Overview

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Latest news on the Middle East conflict

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Latest news
21/04/26

Iran war cuts global oil demand by 4mn b/d: Vitol

Iran war cuts global oil demand by 4mn b/d: Vitol

Lausanne, 21 April (Argus) — Global oil demand has fallen by about 4mn b/d since the start of the war in the Middle East, compared with supply losses of around 12mn b/d, trading firm Vitol's chief executive Russell Hardy said today. Speaking at the FT Commodities Global Summit in Lausanne, Hardy said demand would have to fall further to rebalance the market if the strait of Hormuz remains effectively closed, with recessionary consequences. Most of the drop in oil demand so far has occurred in the Middle East, alongside weaker consumption in Asia, he said. Hardy estimates that global refinery output is down by around 6mn b/d from pre-war levels, reflecting disruptions to crude feedstock supplies and infrastructure damage. If the disruption carries on, "the problem gets more difficult to manage, because so far we've borrowed supply from various alternatives", he said, referring to falling oil-on-water inventories and emergency stock releases co-ordinated by the IEA. Cumulative global oil production losses since the US-Iran war began on 28 February now total about 600mn-700mn bl and would rise to around 1bn bl even if the strait of Hormuz reopens in the near term, Hardy said. "By the time this is over, we will have lost 300mn-400mn bl of product inventories," he said. Even if oil exports resume soon, recovery across the supply chain would take time, he said. "The restart of production, the restart of refineries, there's an awful lot of infrastructure that's been shut down … it takes some time to put all of that back." Mideast Gulf producers including Saudi Arabia, Iraq, Kuwait and the UAE have been forced to shut in upstream output because of limited alternatives to shipping their crude through the strait of Hormuz. Energy infrastructure across the region has also been damaged by military attacks during the conflict. Hardy said oil prices since the war began have been driven by concern over near-term physical supply availability. "The price action is in physical oil at the front," he said. "The third quarter onwards is less relevant in people's thinking because if the strait opens in 10 days' time, yes, recovery will take time, but oil will flow, and eastern customers will be better supplied for June and July." A longer-term impact of the war could be a renewed push to build strategic fuel stocks, Hardy said, although such efforts would take time. "If you want a strategic initiative of jet fuel, you've got to arrange tanks, airport access, and build those inventories," he said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Latest news

US seizes sanctioned VLCC in Indian Ocean


21/04/26
Latest news
21/04/26

US seizes sanctioned VLCC in Indian Ocean

London, 21 April (Argus) — US forces have boarded and seized a laden very large crude carrier (VLCC) in the Indian Ocean that was carrying Iranian crude in defiance of US sanctions, marking the latest enforcement action against the dark fleet moving Iranian supply to Asia-Pacific. The 2mn bl capacity Tifani had loaded at Iran's Kharg Island terminal on 5 April and was intercepted south of the Bay of Bengal, probably on route to Malaysian waters where it had called previously. These are a regular staging area for ship-to-ship (STS) transfers of sanctioned crude. The tanker discharged at two Chinese ports last year. "Overnight, US forces conducted a right-of-visit, maritime interdiction and boarding of the stateless sanctioned M/T Tifani without incident in the INDOPACOM (Indo-Pacific Command) area of responsibility," US Central Command said. "International waters are not a refuge for sanctioned vessels," CENTCOM said, adding that the US Department of War "will continue to deny illicit actors and their vessels freedom of manoeuvre in the maritime domain." Tifani is registered to a business in Suriname and is part of the 'dark fleet' moving sanctioned crude from Iran, Russia and Venezuela to foreign markets. The tanker is using a false flag, according to the International Maritime Organization's database at the time of interdiction. Malaysian Exclusive Economic Zone (EEZ) waters off the east coast of Johor have emerged as a key hub for STS transfers of Iranian crude, with dark fleet tankers frequently used to obscure the origin of cargoes before onward delivery to Chinese independent refiners. By Harry Heath Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Iran’s parliament speaker rejects talks amid US threats


