude went through the strait of Hormuz last night, Wright said. "So, we know flow through the straits of Hormuz is possible." Iran did not fire on those vessels. "Probably they made a deal with India," Wright said. Iran's foreign minister Abbas Araqchi told CBS' Face the Nation on Sunday that Tehran has been approached by a "number of countries" wanting to have safe passage through the strait. "This is up to our military to decide," he said. Tehran has fired on other vessels in the region and has attacked US military bases and energy and other infrastructure across the Middle East, as retaliation for the ongoing air attacks launched against Iran by the US and Israel since 28 February. Trump has tasked the US military with reopening the waterway and promised to provide naval escorts for ships stranded in the Mideast Gulf, but senior US military officials on 13 March declined to provide a timeline or details of any plan for how that would be accomplished. By Jim Washer and David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

IEA emergency stock release to be 70pc crude

15/03/26
News
15/03/26

IEA emergency stock release to be 70pc crude

London, 15 March (Argus) — The IEA's 412mn bl emergency stock release will comprise more than 70pc crude, with Asian members making their share immediately available, the Paris-based agency said. IEA member countries agreed to their largest ever emergency stock release on 11 March , in response to the de facto closure of the strait of Hormuz — through which normally around 17mn b/d of crude and products pass. The IEA today said the release would total 412mn bl, including 295mn bl of crude and 117mn bl of refined products ( see table ). But the IEA did not provide details on discharge rates, so it is unclear how quickly the oil will be drawn from stocks. Asian and Oceania members — Japan, South Korea, Australia and New Zealand — will make their share of 65mn bl of crude and 43mn bl of products available straight away, the agency said. Asia is the region most immediately affected by the supply disruptions , as this is where most Mideast Gulf supplies normally go. But the bulk of the release, which will come from Americas and European members, will only start to hit the market at end of March, the IEA said. Americas volumes amount to 196mn bl, entirely consisting of crude. Most of this — 172mn bl — will come from the US' Strategic Petroleum Reserve. European contributions equal 108mn bl — 34mn bl of crude and 73mn bl of products. By Aydin Calik IEA emergency stock release mn bl Government Industry other Crude Products Total Americas 172 0 24 196 0 196 Asia, Oceania 67 42 0 65 43 109 Europe 33 75 0 34 73 108 Total 272 117 24 295 117 412 source: IEA Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Related Products

Argus Crude Outlook

Argus Crude Outlook

Monthly price forecasts for key crude grades and regional benchmarks up to 36 months out
Find out more

Argus Americas Asphalt

Argus Americas Asphalt

Get a dynamic perspective on North and Latin American markets with spot prices, news and market intelligence.
Find out more

Argus Refined Products Outlook

A comprehensive, 24‑month price forecast for refined oil product markets, delivered in a single, integrated solution.
Find out more

Argus Refinery Gate Values: A crucial piece of the crude supply chain puzzle

Unlock the true value of your crude or choose the best crude for your refinery
Find out more

Argus Specialised Freight

Data, insights and unique tools to help manage freight risk in biofuels, renewable feedstocks and chemicals markets
Find out more
Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more