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Latest Market News

Alaska North Slope crude hits record high

  • Spanish Market: Crude oil
  • 06/03/26

Delivered prices for medium sour Alaska North Slope (ANS) crude hit a record high on Thursday, with purchases in Asia-Pacific tightening supply at the US west coast.

Multiple May-arrival cargoes of ANS were heard trading around a $8.30/bl premium to July Ice Brent on a cif US west coast basis, around $8.10/bl above the final April cargoes and the highest since Argus launched the assessment in January 2018. Delivered prices were supported by rising freight costs and rare purchases in Asia-Pacific, which tightened availability of ANS at the US west coast.

Market sources said at least one South Korean and at least one Japanese firm was heard to have purchased April or May-loading ANS from a US oil major in recent sessions. These purchases were said to be at around a $2.00/bl premium to front-month Dubai assessments on a dap basis, but this was not confirmed. Dubai values have risen in recent sessions, with London close May Dubai settling at $91.24/bl outright on 5 March.

South Korean and Japanese buyers have sought to secure alternative supply to Middle Eastern imports that are essentially cut off by the war in the region, given the effective closure of the strait of Hormuz. ANS is one of the amply available medium spot crudes local in the Pacific. This increased Asia-Pacific interest may be tightening availability at the US west coast.

Delivered west coast values were also supported by high freight costs. A well-integrated fleet of US flag tankers hauls ANS from Alaska to California and Washington which streamlines the complicated freight regulations as required by the Jones Act and rules introduced after the Exxon-Valdez oil spill in 1989. Some of these ships may have been booked to carry ANS to east Asia given the lack of local Suezmax options, and therefore tightening freight availability and seeing shipping costs rise.

Demand at the US west coast for light and medium crudes generally was said to be very strong because of high crack spreads for ANS's key yields, according to market sources. The Argus 3-2-1 crack spread at the US west coast has been averaging a multi-year high this week on surging diesel and jet fuel prices.

By John Cordner and Lina Bulyk

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06/03/26

WTI breaks through $90/bl intraday

WTI breaks through $90/bl intraday

Calgary, 6 March (Argus) — WTI crude futures broke through $90/bl in trading earlier on Friday with the US-Iran war now in its seventh day and a resolution far from clear. April Nymex WTI was trading at $90.13/bl by 12:00pm ET on Friday, up by $9.12/bl from the prior day settle with the US, Israel and Iran exchanging fire throughout the region. Prices have climbed by more than $23/bl, or 35pc, in the past week with fighting in the Middle Ease curtailing supply. Most vessel owners are unwilling to transit the strait of Hormuz — a key chokepoint for oil and LNG exports from the Mideast Gulf — although some vessels have make the journey . Iran's president Masoud Pezeshkian said on Friday that mediation efforts are underway to help end the war in the Middle East. "Some countries have begun mediation efforts," Pezeshkian said in a post on social media platform X. He did not name any. But US president Donald Trump posted on his social media platform hours later that "There will be no deal with Iran except UNCONDITIONAL SURRENDER!". The US administration is relaxing its sanctions against Russia's energy sector to allow India to temporarily import Russian crude, as a way to mitigate Mideast Gulf supply disruption in the wake of the US-Israel war against Iran. The waiver released late on Thursday by US Treasury Department's sanctions enforcement arm Office of Foreign Assets Control will allow importers in India to buy Russian crude loaded on or before 5 March and deliver it to a port in India on or before 4 April. South Korea's government is in talks with the country's refiners about measures to manage the fallout from the Iran conflict , including tapping the country's strategic petroleum reserve (SPR) and possibly imposing a ban on oil product exports, sources told Argus today. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US says Russia sanctions relief is 'temporary'

06/03/26
06/03/26

US says Russia sanctions relief is 'temporary'

