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Latest market news

US, Iran exchange strikes again

  • Market: Crude oil, Freight, Natural gas
  • 30/08/26

The US attacked Iranian military facilities on the island of Larak in the strait of Hormuz 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. If confirmed, this would mark the first exchange of strikes in more than a month. The US and Iran exchanged strikes daily from 11-23 July but fighting took a pause as 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

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28/08/26

Trump claims Venezuela oil reserves takeover

Trump claims Venezuela oil reserves takeover

Washington, 28 August (Argus) — The US will take "majority control" of 65bn bl of Venezuela's oil reserves in partnership with unnamed private companies, President Donald Trump claimed on Friday. Trump said that secretary of state Marco Rubio and defense secretary Pete Hegseth worked with Venezuela's interim president Delcy Rodriguez to secure the reserves deal, "at no cost to the American Taxpayer". The White House did not immediately provide any details of the purported US-Venezuela agreement. The deal would more than double proven US oil reserves, Trump said. He added that it "will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity," in a post on his social media platform. US proven oil reserves stood at 46bn bl as of 2024, according to the latest data made available by the Energy Information Administration. The Venezuelan government estimates the country's proven oil reserves at 303bn bl, based on a decades-long assessment. Some of the US' top oil companies are still sitting on the fence when it comes to returning to Venezuela, but investing there seems a more attractive proposition now than it did in January, given supply disruptions from the Iran war. 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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Hormuz traffic Thursday flat from day earlier

28/08/26
News
28/08/26

Hormuz traffic Thursday flat from day earlier

New York, 28 August (Argus) — Commercial vessel traffic through the strait of Hormuz on Thursday remained constrained despite assertions by US officials that the waterway was open to commercial traffic and free of mines. 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. The traffic was equally split between inbound and outbound movements, including four tankers inbound on the northern Iranian lane, three outbound tankers on the southern lane and one outbound on the northern lane. 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. Admiral Brad Cooper, commander of the US Central Command (Centcom), which oversees US forces in the Mideast, said in a video post late on 27 August that internationally recognized transit lanes in the center of the strait are free of Iranian mines and that "today, international shipping lanes are open and momentum is building". No vessels were detected by Windward as transiting via the center lane on that day. Traffic since the start of the US-Iran war has been largely bifurcated between the northern and southern lanes. Prior to the war, ships transited the strait through the centermost lane via an established Transit Separation Scheme (TSS) route. The TSS was proposed by Oman and Iran and adopted by the IMO in 1968, designating shipping lanes for maritime traffic to reduce collisions and improve safety. Following the outbreak of the US-Iran war, the middle TSS lanes were reportedly mined by Iranian forces, rendering traffic through them highly dangerous. A combination of factors are likely to make vessels easier to target if they are transiting in the center of the strait compared with transits closer to the coastline, said Joshua Tallis, research program director at the Center for Naval Analyses (CNA). This includes a more complicated sensor environment closer to the coast and proximity to missile defense systems. US officials continue to double down on claims that the US had been supporting significant flows of oil through the waterway. Centcom's Cooper said US forces have assisted nearly 1,500 commercial vessels through the strait by providing coordinated protection, with a total of 750mn bl of crude oil destined for global markets "over the past several months". In the three months before the war started crude flows averaged 700mn bl a month, Vortexa data show. In a late Thursday social media post US Treasury secretary Scott Bessent echoed claims by other US officials that in the last 14 days the US has guided 130mn bl out of the strait of Hormuz. That figure, which approximates to 9.3mn b/d, is in line with the 9mn-10mn b/d claimed by other US officials including US president Donald Trump, but far below the 3.5mn-3.7mn b/d average that can be corroborated by available satellite imagery and vessel tracking information. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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ExxonMobil Rotterdam refinery limited since outage

28/08/26
News
28/08/26

ExxonMobil Rotterdam refinery limited since outage

London, 28 August (Argus) — ExxonMobil's 200,200 b/d Rotterdam refinery is still producing less than normal volumes in late August, following a power outage earlier in the month, according to several market sources. ExxonMobil declined to comment. A source said output was disrupted at least for diesel and residual fuel oil. Another said they had been "waiting ages" to load from the refinery and then told to load from a different location. Another said there had been no barge loadings for "a while" but operations could restart by the end of August. Another said they expected the issue to persist into September. The refinery was affected by a power outage on 13 August. Dutch emergency services said all processes stopped at the site , which was related to a fire at a transformer substation in the Maasvlakte district of Rotterdam port. By Jide Tijani and Benedict George Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Japan’s Eneos to keep Middle East as main crude source