21/04/26
Latest news
21/04/26

Iran’s parliament speaker rejects talks amid US threats

Dubai, 21 April (Argus) — Iran's parliament speaker Mohammad Bagher Ghalibaf has downplayed the prospects of a new round of peace talks with the US in Islamabad and reiterated Tehran's readiness to return to armed conflict if the current two-week ceasefire expires without a deal this week. Iran does "not accept negotiations under the shadow of threats", Ghalibaf said on Tuesday in a post on social media platform X. Ghalibaf was referring to a possible second round of Pakistani-mediated talks that both sides had suggested could take place this week in Islamabad. He has emerged as one of the key figures in Iran's wartime leadership structure. A first round of talks took place on 11 April, just days after a two-week ceasefire was agreed late on 7 April. Those negotiations, which lasted 21 hours, failed to produce any agreement. The ceasefire is due to expire on 22 April. US president Donald Trump said on Sunday that he would send his envoy Steve Witkoff and son-in-law Jared Kushner to Islamabad for a new round of talks this week. US vice-president JD Vance, who led the US delegation in the first round, will not take part because of security concerns, Trump said. Tehran has since suggested it would not send a delegation to the Pakistani capital, citing "excessive US demands" and the ongoing US naval blockade on Iranian ports, which it has described as a violation of the ceasefire agreement. Ghalibaf reiterated that position today, saying Trump was seeking to "turn this negotiating table… into a table of surrender, or the basis on which to justify renewed warmongering". Over the weekend, Trump repeated his threat to attack Iranian infrastrcture, saying Washington was offering Iran "a very fair and reasonable DEAL" and warning that if Tehran refused, "the US is going to knock out every single power plant, and every single bridge in Iran". Ghalibaf appeared to respond to that rhetoric, saying Iran is "prepared to reveal new cards on the battlefield" if the ceasefire expires and the US and Israel resume attacks on Iran. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Vessels attacked as Iran reasserts control of Hormuz


18/04/26
Latest news
18/04/26

Vessels attacked as Iran reasserts control of Hormuz

Singapore, 18 April (Argus) — Two vessels came under attack in the Mideast Gulf on Saturday, according to UK Maritime Trade Operations (UKMTO), the Royal Navy-operated shipping security authority. The incidents followed Iran's decision to reassert control over shipping through the strait of Hormuz. Tehran said on Friday that the waterway would be open for the duration of the current US-Iran ceasefire. But the country's military leadership has since said passage has returned to the strict control of Iran's armed forces , citing the continued US naval blockade of Iranian ports. In one incident, the master of a tanker reported being fired upon by the Iranian navy about 20 nautical miles northeast of Oman. Two Iranian navy gunboats opened fire on the unnamed tanker without prior warning over radio communications, according to the master's report. The vessel and crew were reported to be safe, UKMTO said. Separately, a container vessel reported being hit by an unidentified projectile about 25 nautical miles northeast of Oman. The ship, which was not identified, reported damage to containers but no fire. The latest incidents add to a list of attacks on commercial shipping in the Mideast Gulf since the US and Israel began strikes on Iran on 28 February. By Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Latest news

Ships abort Hormuz transit attempts


18/04/26
Latest news
18/04/26

Ships abort Hormuz transit attempts

Singapore, 18 April (Argus) — At least 21 vessels that attempted to leave the Mideast Gulf following a brief reopening of the strait of Hormuz were forced to turn back, vessel tracking data show, after Tehran reimposed transit restrictions in response to the continued US naval blockade of Iranian ports. Tracking data indicate that at least 15 of the vessels were tankers across all size classes. Most of the ships had been trapped in the region since the US-Iran war began on 28 February. They appear to have moved after a short-lived opening was signalled on Friday, when Iranian foreign minister Seyed Araghchi announced that the strait would be open. US president Donald Trump said shortly afterwards that the waterway was completely open. But Iran has since reversed course , saying Hormuz would not remain open while the US naval blockade of Iranian ports remains in place and that transit had returned to strict military control. The rapid change in the status of Hormuz transits has raised questions about US president Donald Trump's comment on Friday that Washington was "very close" to a full deal with Tehran. By Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mideast Gulf export infrastructure


Mideast Gulf export infrastructure