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Latest Market News

Israel gas fields, refinery shut after attack on Iran

  • Spanish Market: Crude oil, Natural gas, Oil products
  • 28/02/26

Two key Israeli gas fields are set to stop production and the country's 197,000 b/d Haifa oil refinery has shut down some units, in response to the US-Israel and Iran conflict.

The US and Israel began a military operation against Iran today. Tehran has responded by firing missiles against Israel and against US military assets in regional countries.

Israel's energy ministry has instructed Greek firm Energean to temporarily suspend production at its offshore Karish gas field "following the recent geopolitical escalation in the region", the company told Argus. A source said Israel has also ordered the closure of the country's largest gas field, Leviathan, as a precautionary measure. Leviathan operator Chevron referred questions to the energy ministry. There is no indication of the status of Chevron's other gas field in Israel, Tamar.

The Haifa refinery operator Bazan said it has shut down some unspecified units. Israel has another refinery, Paz Oil's 110,000 b/d Ashdod.

The shutdowns in Israel are some of the first effects of the conflict on regional energy infrastructure. These appear to be precautionary, given the Haifa refinery was severely damaged in a missile attack during the 12-day war between Israel and Iran in June 2025.

Then, Leviathan and Karish were shutdown, and Tamar continued to produce uninterrupted.
The shutdowns of the gas fields are likely to result in a steep reduction or complete halt to Israeli gas exports to Egypt, as happened last year.

The biggest effect of the conflict would be disruption to shipping lanes and energy movements through the strait of Hormuz, through which around 20pc of global oil supply and a significant share of LNG exports transit.

By Aydin Calik

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28/02/26

Iran strikes trigger regional airspace closure

Iran strikes trigger regional airspace closure

Dubai, 28 February (Argus) — Several Mideast Gulf countries have closed their airspace and major international airlines have suspended operations after Iran launched retaliatory missile strikes in response to US–Israeli attacks earlier on Saturday , triggering widespread disruption to one of the world's busiest aviation corridors. Dubai Airports confirmed cancellations and delays at Dubai International (DXB) and Al Maktoum International (DWC) because of a "partial and temporary" closure of UAE airspace as a precautionary measure. Emirates, the world's largest international airline by passenger traffic, has suspended all flights to and from Dubai, citing multiple regional airspace closures. Qatar has also temporarily closed its airspace, halting operations of Qatar Airways, while Kuwait Airways has postponed all arrivals and departures at Kuwait International Airport, citing passenger and aircraft safety. Israel and Iran have both shut their airspace following the exchange of strikes, while Iraq, Oman and Bahrain have also imposed airspace restrictions. Jordan's Royal Jordanian said it continues operating normally as long as national airspace remains open and safe, but warned that some flights to affected destinations could face schedule changes. European aviation regulator EASA issued a Conflict Zone Information Bulletin advising airlines not to operate in the affected airspace "at all flight levels and altitudes", warning of a "high risk to civil aviation" given the ongoing military action. Among international carriers suspending or cancelling services to the Mideast Gulf and Israel are Turkish Airlines, Lufthansa and British Airways. British Airways said it has cancelled flights to Tel Aviv and Bahrain until 3 March and has scrapped its service to Amman in Jordan. The Middle East forms a critical east–west air transit hub linking Europe, Asia and Africa, with Dubai, Doha and Abu Dhabi among the world's largest long-haul transfer points. The closure of multiple airspace zones forces airlines to cancel services or reroute around restricted areas, increasing flight times and fuel burn and disrupting passenger flows. By Bachar Halabi and Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US, Israel launch major attack on Iran: Update