28/08/26
News
28/08/26

Japan’s Eneos to keep Middle East as main crude source

Tokyo, 28 August (Argus) — The Middle East will continue to be Japanese refiner Eneos Holdings' main crude source, but dependence on the strait of Hormuz could be lowered depending on the cost and risk balance, executive vice president and chief financial officer Soichiro Tanaka said in an interview with Argus . "The Middle East will remain a crude source with a significant share, although its share may decline from past levels," Tanaka said. The firm will return to Middle Eastern crude to some extent as the situation stabilises, given its economic advantages and the firm's experience of processing Middle Eastern crude as its main crude supply. Nationwide, Japan has started discussions to diversify crude oil sourcing, including a scheme to raise funds from refiners and importers to support diversification. "If it becomes an economically viable framework and offers greater overall value in various respects, we will choose to make use of it," Tanaka said. The framework will have influence on Japan's future dependence on the Middle East for crude, but "Middle Eastern crude will not drastically decrease," he said. Japan sourced 94pc of its crude imports from the Middle East in 2025, and most of the volumes passed through the strait of Hormuz. To reduce geopolitical risk, Japan is also considering financial measures to support construction and enhancement of alternative supply facilities in the Middle East, such as pipelines bypassing the strait. Reducing reliance on the strait "depends not only on buyers but also on suppliers' measures such as pipeline construction," Tanaka said. "Hopefully, it will settle at the point where risk and cost are best balanced, but that is beyond our control," he added. Currently the disruption at the Bab el-Mandeb strait is affecting Eneos' crude procurement, but the level is limited and Eneos can still meet domestic supply, he said. "Some adjustments have been necessary, but there is no supply shortage. It is a matter of timing and a temporary structural fluctuation." Exploring overseas potential Eneos as a group aims to raise its overseas revenue to around 50pc in the April 2030-March 2031 fiscal year. As part of this strategy, the company has announced plans to acquire petroleum assets in southeast Asia and Australia from Chevron, including its 50pc share of Singapore Refining Company's export-oriented 290,000 b/d refinery, as well as terminals and supply networks in southeast Asia and Australia. The firm has not fully utilised its capacity to conduct trading, and there is potential here, Tanaka said. The acquisition of assets in southeast Asia will provide a return in trading backed by assets, he reiterated, highlighting the expected growth in demand for petroleum in the region. The growth in southeast Asia's demand for petroleum could also be a key driver for the Japanese refiner to seek a broader market to absorb Japan's expected surplus of refining capacity, since Japanese demand is on a downtrend. "We are not considering any immediate action. But over time, refining capacity will be somewhat excessive relative to domestic demand. On the other hand, demand will continue to grow in southeast Asia," Tanaka said. "We will determine the future refining capacity based on how much overseas markets such as southeast Asia grow and whether supply from domestic refineries can be used there." "It is a matter of how we balance between the future outlook and marginal refineries, so it is an issue that we need to assess on an ongoing basis," Tanaka said. Eneos has around 1.64mn b/d of refining capacity in Japan, accounting for the largest share in the country's overall capacity around 3.11mm b/d. "There are no specific projects under consideration, but we are looking at whether there is still room to expand further in the downstream business in southeast Asia," Tanaka said. Eneos is also exploring the possibility of expanding overseas business in other sectors. The company has also recently announced the plans to acquire US-based chemical producer TPC Group . "The US market is attractive given the competitiveness of ethane crackers and feedstock," Tanaka said. Eneos is also focusing on southeast Asia as the "core area" for upstream business including the LNG sector and aims to expand it, Tanaka said. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Japan moves to revive domestic LNG shipbuilding

28/08/26
News
28/08/26

Japan moves to revive domestic LNG shipbuilding

Osaka, 28 August (Argus) — Japan has begun a full-fledged effort to revive domestic LNG shipbuilding to bolster its economic and energy security, on expectations that demand for the fuel will remain firm through the transition to net-zero by 2050. Japan has not built an LNG carrier domestically since 2019, because intensifying competition such as from South Korea and China eroded the industry's competitiveness. But maintaining the capability to build such vessels is increasingly seen as strategically important, given concerns that resource-poor Japan could struggle to secure shipping capacity to transport fuels in the event of a crisis. The ministry of land, infrastructure, transport and tourism (Mlit) on 21 August convened shipbuilders, shipping companies, other government agencies and the country's largest LNG importer Jera for talks on reviving domestic LNG carrier construction. Participants agreed to work together toward that goal, with the shipbuilding industry expressing its commitment to establishing self-sustaining construction capability. The talks came after the government incorporated domestic LNG carrier construction into its growth strategy for 17 strategic sectors, which was approved by the Cabinet on 21 July. The plan calls for Japan to build three to five LNG vessels a year from 2035 onward, while strategically leveraging shipbuilding know-how and capabilities held by like-minded countries, such as South Korea, which has extensive experience in building membrane-type LNG carriers, the dominant vessel type in the global market. To advance the initiative, Mlit confirmed that it will work with industry stakeholders to clarify the number of vessels to be ordered, construction schedules, required capital investments and costs, while fleshing out support measures and institutional frameworks, including financial assistance. It remains unclear how much budgetary support the government will provide, with industry participants calling for the project to be treated as a national initiative and for measures to address the substantial cost gap with rival shipbuilding nations. Balancing role Japan is stepping up efforts to strengthen LNG security across its supply chain, given the country's gas demand almost entirely depends on imports. LNG is expected to continue playing a vital role in maintaining a stable power supply while the share of weather-dependent renewable energy rises and the role of nuclear power remains uncertain due to safety concerns. Electricity demand is also projected to increase, driven by the growing use of artificial intelligence. That said, LNG is expected to increasingly serve as a balancing power source, making it unclear whether Japan's domestic LNG demand will continue to grow. The outlook will largely depend on progress in restarting existing nuclear reactors, developing next-generation reactors and expanding renewable power capacity. This underscores the need for greater flexibility in LNG procurement, including access to an adequate fleet of LNG carriers, because importers may need to divert or sell excess cargoes overseas in response to shifts in domestic demand. Japanese firms currently handle 100mn t/yr of LNG, well above domestic demand of 65mn t/yr. Some of this is used to generate profits through LNG trading abroad, but these volumes could be redirected to the domestic market if needed, providing a form of supply security distinct from strategic stockpiling, an official at the trade and industry ministry Meti said previously. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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