Washington, 6 March (Argus) — The US administration's decision to carve out an exemption for India to import Russian crude is temporary and will not lead to broader policy change toward Moscow, US energy secretary Chris Wright said. US Treasury Department's sanctions enforcement arm Office of Foreign Assets Control on Thursday said it will allow importers in India to buy Russian crude loaded on or before 5 March and delivered to a port in India on or before 4 April. "There's a bunch of floating barrels just sitting there, so we've reached out to our friends in India and said, 'Buy that oil'", Wright told ABC News late on Thursday. "This is no change in policy towards Russia. This is a very brief change in policy just to keep oil prices down a little bit better than we could otherwise." President Donald Trump's administration has been pressuring India since last summer to cut back on Russian crude purchases. Over 15m bls of Russian oil are floating off the Indian coast and could potentially reach a terminal within days, data from market intelligence firm Kpler show. The US sanctions waiver would allow "pulling stored oil immediately into Indian refineries and releases the pressure on other refineries around the world to buy oil that they're no longer competing with the Indians for in that marketplace", Wright said. Indian refiners could be paying more to buy Russian oil stranded around the Arabian Sea given the de facto closure of the strait of Hormuz. Refiners were offered Russian medium sour Urals at a premium of $1-5/bl to Ice Brent or Dubai contract prices, market sources said. This compares to a discount of $12.35/bl against Dated assessed by Argus on 27 February, the day before the war started. The exact details and level of the offers could not be confirmed immediately with market participants. Russian suppliers have mostly paused offers of Urals crude to China this week, refinery officials in Shandong said, given that Indian refiners stepped up purchases of Urals under a waiver granted by the US. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran's president says mediation underway: Update

06/03/26
06/03/26

Iran's president says mediation underway: Update

Updates with Trump's comments. Dubai, 6 March (Argus) — Iran's president Masoud Pezeshkian said on Friday that mediation efforts are underway to help end the war in the Middle East. "Some countries have begun mediation efforts," Pezeshkian said in a post on social media platform X. He did not name any. US president Donald Trump posted on his social media platform hours later that "There will be no deal with Iran except UNCONDITIONAL SURRENDER!". Trump demanded a say in the selection of Iran's next supreme leader, following which, he said, "we, and many of our wonderful and very brave allies and partners, will work tirelessly to bring Iran back from the brink of destruction, making it economically bigger, better, and stronger than ever before." The comments from the leaders of Iran and the US come after days of increased posturing from both sides in a war that appears to be growing in scope, with numerous attacks on regional energy-related infrastructure. The de facto closure of the strait of Hormuz has sent global prices for crude, LNG and other commodities to multi-year highs. The Trump administration is beginning to feel the pressure to address the more than 25pc increase in crude futures since the war began. Trump said on Thursday that Iran was "calling" him saying that they want to make a deal, but that it was already "a little bit late for that." Iran's foreign minister Abbas Aqarchi refuted that, saying Iran "is not asking for a ceasefire" and that Tehran does not see any reason to negotiate with the US. "When we negotiated with them twice, and every time they attacked us in the middle of negotiations," he said. "So there is no request for a ceasefire by us. There is no request for negotiations with the US from us." The US and Israeli airstrikes on Iran began as Washington and Tehran were negotiating about the future of the Iranian nuclear programme. They held three rounds of talks in February, and were due to meet again this week for a round that was to begin focusing on technical aspects of an agreement to all but eliminate Iran's nuclear enrichment activities in return for sanctions relief. This is the second time Israel has attacked Iran while the latter was in negotiations with the US over its nuclear programme. The first, in June 2025, lasted 12 days. With the new war now in its seventh day. The nature of the escalation, and particularly Iran's response to it, may have alienated several of the most likely candidates for mediator. The UAE, Qatar and Saudi Arabia have all been hit this week by Iranian drones or missiles. Qatar, a key regional mediator, said on Tuesday that Iran's strikes against it had "already crossed every possible red line" and that it "reserves the right to retaliate." But crucially, Oman, which acted as mediator in last month's US-Iran talks, and in those of June 2025, has been subject to significantly fewer Iranian strikes than its regional peers this week, and could remain a viable option. Oman's foreign minister Badr al-Busaidi, who was acting as the main mediator, said on Tuesday that diplomatic options and "off ramps" are still "available." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran's president says mediation underway to end war

