Another vessel attacked off Fujairah: UKMTO

Spanish Market: Freight
04/03/26

Another vessel has been targeted in the Mideast Gulf, fresh reports from the UK Maritime Trade Operations (UKMTO) indicate, adding to the growing list of incidents in the region.

The UKMTO today reported an incident where a tanker experienced a loud blast about 10 miles east of Fujairah, UAE, at 22:30 GMT. Debris from an unidentified projectile was later found on deck, and the vessel's funnel sustained minor damage. No major damage or environmental implications have been detected, and all crew members are safe. Authorities are investigating the incident and the UKMTO has advised vessels in the area to proceed with caution and report any suspicious activity.

The identity of the vessel involved remains unclear.

At least seven commercial ships have been attacked in the Mideast Gulf since the conflict began, prior to this latest incident.

By Sureka Elangovan

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11/10/26

Two tankers hit near strait of Hormuz: Indian minister

London, 11 October (Argus) — Two tankers were attacked on 11 October, one in the strait of Hormuz and the other at the Sohar anchorage offshore Oman, Indian ports, shipping and waterways minister Sarbananda Sonowal said. The 149,997dwt Suezmax tanker Valthera was hit by an unknown projectile, causing a fire on board, Sonowal said. The vessel was carrying crude from Basrah, Iraq, having sailed on 8 October, Vortexa data show. The UK Maritime Trade Operations (UKMTO) had earlier said that an outbound tanker transiting the strait of Hormuz had been struck by a projectile, causing damage to the vessel. The 3,922dwt small oil products tanker Petro Dolphin was hit by a drone at the Sohar anchorage on 11 October, Sonowal said. Two Indian seafarers are missing, according to the minister. UKMTO had earlier said that a tanker at the Sohar anchorage had been hit by an aerial drone. "India reiterates the need for immediate de-escalation and a resolution to the ongoing conflict through dialogue and diplomacy," the Indian foreign ministry said following the two incidents. "Attacks on commercial vessels, seafarers and civilian infrastructure must cease. Freedom of navigation and the safe, unimpeded flow of maritime commerce through international waterways, in accordance with international law, must be upheld." Iran's Islamic Revolutionary Guard Corps' (IRGC) navy claimed "a supertanker" had struck a naval mine after sailing through the strait of Hormuz with its navigation systems switched off on Sunday. Footage of the incident did not clearly resemble a mine explosion, and the circumstances of the incident and the cause of the fire were unconfirmed at publishing time. "All ships within the limits of the Strait of Hormuz that turn off their navigation and identification systems will be identified as hostile and will be dealt with severely and decisively," state news agency Isna said, quoting the IRGC Navy. Isna claimed there were three incidents over the weekend of tankers transiting "unauthorized shipping lanes" colliding with naval mines in the strait of Hormuz, but none of the incidents has yet been independently confirmed. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

