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US fighter jet shot down over Iran: Tasnim

  • Market: Crude oil, Fertilizers, Natural gas
  • 03/04/26

Iran's military has shot down a US F-15 fighter jet over Iran, Iranian news agency Tasnim said on Friday.

In a development that could spark a major escalation of the US-Israeli war with Iran and upend the White House's timetable for the conflict, the Iranian Army's Air Defense Unit shot down the fighter jet, Tasnim reported.

The fate of the F-15 crew members was not immediately clear.

In a conflicting report, Iranian state news agency Irna posted images on X of what it described as an "F-35 fighter jet" that it said had been destroyed by the Islamic Revolutionary Guard Corps.

Neither the White House nor US Central Command responded immediately to enquiries, while the Pentagon referred questions to Central Command.

President Donald Trump has not posted on his social media platform about the incident. But at around 3:30pm ET he did post, "KEEP THE OIL, ANYONE?" And earlier in the day, Trump posted: "With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE. IT WOULD BE A 'GUSHER' FOR THE WORLD???"

During his prime time address to the US public about the war on 1 April, Trump claimed that the Iranians "have no anti-aircraft equipment", adding: "Their radar is 100pc annihilated. We are unstoppable as a military force."

A second US war plane, an A-10 Warthog attack plane, crashed near the strait of Hormuz about the same time as the F-15, the New York Times reported on Friday.

By David Ivanovich

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03/04/26

Iranian crude cargo changes course from India to China

Iranian crude cargo changes course from India to China

Dubai, 3 April (Argus) — A vessel that appeared to be carrying the first Iranian crude cargo to India for close to seven years has now changed course, and is signaling its destination as China, ship-tracking data show. The Aframax Ping Shun , carrying about 600,000 bl of Iranian crude, is now shown heading for Dongying in China after previously signalling its destination as Vadinar in India, according to data from Kpler and Vortexa . The reroute brings the shipment back into Iran's usual export pattern, with China emerging as the main destination for Tehran's heavily sanctioned and discounted crude in recent years. Vortexa data show China took more than 90pc of Iran's crude exports in 2025. The cargo's final destination could still change. Ping Shun , which was sanctioned by the US Treasury's Office of Foreign Assets Control (Ofac) in 2025, is on a time charter to Iran's state-owned oil firm NIOC, ship brokers said. The vessel loaded at Kharg Island in early March. The cargo initially appeared to open a narrow window for India's first known Iranian crude delivery since May 2019, when US sanctions waivers that had allowed limited imports were withdrawn. India had previously supported the trade through alternative payment and marine insurance arrangements. A temporary US waiver issued on 21 March for Iranian crude loaded on or before 20 March and discharged by 19 April briefly revived that possibility. But the waiver did not amount to broader sanctions relief, and market participants said trades involving sanctioned vessels still face heavy compliance scrutiny. Some said payment-related hurdles may also have prompted the reroute. The voyage comes as the US-Israel war with Iran enters its second month with no clear resolution in sight, raising concerns over prolonged supply disruption. US President Donald Trump said on Wednesday that Washington would hit Iran "extremely hard" over the next two to three weeks. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Kuwait's Mina al-Ahmadi refinery hit again by drones

03/04/26
News
03/04/26

Kuwait's Mina al-Ahmadi refinery hit again by drones

Dubai, 3 April (Argus) — Kuwait's 346,000 b/d Mina al Ahmadi refinery came under another drone attack early on Friday, causing fires in several operational units, state-owned Kuwait Petroleum (KPC) said. It was the third strike on the refinery in just over two weeks. KPC did not specify the extent of the damage or whether refinery operations were affected, but said it was working to maintain operational continuity. No injuries were reported. The refinery was previously hit in the early hours of 19 March, and again early on 20 March, which saw KPC shut a number of affected units as a precaution . Another Kuwaiti refinery, the 454,000 b/d Mina Abdullah plant, was also struck early on 19 March, adding to concerns over the vulnerability of the country's refining system. Kuwait has a third refinery, the 615,000 b/d al-Zour facility, further south, close to the Neutral Zone which Kuwait shares with Saudi Arabia. This latest attack follows weeks of repeated Iranian missile and drone attacks in Kuwait, and elsewhere in the Mideast Gulf region, in response to US and Israeli strikes on Iran. Kuwait's authorities have reported damage to airport and port infrastructure in recent weeks. Its air defenses have intercepted more than 500 drones and 300 ballistic missiles since the US-Israel war with Iran began on 28 February. US president Donald Trump said on Wednesday that military strikes on Iran would continue, dashing hopes for an imminent end to the conflict. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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First non-Iranian VLCC exiting the strait of Hormuz