06/03/26
06/03/26

Iran's president says mediation underway to end war

Dubai, 6 March (Argus) — Iran's president Masoud Pezeshkian said today that mediation efforts are underway to help end the war in the Middle East. "Some countries have begun mediation efforts," Pezeshkian said in a post on social media platform X. He did not name any. His comments come after days of increased posturing from both sides in a war that appears to be growing in scope, with numerous attacks on regional energy-related infrastructure. The de facto closure of the strait of Hormuz has sent global prices for crude, LNG and other commodities to multi-year highs. US president Donald Trump said on Thursday that Iran was "calling" him saying that they want to make a deal, but that it was already "a little bit late for that." Iran's foreign minister Abbas Aqarchi refuted that, saying Iran "is not asking for a ceasefire" and that Tehran does not see any reason to negotiate with the US. "When we negotiated with them twice, and every time they attacked us in the middle of negotiations," he said. "So there is no request for a ceasefire by us. There is no request for negotiations with the US from us." The US and Israeli airstrikes on Iran began as Washington and Tehran were negotiating about the future of the Iranian nuclear programme. They held three rounds of talks in February, and were due to meet again this week for a round that was to begin focusing on technical aspects of an agreement to all but eliminate Iran's nuclear enrichment activities in return for sanctions relief. This is the second time Israel has attacked Iran while the latter was in negotiations with the US over its nuclear programme. The first, in June 2025, lasted 12 days. With the new war now in its seventh day. The nature of the escalation, and particularly Iran's response to it, may have alienated several of the most likely candidates for mediator. The UAE, Qatar and Saudi Arabia have all been hit this week by Iranian drones or missiles. Qatar, a key regional mediator, said on Tuesday that Iran's strikes against it had "already crossed every possible red line" and that it "reserves the right to retaliate." But crucially, Oman, which acted as mediator in last month's US-Iran talks, and in those of June 2025, has been subject to significantly fewer Iranian strikes than its regional peers this week, and could remain a viable option. Oman's foreign minister Badr al-Busaidi, who was acting as the main mediator, said on Tuesday that diplomatic options and "off ramps" are still "available." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

S Korea considers SPR release, oil product export ban

06/03/26
06/03/26

S Korea considers SPR release, oil product export ban

Singapore, 6 March (Argus) — South Korea's government is in talks with the country's refiners about measures to manage the fallout from the Iran conflict, including tapping the country's strategic petroleum reserve (SPR) and possibly imposing a ban on oil product exports, sources told Argus today. Refinery officials met with the government yesterday to discuss a possible SPR release in order to safeguard domestic supplies, company officials said. Any decision allowing refiners to borrow from the SPR would most likely be linked to restrictions on refined product exports, they added. The timeline of any measures is unclear, although restrictions on exports and other energy saving measures are likely to be imposed ahead of an SPR release, one oil company official said. The government is seeking feedback from refiners on the potential refining losses that could arise if export restrictions are imposed, the sources added. Refiners in South Korea, one of Asia-Pacific's largest exporters, are reluctant to offer oil product cargoes for spot loading in April because of concerns over the reliability of incoming crude shipments, market participants said. Refiners have not yet decided on whether to cut runs, unlike others in the region, as they continue to monitor developments in the Middle East. Most had already planned for lower run rates during March-April because of scheduled maintenance work. South Korea's clean product exports averaged around 1.4mn b/d in 2025, according to data from Kpler. State-owned oil firm KNOC operates nine stockpiling bases under the government's strategic reserve programme with capacity of 146mn bl of oil. It held around 100mn bl, excluding international joint stockpiling reserves, as of November 2025, according to company data. China, another major oil product exporter in Asia-Pacific, has already moved to tighten domestic supply controls. Authorities there have urged refiners and oil companies to suspend exports of clean petroleum products to ensure adequate domestic availability, according to market sources By Asill Bardh, Lu Yawen, Azlin Ahmad and Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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