No plans to attack Iran before 3 Nov: Trump

08/10/26

No plans to attack Iran before 3 Nov: Trump

Washington, 8 October (Argus) — The US will not resume hostilities against Iran before the 3 November midterm congressional elections, President Donald Trump said on Thursday. The US is "having productive discussions" with Iran but the US naval blockade and campaign of economic pressure against Iran will continue, Trump said in a social media post. He claimed that 22mn bl of crude flowed through the strait of Hormuz on Wednesday under the protection of the US military. Trump's statement is not an ironclad assurance that direct hostilities between the US and Iran will not resume any time soon. Tehran has confirmed continued indirect dialogue with the US, through mediators, but chances of a diplomatic breakthrough appear low. Trump, meanwhile, is working to prevent a further increase in US retail fuel prices, which already have hurt the Republican party's chances of retaining control of both chambers of the US Congress at the midterms. WTI and Ice Brent crude futures climbed higher on Thursday after Iran expanded attacks on tankers in the Mideast Gulf and the strait of Hormuz. November Nymex WTI fell after Trump's statement, but it was still 4pc higher, at $91.65/bl, than the Wednesday settlement price as of 1:45pm ET. Iran has increased the pace of its attacks against commercial shipping in the last week, challenging the Trump administration's claim that it had restored oil flows through the strait of Hormuz to pre-war levels. The US-sponsored operation to enable transporting greater volumes of oil through Hormuz has significantly increased freight and insurance costs for the tankers that do make it to the Gulf of Oman without being hit by Iran. The Central Command (Centcom), which oversees the Middle East-based US forces, on Thursday pegged the daily flow of oil and other products through Hormuz at 20mn b/d. Centcom chief Admiral Brad Cooper, during a virtual meeting with the representatives of the freight industry "acknowledged the sacrifices made by civilian crews due to unwarranted Iranian attacks". The US Treasury Department, also on Thursday, announced sanctions on an additional 17 tankers accused of transporting Iranian bitumen, asphalt, ethylene, fuel oil, naphtha, propane and crude to markets in Asia. Treasury also announced sanctions against India-based broker Samudra Marine Services and 18 other companies in the UAE, UK, Turkey and other countries, accusing the firms of facilitating sales of Iranian crude and products. Do the midterms matter? Iran has been part of Trump's election narrative for about a month, as he claimed that Tehran is hoping for a victory by the US Democrats who, according to Trump, would be too soft on the Iranian government. Officially, Tehran has pronounced itself indifferent to the outcome of the US congressional elections. Tehran has pitched a plan to stop attacking ships passing through Hormuz if the US removes the naval blockade, pauses sanctions and repatriates frozen Iranian funds in foreign banks — effectively returning to the terms of the now defunct June "memorandum of understanding" between the US and Iran. Trump said earlier this month he rejected the proposal. But Iran's foreign minister Abbas Araghchi claimed on Thursday that the Iranian plan remains a subject of discussions. Trump encountered significant blowback in the US and the Mideast Gulf after concluding a deal with Iran in June, Washington think tank Arab Gulf States Institute executive vice-president William Roebuck said on 6 October. Trump as a result came to the conclusion that "he was better off leaning into the war through the midterms and not cutting a deal that would involve a lot of concessions that would reflect the kind of leverage that Iran had built up in the course of the the war," Roebuck said. US Democratic lawmakers earlier this year succeeded in advancing resolutions, with limited Republican support, that called on Trump to end hostilities with Iran. But even a majority-Democratic Congress cannot compel the White House to stop the war unless it votes down the Pentagon's request for supplemental funding to replenish the US munitions stocks and pay for other costs of the war — an issue that may not find broad support within the Democratic party. Trump appears to believe "that he'll be freer, actually, to do what he wants and to put more pressure" on Iran after the midterms, Roebuck said. "I don't think that's going to work, but that's the dynamic that (Trump is) working with." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Increase in Iran ship attacks follows rise in targets

08/10/26

Increase in Iran ship attacks follows rise in targets

New York, 8 October (Argus) — Iran's recent increase in vessel attacks in the strait of Hormuz is likely the result of an increase in the number of targets in the region, but it is unclear whether this resurgence of attacks will hamper rising oil flows through the strait. Iran has increased the pace of its attacks against commercial shipping in the last week, with increasingly deadly results. Two attacks occurred around the strait of Hormuz on Wednesday, including the first attack inside the Mideast Gulf in a month, which resulted in multiple casualties . The number of casualties in the incident has not yet been confirmed. "Iran has seemingly more targets to shoot at now, which could mean that the same probability of impact is resulting in higher raw numbers of successful attacks," Joshua Tallis, research program director at the Center for Naval Analyses, told Argus . It is difficult to assess if Iran has improved its ability to target ships without the coastal radar capabilities the US claims it destroyed as part of its increased strikes in July, Tallis said. But it is reasonable to assume the country has adapted. "Higher traffic creates more opportunities for exposure, while shuttle operations send the same ships repeatedly through the risk area," Claire Jungman, director of maritime risk and intelligence at vessel tracking firm Vortexa, told Argus . Through 24 September, Vortexa identified 148 tankers involved in shuttle operations, with 85 tankers active during September, up from 11 in April, with 42 of those tankers completing four or more runs through the strait of Hormuz. "That repeat participation is important: this has become a regular operating model for a core group of ships," Jungman said. It is unclear if the recent increase in attacks against tankers will stymie the recovery of crude exports that are making their way — albeit very expensively and inefficiently — through the strait of Hormuz. "It's still a bit too early to say whether the most recent salvos would have an impact, but in the past we've seen attacks did not deter the main actors in the shuttle trade," Tomer Raanan, senior maritime intelligence analyst at Lloyds List Intelligence told Argus . By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz crude flows, ship attacks on the rise