28/02/26
28/02/26

US, Israel launch major attack on Iran: Update

adds details throughout Dubai, 28 February (Argus) — The US military today began "major combat operations" in Iran following co-ordinated Israeli strikes, marking the most significant escalation in years in the oil-rich Mideast Gulf and sharply raising the risk of oil and gas supply disruptions. Iran has responded by firing missiles towards Israel and US military bases across the region. "A short time ago, the United States military began major combat operations in Iran. Our objective is to defend the American people by eliminating imminent threats from the Iranian regime," President Donald Trump said. The US Department of Defense has codenamed the attack "Operation Epic Fury". Trump said the US would destroy Iran's missile inventory and industry and "annihilate their navy", reiterating that Tehran "will never have a nuclear weapon". He told members of Iran's Islamic Revolutionary Guard Corps (IRGC) and security forces to "lay down your weapons and have complete immunity or face certain death". Israeli prime minister Benjamin Netanyahu said the joint US-Israeli attack on Iran "will create the conditions for the brave Iranian people to take their destiny into their own hands". "The time has come for all sections of the people in Iran … to remove the yoke of tyranny … and bring a free and peace-loving Iran," Netanyahu said in a televised statement. Videos circulated on social media indicated explosions in Tehran shortly before Trump's remarks. Israel earlier confirmed it had launched what it described as a "pre-emptive attack" against Iran, and defence minister Israel Katz declared a national state of emergency and warned of expected retaliatory missile and drone strikes. Israel closed its airspace to civilian traffic, suspended non-essential activities and instructed citizens to remain near shelters. Iran also closed its airspace, and several commercial airlines have diverted or cancelled flights to the region. Bahrain said the service centre of the US Fifth Fleet had been subjected to a missile attack. Video footage showed a thick grey plume of smoke rising in Manama. The UAE, Kuwait and Qatar said their air-defence systems intercepted Iranian missiles that violated their airspace. Saudi Arabia strongly condemned what it called "blatant Iranian aggression" and a dangerous violation of the sovereignty of other Mideast Gulf countries. All Mideast Gulf oil producers host US forces, including Saudi Arabia, Qatar, the UAE, Bahrain, Oman and Kuwait. Meanwhile, EU high representative for foreign affairs Kaja Kallas said the bloc's "Aspides" naval mission "remains on high alert in the Red Sea and stands ready to help keep the maritime corridor open." The strikes today signal the collapse of renewed US-Iran nuclear negotiations held in Switzerland this week. Trump said the military operation began after Iran refused to renounce nuclear weapons ambitions. Tehran has repeatedly denied seeking atomic weapons and warned it would retaliate against US bases in the Mideast Gulf region if attacked. It launched missiles towards the US Al Udeid air base in Qatar during a 12-day conflict in June 2025, after US and Israeli strikes on Iranian nuclear facilities. Oil markets were already pricing in some geopolitical risk ahead of the escalation, with front-month Ice Brent crude trading near $73/bl on Friday, its highest since July. An outright war between the US-Israel and Iran risks disruption to shipping lanes and flows through the strait of Hormuz, through which around 20pc of global oil supply and a significant share of LNG exports transit. Opec+ ministers of the core group of eight are scheduled to meet on Sunday to review production policy for the month of April. Delegates had been weighing a modest supply increase from April, but the escalation introduces new uncertainty over supply balances and the group's strategy. The US has significantly expanded its military presence in the Middle East in recent weeks, including air and naval assets, ahead of the breakdown in talks. Trump in his statement today acknowledged the risk of US casualties but said the operation was necessary to prevent Iran from acquiring nuclear weapons. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US, Israel launch major attack on Iran

28/02/26
28/02/26

US, Israel launch major attack on Iran

Dubai, 28 February (Argus) — The US military today has begun "major combat operations" in Iran following co-ordinated Israeli strikes, marking the most significant escalation in years in the oil-rich Mideast Gulf region and sharply raising the risk of oil and gas supply disruptions. "A short time ago, the United States military began major combat operations in Iran. Our objective is to defend the American people by eliminating imminent threats from the Iranian regime," President Donald Trump said. Trump said the US would destroy Iran's missile inventory and industry and "annihilate their navy", reiterating that Tehran "will never have a nuclear weapon". He told members of Iran's Islamic Revolutionary Guard Corps (IRGC) and security forces to "lay down your weapons and have complete immunity or face certain death". Videos circulated on social media indicating explosions in Tehran shortly before Trump's remarks. Israel earlier confirmed it had launched what it described as a "pre-emptive attack" against Iran, with defence minister Israel Katz declaring a national state of emergency and warning of expected retaliatory missile and drone strikes. Israel closed its airspace to civilian traffic, suspended non-essential activities and instructed citizens to remain near shelters. Iran also closed its airspace. The strikes today signal the collapse of renewed US-Iran nuclear negotiations held in Switzerland this week. Trump said the military operation began after Iran refused to renounce nuclear weapons ambitions. Tehran has repeatedly denied seeking atomic weapons and warned it would retaliate against US bases in the Mideast Gulf region if attacked. It launched missiles toward the US Al Udeid air base in Qatar during a 12-day conflict in June 2025, after US and Israeli strikes on Iranian nuclear facilities. All Mideast Gulf oil producers host US forces, including Saudi Arabia, Qatar, the UAE, Bahrain and Kuwait. Oil markets were already pricing in some geopolitical risk ahead of the escalation, with front-month Ice Brent crude trading near $73/bl on Friday, its highest since July. An outright war between the US-Israel and Iran risks disruption to shipping lanes and flows through the strait of Hormuz, through which around 20pc of global oil supply and a significant share of LNG exports transit. Opec+ ministers of the core group of eight are scheduled to meet on Sunday to review production policy for the month of April. Delegates had been weighing a modest supply increase from April, but the escalation introduces new uncertainty over supply balances and the group's strategy. The US has significantly expanded its military presence in the Middle East in recent weeks, including air and naval assets, ahead of the breakdown in talks. Trump in his statement today acknowledged the risk of US casualties but said the operation was necessary to prevent Iran from acquiring nuclear weapons. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

