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Explosion reported near bulk carrier off UAE coast
Explosion reported near bulk carrier off UAE coast
Dubai, 22 March (Argus) — An explosion from an unknown projectile was reported near a bulk carrier off the UAE's Sharjah coast late on Saturday, UK Maritime Trade Operations (UKMTO) said today. It is the latest in a series of attacks on commercial vessels in Mideast Gulf waters since the US-Israeli war against Iran started three weeks ago. UKMTO said the incident was reported 15 nautical miles north of Sharjah at 23:08 GMT on 21 March. The blast occurred close to the vessel, suggesting it may have been the intended target, although no direct hit was reported. The crew were reported to be safe. The Sharjah case follows other projectile-related incidents involving commercial vessels this month, including one east of Ras Laffan in Qatar on 19 March, showing that the risk is spreading across waters around the strait of Hormuz. Traffic through the strait remains heavily disrupted, with only a limited number of vessels passing since the war began on 28 February. Iran's retaliation has also included missile and drone strikes on energy infrastructure across neighbouring Gulf states, adding to security risks for shipowners and charterers. US president Donald Trump on Saturday night threatened to target Iran's power plants if Tehran does not stop attacking shipping through Hormuz by 23 March, after weeks of shifting US signals over how the waterway should be protected. Trump had initially sought support from countries reliant on Mideast Gulf energy flows to help secure transit through the strait. But after allies in Europe and Asia-Pacific pushed back, he said on 17 March that Washington would reopen it on its own. Iran, meanwhile, has suggested that passage through Hormuz may remain open for some vessels. Iranian foreign minister Abbas Araqchi said Tehran is willing to discuss transit with Japan and others that have not attacked it . By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens Iranian power plants
Trump threatens Iranian power plants
Washington, 21 March (Argus) — US president Donald Trump on Saturday night threatened to attack Iran's power plants if Tehran does not stop targeting shipping in the strait of Hormuz by 23 March. "If Iran doesn't FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIG ONE FIRST!" Trump wrote in a social media post at about 7:45pm ET on 21 March. Only a handful of vessels have been able to pass through the strait since the US-Israeli war against Iran began on 28 February. Iran has retaliated by targeting shipping through the strait, as well as energy infrastructure in neighboring countries and US military bases. Normally, about 25pc of globally traded crude volumes and 20pc of LNG supply flow through that chokepoint. Trump's post came hours after UN nuclear watchdog the International Atomic Energy Agency (IAEA) said on Saturday it was looking into Iranian reports that the Natanz nuclear site had been attacked. No increase in off-site radiation levels has been reported, the IAEA said. IAEA director general Rafael Grossi called for "military restraint to avoid any risk of a nuclear accident". By David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US starts emergency crude release from SPR
US starts emergency crude release from SPR
Washington, 21 March (Argus) — President Donald Trump's administration has started the first shipments of crude released from the US Strategic Petroleum Reserve (SPR) as part of a targeted 172mn bl emergency drawdown of crude from reserves. The initial crude shipments began on Friday, the same day the US Department of Energy (DOE) awarded contracts to eight companies to take 45.2mn bl of sweet and sour crude from three SPR storage sites in Texas and Louisiana. DOE has scheduled the crude deliveries from 1 April to 31 May, with the possibility of early deliveries. The drawdown began at "record speeds", nine days after Trump approved the release in coordination with the IEA as part of a global 400mn bl drawdown meant to reduce oil prices, DOE assistant secretary of hydrocarbons Kyle Haustveit said. The contracts will eventually add millions of barrels of crude back to the SPR "at no cost to taxpayers", he said. Shell, Marathon Petroleum and BP were among the companies that DOE awarded "exchange contracts", a type of loan under which they can take out crude from the SPR in exchange for returning the borrowed amount, plus an in-kind payment. DOE said the companies will return 55mn bl of crude to the SPR under the contracts, nearly 22pc more crude than they borrowed. The contracts are financially viable because crude markets are in backwardation, with WTI crude futures for delivery in April trading close to $98/bl, compared with less than $72/bl in much of 2028. The administration last week offered to release up to 86mn bl in the initial phase of its drawdown, but DOE on