02/10/26

Hormuz crude flows, ship attacks on the rise

New York, 2 October (Argus) — Record high tanker freight rates are pushing strait of Hormuz crude flows — and Iranian attacks on tankers — to some of the highest levels since the outbreak of war between Iran and the US. Total Middle East crude oil exports are up by 36pc for the week ending 30 September at 17.92mn b/d, including 12.34mn b/d through the strait of Hormuz, according to vessel information firm TankerTrackers.com. This would place weekly Hormuz crude flows at around 80pc of their levels in February, prior to the joint US-Israeli attacks on Iran, which is estimated by vessel tracking service Vortexa to be around 15.14mn b/d. The US and Iran have not reached any sort of agreement for ending the war, so the risks to ships continue to be as significant as they were earlier in the war when less oil was flowing. But the risks, combined with a limited pool of vessels available to transit Hormuz, has kept freight rates high, incentivizing the dangerous work. The rate for a very large crude carrier (VLCC) to move Middle Eastern crude through Hormuz to Asia-Pacific has been at $34.31/bl since 18 September, its highest level since Argus began assessing the route in November 2016. The spot tanker market is moving from strength-to-strength following the start of the war in Iran, according to Harrys Kosmatos, executive at tanker shipowner TEN, speaking at a forum in New York on Wednesday. He highlighted a deal from earlier in the week for a 2004-built VLCC that a charterer provisionally hired at $2mn per day to transit through the strait of Hormuz. In comparison, a VLCC from the US Gulf coast-China was at $366,704/d on 1 October, per Argus assessments. "You don't even need peace now in Iran, you just need the oil to come out," Robert Bugbee, president of shipowner Scorpio Tankers said. Iran steps up attacks The increased ship traffic has been accompanied by more attacks from Iran, particularly on ships transiting the strait on the southern US-assisted transit route. There were six attacks in the last five days, per the UK Maritime Trade Operations Centre (UKMTO). This includes an attack reported Friday against a tanker exiting the strait which caused a fire onboard. The vessel remains in transit. Iran continues to target crude exports from countries in the Gulf, including the UAE and Kuwait. "Several oil tankers have been hit in the strait of Hormuz in recent days, three of the latest of which are owned or leased by entities in the UAE," according to a statement by the Persian Gulf Strait Authority published by Iranian-government affiliated news agency IRNA on Friday. The Kuwaiti VLCC Kazimah III was hit on 1 October, according to Martin Kelly, former head of advisory at EOS Risk Group, the second Kuwaiti state VLCC hit since 28 September. Since the start of July, 31 of 48 projectile strike incidents reported to UKMTO occurred on the southern US-assisted transit lane. UKMTO acknowledged in its weekly report that there are likely "other projectile strikes occurring that have NOT been reported to UKMTO." By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Ample Mideast supply may curb Asian buying of US crude