HF Sinclair CEO and CFO to leave company

27/02/26
27/02/26

HF Sinclair CEO and CFO to leave company

Houston, 27 February (Argus) — US independent refiner HF Sinclair will part with its chief executive Timothy Go and chief financial officer Atanas Atanasov after concerns raised regarding disclosure processes. The company expects to negotiate a mutually agreeable separation arrangement with Go and Atanasov, HF Sinclair said Friday in a filing with the US Securities and Exchange Commission (SEC). HF Sinclair's board of directors on 24 February received and accepted a request from Atanasov to take a voluntary leave of absence from his duties, the company said in the filing. The board appointed the company's chief accounting officer and controller Vivek Garg as acting chief financial officer. HF Sinclair previously disclosed that Go on 17 February also requested and received a leave of absence from the board. Current board chair Franklin Myers was elected as chief executive on a temporary basis. According to Friday's SEC filing, on 26 January the company's audit committee began to assess "certain matters relating to the company's disclosure processes" after Atanasov raised concerns that certain actions taken by Go created an unfavorable "tone at the top" in relation to the 2025 disclosure processes. The audit committee concluded that Go's actions did not create an unfavorable "tone at the top" and that the company's disclosure controls and procedures are effective, the SEC filing said. But the board said it developed separate concerns about the approach taken by Go in some communications to management during the 2025 disclosure processes, as well as concerns relating to actions taken by Atanasov "bearing upon the review process" and "the viability of his future working relationships with other members of the company's management team." Delek did not disclose how long Myers and Garg were expected to serve in the temporary roles. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US utilities boost capex plans to records on AI demand

27/02/26
27/02/26

US utilities boost capex plans to records on AI demand

Houston, 27 February (Argus) — US utilities are boosting five-year spending plans to record heights to chase an unprecedented wave of data-center driven electricity demand. The sector outlined during the last batch of quarterly announcements hundreds of billions of dollars in investment for plans to support the power needs of artificial intelligence (AI) development that dwarf traditional load growth. Dominion Energy boosted its five-year capital expenditure (capex) plan to $65bn, citing accelerating demand in Virginia's "Data Center Alley." Southern Company lifted its program to $81bn, calling the moment a "watershed" for economic development across the Southeast as hyperscaler projects stack up. In Texas, Oncor raised its plan to a record $47.5bn, driven by a deluge of data center requests. Duke Energy raised its spending plan to $103bn, which the company said is the largest among regulated utilities. The moves underscore how the country's biggest data center markets are retooling their grids — adding transmission and gas-fired generation, hiking nuclear uprates, and extending the lives of coal assets facing closure — to keep pace with multi gigawatt loads that surpass existing capacity. The enormity of the investment figures and the scale of the projects call into question whether the forecasts are justified or even feasible. "Utilities generally adjust their large-load forecasts based on requests they are receiving from potential customers, so the increases from last year are well justified under a traditional load forecasting methodology," said Julia Hoos, head of USA East, at Aurora Energy Research. "That said, the more projects are asking to be interconnected, the more skeptical we have to be about them being realized." Pressure in the pipeline Gas and power utility Southern said its large-load pipeline in Alabama and Georgia grew to over 75GW. Texas distributor Oncor said its queue stood at an astonishing 225GW, or about a fifth of current US power generation capacity which is greater than the capacity of many industrialized nations like France and the UK. "Very few forecasts are taking into account the likelihood that large loads are shopping around with multiple utilities or that projects are often very delayed," said Hoos. Dominion, whose service territory covers the largest concentration of data centers in the world in northern Virginia, appeared to acknowledge such concerns by defining how it decided which companies qualify as pipeline projects. "Our forecasted data-center demand through 2045 is more than covered by existing signed ESAs (energy service agreements) and CLOAS (construction letter of authorizations)," said chief financial officer Steven Ridge. "By working diligently through the existing backlog and connecting the existing projects under construction, we'd achieve our demand forecast for the next approximately 20 years." The rapid expansion of data centers has ignited concerns that utilities will shift the cost of new power plants and transmission upgrades onto households, driving up monthly electric bills. Rising consumer frustration over higher electricity prices has made the issue a flashpoint for regulators and utility executives alike. President Donald Trump highlighted these concerns during his State of the Union speech, announcing, without details, that he is negotiating a ratepayer protection pledge that would require major technology firms to construct and fund their own dedicated generation. By Jasmina Kelemen Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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