Friday had only awarded contracts for 45.2mn bl, slightly more than half of the volume offered. Although exchange contracts would ensure the SPR will be refilled at a later date, their complexity can make them slower to execute than emergency sales. DOE had offered exchanges of sweet and sour crude from three SPR storage sites. The agency fully subscribed its offer to release 10mn bl of sweet crude from the Bayou Choctaw SPR storage site in Louisiana. But out of the 42mn bl and 34mn bl of sour crude offered from the Bryan Mound and West Hackberry SPR storage sites, DOE only awarded contracts for 15.7mn bl and 19.5mn bl of sour crude, respectively, the agency said. DOE has not said when the crude will be returned, but its solicitation allowed for crude to be returned to the SPR from 1 November 2026 through 30 September 2028. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Gulf producers urge US to tackle Hormuz closure head-on
Gulf producers urge US to tackle Hormuz closure head-on
Dubai, 21 March (Argus) — Mideast Gulf oil producers are urging the US to address the disruption to oil flows through the strait of Hormuz "straight on", warning that interim measures such as tapping into Iran's so-called "oil-on-water" risk strengthening Tehran's position while leaving regional producers exposed, senior Gulf officials have told Argus. "The issue is not supply. The 140mn bl figure discussed by US officials on oil-on-water does not indicate the full picture," one senior Gulf official said. "Oil-on-water today includes production from Saudi Arabia, the UAE, Kuwait and Iraq, as well as from our western oil company partners in joint ventures, loaded on tankers stuck within the strait." The US Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC), issued a licence late on Friday allowing the sale, delivery and offloading of Iranian crude loaded into tankers on or before 20 March, until 19 April. The OFAC licence also allows the import of Iranian crude into the US for further resale. There are no conditions attached to payments for such cargoes. US Treasury Secretary Scott Bessent estimated on 19 March there were 140mn barrels of Iranian oil at sea , without providing further detail. These US efforts to stabilise markets by leaning on floating storage volumes are viewed in Mideast Gulf capitals as a temporary fix, senior Gulf officials said, that fails to address directly the core issue — the effective disruption of the world's most critical energy transit chokepoint. Gulf officials warned that such measures risk creating an uneven dynamic in which Iranian crude continues to flow — primarily to China — while exports from US-aligned Gulf producers remain constrained. "China is the most obvious buyer of Iranian crude, but what about Japan, or South Korea — our buyers and US allies?" the senior Gulf official asked, noting that interdicting Iranian flows is not straightforward and that Tehran has developed sufficient mechanisms to bypass sanctions and retain access to revenues. A second senior Gulf official said producers in the region cannot accept an outcome where "Iran takes the strait of Hormuz hostage," describing such a scenario as a structural shift in global energy markets. Gulf capitals are increasingly concerned that Washington could move to wind down the conflict before securing a durable resolution on maritime access, leaving Iran with de facto control over traffic through the strait. "Nobody in the Mideast Gulf asked for this war, but now that we find ourselves in the midst of it, the US should sort this out," the first official said. "The US should finish the job and not forget about its allies in the region," both officials said separately. US president Donald Trump said late on Friday that he has no plans to end the war quickly, telling reporters that "you don't do a ceasefire when you're obliterating the other side." But he also signalled that Washington is "very close" to achieving key military objectives as it considers winding down operations — messaging that has added to unease in Gulf capitals. The comments follow a week of the most extensive damage yet to energy infrastructure across the Mideast Gulf. For Mideast Gulf officials, reopening the strait of Hormuz remains the only viable path to restoring market balance and preventing Iran from exerting sustained influence over global oil prices. "The US needs to find a solution, and it is faced with three options," the first Gulf official said. "A compromise with Iran over freedom of passage, alignment with Iran's dictates, or the use of force." Concern in Gulf capitals is growing, and an outcome in which Iran exercises control over the strait of Hormuz is creating a perception that they have been left behind. This, in turn, could complicate relations between the US and its regional allies, the senior Gulf officials said. 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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