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You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.One company said it expected a $20/t increase in Iran's asphalt fob price, which would take it up to around $245/t for bulk and $320 for drum. If the Iran price does go up, it will have a knock-on effect on the Bahrain price. Another company source was more cautious about prices and stressed that nothing was clear yet and there had been no change in the price.
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Dubai, 9 June (Argus) — An acute supply crunch resulting from the US-Iran war has left the UAE port of Fujairah, the world's fourth-largest bunkering port, depleted of very-low sulphur fuel oil (VLSFO). Most major bunker suppliers in Fujairah have completely pulled out of the market, reporting zero availabilities for the rest of the first half of June. The US-Israel war with Iran has severely disrupted local VLSFO production by cutting imports of feedstock materials and has severed supply from Kuwait's 615,000 b/d al-Zour refinery, leaving remaining bunkering volumes barely able to meet even very slim demand. "Nothing is moving here and will stay the same until we get a cargo from somewhere," a major bunker supplier said. Argus -assessed spot premiums for delivered VLSFO rose to all-time highs of $500-700/t against front-month Singapore VLSFO cargo values in the first week of June. In the neighbouring port of Khor Fakkan, where some sellers still have scarce supplies, a supplier sold a cargo on 8 June at a $450/t premium to the price basis. Under normal market conditions, bunker premiums typically hover around $10–20/t. But market participants anticipate some near-term relief with an expected arrival of low-sulphur straight run residuals (LSSR) in mid-June. A 100,000t cargo of LSSR from Nigeria's Dangote refinery, on board the Indonesia Prosperity , is scheduled to arrive in Fujairah on 16 June, according to global trade analytics firm Vortexa. The vessels charterer is trading firm Vitol, who owns a 100,000 b/d refinery in Fujairah. "It will take few days for LSSR to be blended into marine fuel grade VLSFO," one bunker trader said. "Vitol has its own bunkering arm in Fujairah which will have a priority for access over other suppliers." The volume of VLSFO sales in deals collected for assessment by Argus fell to a record low of 1,085 t/d in May, down from 1,760 t/d of sales in April. Argus compiles daily data on deals from Fujairah suppliers, traders and buyers, capturing up to a quarter of the market, offering a snapshot of broader market trends. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
London, 8 June (Argus) — Iran has suspended its attacks on Israel, state media said today citing the Islamic Revolutionary Guard Corps (IRGC). Crude prices pared some earlier gains. The IRGC said it has suspended military operations that saw ballistic missiles fired at targets in northern Israel. This was Iran's first attack on Israel since 8 April, and promoted retaliatory airstrikes by Israel on what it said were military targets in western and central Iran. "Any continuation of [Israeli] hostilities and wrongdoing — particularly in southern Lebanon — will be met with far harsher and more devastating actions than those previously taken," the IRGC said according to state news agency IRNA. Tehran deems Israeli military action in Lebanon as a part of the wider war involving the two countries and the US, and has said it wants an end to Jerusalem's incursions as part of any deal that could reopen the strait of Hormuz. Israel and Lebanon's central government have reached several ceasefire agreements, with the US facilitating those talks. But Lebanon's central government has little control over Hezbollah, the Iran-backed militant group that has been attacking civilian and military targets in northern Israel. Earlier on Monday, US president Donald Trump appealed for calm. "Israel and Iran must immediately stop "shooting"," he wrote on his Truth Social account. He again said a peace deal is close, "subject to ignorance or stupidity getting in its way", and said the US naval blockade of Iranian shipping in the Gulf of Oman "will remain in place and in full force and effect", until a deal is reached. The front-month August Ice Brent contract fell back from earlier highs after the Iranian announcement, to trade up by around 1pc on the day at $94.13/bl as of 11:50 GMT. It hit an intraday high of above $98/bl earlier in the day. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hamburg, 8 June (Argus) — Imports of diesel cargoes into northern Germany are scheduled to increase on the month in June, while supplies remain plentiful inland, with domestic refiners having to lower prices to stimulate demand. Around 322,000t of gasoil and diesel are forecast to arrive at northern German ports in June, Vortexa data show, up by nearly 25pc compared to May. Half of these shipments come from the US, compared with less than 15pc in May. The rise in imports contrasts with inland oversupply. The 204,000 b/d PCK refinery in Seefeld-Schwedt, 310,000 b/d Miro and 207,000 b/d Bayernoil facilities have experienced persistent surplus in recent months, particularly for heating oil, according to traders. Compared with northern Germany — which relies mainly on imports alongside volumes from the 103,000 b/d Holborn refinery — products at PCK Schwedt and southern hubs are trading at significant discounts. Heating oil demand has picked up to a certain degree in recent weeks because of lower prices, traders said. But buyers overall remain cautious, largely limiting purchases to required volumes. Private heating oil tanks remain at their lowest in at least six years, Argus MDX data show. Pressure on motor fuel supply has eased since early May. Steady agricultural demand and stronger buying interest from end-users after the temporary fuel tax cut took effect in May have helped absorb earlier domestic oversupply. Spot imports through the Rhine from the Amsterdam-Rotterdam-Antwerp (ARA) hub are currently not economically viable, unlike Baltic inflows. And German refiners are still trying to move product down the Rhine to ARA to relieve inland supply pressure. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Lagos, 5 June (Argus) — The African Energy Bank (AEB) is scheduled to launch in September, promoter African Petroleum Producers' Organisation (Appo) has said. Appo secretary general Farid Ghezali acknowledged "several postponements" but said the new deadline is "to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view". A planned April start was pushed back to this month before Appo members were again mobilised around a third-quarter deadline. Ghezali called on Appo members to redeem their pledges towards the $500mn start-up capital before the end of June. A source told Argus in May that 91pc of this had been raised and that Nigeria's state-owned NNPC and local content regulator NCDMB would make up the balance. The latter, which sits on Appo's board, said earlier this week that Nigeria remains committed to AEB's "formal commencement of operations", but provided no specifics. Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60pc of its oil products consumption and producing only 12pc of global upstream liquids while being home to many of the world's largest national oil and gas reserves. NCDMB said AEB will achieve its aim by "mobilising private-sector funds for energy projects across the continent". Ghezali said the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40pc of AEB's loan book and the priority will be given to projects that contribute towards the creation of "500,000–1mn direct and indirect jobs in the energy value chain". But even with the September start, Ghezali said AEB loan-making will only "open at the end of 2026". AEB will be based in Abuja, Nigeria. By Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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