02/10/26

Ample Mideast supply may curb Asian buying of US crude

Singapore, 2 October (Argus) — Some Asian refiners may have cooled their interest in US WTI crude due to more availability of prompt Middle Eastern crude and rising freight costs, although others are expected to maintain their purchases given ongoing uncertainty over the stability of Mideast Gulf crude flows. Traders pegged WTI arriving in January in northeast Asia at premiums slightly below $30/bl to December Dubai assessments. This was weaker than record-high premiums of $30-35/bl against November Dubai assessments that December-arrival cargoes traded at last month, after fresh US-Iran hostilities sparked concerns about Mideast Gulf supply disruptions and boosted Asian demand for US crude. Attacks on Saudi Arabia's 7mn b/d East-West crude pipeline in early September had pushed Asian buyers to step up their purchases of WTI as an alternative to Mideast Gulf crude. Some market sources said Asian refiners may have bought close to 2mn b/d of December-arrival US crude in the last trading cycle, which would be the highest monthly delivery volume since June, based on data from trade analytics platforms Kpler and Vortexa. Others said total purchases might be closer to 1mn b/d. Asian buying of US crude has been slow to start in the current trading cycle for January-arrival cargoes, with minimal activity for January-delivery cargoes heard as of 1 October. By comparison, around 4mn-6mn of December-arrival US crude including WTI had already traded by 1 September, according to Argus tracking. Increased availability of prompt Middle East crude for Asian buyers was a key reason for the reduced buying interest in WTI recently, traders said. Saudi Arabia, especially, has been boosting crude exports, with refiners in Japan, South Korea and India snapping up spot volumes. The total volume of crude exported through ship-to-ship (STS) operations outside the strait of Hormuz reached about 4mn b/d in September, according to Vortexa data. Saudi supplies accounted for 1.1mn b/d or 27.5pc of the total, up from 470,000 b/d or 8pc a month earlier. Saudi Arabia also appears to be restarting crude exports from the Red Sea port of Yanbu, shipbrokers said, after a gap of nearly three weeks caused by war damage to the East-West pipeline. US vs them South Korea is a key buyer of US crude in Asia-Pacific . But current WTI offer levels for January arrivals in northeast Asia are still too high, a South Korean refinery source said, and cheaper cargoes of heavy crude from Canada, Ecuador and Mexico are comparatively more attractive. Seoul has been encouraging domestic refiners to buy non-Mideast Gulf crude through a government freight rebate scheme, as part of its supply diversification efforts. It now aims to provide a 100pc freight rebate to further incentivise domestic refiners to purchase crude supplies from sources outside the Middle East, including the US, Europe and Africa. Current elevated freight costs serve as a significant disincentive to buy long-haul crude, market participants said. Rising freight rates, largely attributable to tightening vessel availability, may be weighing on US crude purchasing decisions among Asian buyers, a Japanese refinery source said. The Argus -assessed freight rate for a very-large crude carrier (VLCC) performing a voyage from the US Gulf coast to South Korea/Japan was at $11.65/bl at the start of September, before more than doubling to about $24/bl by the end of the month. The increase coincided with a surge in tonne-mile demand when tankers carrying crude from Yanbu to east Asia were forced to sail around South Africa's Cape of Good Hope rather than through the Bab el-Mandeb strait because of threats from Yemen's Houthi rebels. The diversion adds around 29 days to the voyage, keeping vessels occupied for longer and delaying their return to the spot market. This has effectively tightened available fleet supply and contributed to upward pressure on freight rates. Despite the slow start to the current trade cycle, some market participants said there was still plenty of time for Asian buyers to step up purchases for January-arrival WTI. Some refiners may still choose to maintain their WTI purchases to avoid any uncertainty over Middle East crude flows, one trader said. This could continue to underpin delivered northeast Asia prices, he added. Some Japanese refiners may have picked up US crude likely for January delivery over 1-2 October, market sources said, although details were unconfirmed. Japan has historically imported most of its crude from the Middle East, but has relied on US crude to cope with the disruptions to those supplies since March. Thailand's demand for WTI is also expected to remain strong because of uncertainty over the reliability of Middle Eastern crude exports shipped through the strait of Hormuz, a Thai refinery source said. The US was the second-largest supplier of crude to Thailand over January-September, with deliveries averaging around 143,000 b/d, according to data from oil analytics firm Vortexa. By Reena Nathan, Sean Lui and YouLiang Chay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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