02/04/26
News
02/04/26

First non-Iranian VLCC exiting the strait of Hormuz

London, 2 April (Argus) — A very large crude carrier (VLCC) carrying non-Iranian crude appears to have left the Mideast Gulf, the first since the start of the US-Iran war on 28 February, with a second close behind. The Dhalkut , operated by Trafigura according to the vessel's Q88 documentation, largely cleared the strait and was heading eastward as of 2 April. The Habrut , operated by Sinokor according to Q88 data, was on a similar path during the same timeframe. These could be the first two non-Iranian VLCCs to exit the Mideast Gulf since the war began over a month ago, a potential sign of Iran relaxing restrictions on ship movements. Both tankers are signalling Ras Markaz in Oman as their destination, which is a common method being used by ships in the Mideast Gulf to identify the nationality of the vessel and reduce the likelihood of attack by Iranian forces — but it is unlikely to be the vessels' final destination. The Dhalkat loaded Arab Heavy and Arab Medium crude on 26 February from Juaymah while the Habrut loaded Murban crude on 17 March from Jebel Dhanna, Kpler data show, and both have remained inside the Mideast Gulf since. When the Dhalkat first loaded before the war broke out, it appeared to indicate Myanmar as a destination, vessel tracking data show, and it may proceed there after exiting the strait. At least 14 VLCCs have left the strait of Hormuz since the start of March, according to Kpler data, all loaded from Kharg Island or the FPSO Soroosh , both controlled by Iran. Recently, traffic through the strait has been steady, Another seven vessels crossed on Wednesday, the same as on Tuesday. Three vessels exited the Mideast Gulf, and four vessels entered, transiting westbound through the channel, according to vessel tracking data from MarineTraffic. More notably, two ultra-large container carriers linked to China's Cosco — the CSCL Indian Ocean and CSCL Arctic Ocean — which abandoned attempts to transit on 27 March, transited the strait earlier in the week. Iran's Revolutionary Guard Corps said that day that its navy had turned back three container ships attempting to pass through the strait. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Saudi maxes Yanbu flows, taps storage in March

02/04/26
News
02/04/26

Saudi maxes Yanbu flows, taps storage in March

Doha, 2 April (Argus) — Saudi Arabia's crude exports averaged 5.3mn b/d in March and refined products exports stood at around 800,000 b/d, sources told Argus , after Riyadh successfully rerouted flows to its west coast following the closure of the strait of Hormuz. Crude exports averaged 3.3mn b/d from the Red Sea port of Yanbu and 1.1mn b/d from the kingdom's main Ras Tanura hub, according to trade analytics firm Kpler, bringing the total to 4.4mn b/d. But Saudi Arabia also tapped into its "international storage in Japan, South Korea and the Netherlands for a few days, until rerouted cargoes began arriving at Yanbu," the sources said. Despite the shift, the March figure is well off from pre-war flows in February, when total Saudi crude exports were 7.2mn b/d and refined product exports 1.6mn b/d. 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. The kingdom's 7mn b/d East-West pipeline has emerged as a critical strategic asset for both Saudi Arabia and global energy markets. Its ability to rapidly deploy spare infrastructure and reroute exports has reinforced its position as the world's primary supplier of last resort. State-controlled Saudi Aramco began offering Asia-Pacific buyers the option of loading crude from Yanbu during the first week of the war, accelerating the shift towards Red Sea export routes. The East-West pipeline — now Saudi Arabia's primary export outlet — reached full capacity around 25 March , enabling crude exports via Yanbu to climb to around 5mn b/d. The pipeline also supplies roughly 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 the pipeline operating at full capacity, flows remain insufficient to fully offset the loss of Hormuz transit, which previously handled around 15mn b/d of crude. Markets are closely watching the kingdom's ability to sustain flows, particularly after Yemen's Iran-backed Houthi militants launched missiles at Israel on 28 March — marking their 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 chokepoint for global oil flows. The 1,200km pipeline, linking Saudi Arabia's eastern oil fields to the Red Sea, was developed during the 1980s Iran-Iraq "Tanker War" as part of contingency planning for a potential Hormuz closure. 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. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US seeks bids for 10mn bl crude release from SPR

02/04/26
News
02/04/26

US seeks bids for 10mn bl crude release from SPR

Washington, 2 April (Argus) — President Donald Trump's administration is offering to loan out up to 10mn bl of sour crude from the US Strategic Petroleum Reserve (SPR) as part of a release of 172mn bl intended to ease supply shortages caused by the war with Iran. The US Department of Energy's (DOE) second round of "exchange" contracts, announced on Wednesday, is offering 2mn bl of sour crude in April and 8mn bl of sour crude in May from the SPR's Bryan Mound site in Texas. Participating companies will be required to return the crude they borrow by no later than November 2027, in addition to providing an in-kind payment, which will result in the SPR holding more crude than before Trump authorized the drawdown. "Today's action furthers the United States' efforts to move oil quickly to the market and mitigate short-term supply disruptions," DOE assistant secretary of hydrocarbons Kyle Haustveit said. Bids for the second round of exchange contracts are due by 12pm ET on 6 April. DOE already awarded a first round of exchange contracts that will release 45.2mn bl of sweet and sour crude from the SPR by the end of May. Companies awarded contracts will be required to return crude to the SPR between November 2026 and the end of September 2028. For the second round, DOE switched to a formula that will reward companies for the early return of crude to the SPR. That will avoid a financial incentive for most of the returns to take place near the end of 2027. Nymex WTI crude futures at the end of 2027 are trading at a discount of nearly $3/bl compared to the first quarter, based on settlement prices on Wednesday. Under the formula for the 10mn bl release, bidders will be required to return a "minimum" of 17pc more crude than they borrowed for crude returned to the SPR in the first quarter of 2027. For each additional quarter they wait, the minimum will rise by 0.5 percentage points, reaching a maximum rate of 18.5pc for crude returned by November 2027. DOE said it will award contracts primarily based on which companies offer to return the most crude to the SPR. Trump last month granted a 60-day waiver of the Jones Act for crude and other commodities shipped between US ports. The waiver, which is set to expire at 11:59pm ET on 17 May, will enable crude from the SPR to be transported to other US ports without needing to charter US-flagged, US-built tankers that are compliant with the Jones Act. 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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