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Latest Market News

US-Iran war: Latest news

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

A round-up of the latest Argus news stories focusing on the US-Iran conflict.

TOP HEADLINES

WTI breaks through $90/bl intraday

US aims to tackle oil price shock from war

Iran's president says mediation underway

US says Russia sanctions relief is 'temporary'

Some insurers look to reinstate war risk cover

Ships stuck in Mideast Gulf use various safety signals

LATEST NEWS

Crude

Crude futures: Ice Brent above $89/bl

Libyan Es Sider crude at 3.5-year high to Dated

Indian buyers snap up prompt Russian crude

Fos crude receipts rise; tanker trapped in Mideast Gulf

Blast halts Sarsang oil field in Iraqi Kurdistan

Alaska North Slope crude hits record high

Refined products

Mexico delivered fuel prices hit multi-year highs

European scrubber spread narrows on Hormuz blockade

NYH distillate prices heading to new highs

Oil products load in Mideast Gulf despite closed strait

US asphalt market pauses to digest crude spike

Polish market well supplied as import premium surges

Spain may revive fuel discounts if prices keep rising

Jet fuel tankers U-turn towards Asia

LNG/Natural gas

ME LNG expansion delays add to prompt outages

SEE gas hubs widen discounts to TTF

Germany weighs up gas crisis instrument

QatarEnergy offers eight more vessels for charter

Russia to divert some LNG from Europe to Asia

Two more LNG carriers divert towards Asia

Two more empty LNG carriers divert away from Hormuz

LNG prices rise on Qatar comments

Fertilizer/Ags

Global AGU prices soar on US-Iran war

Freight

Admic books Mideast VLCC floating storage at $500,000/d

Metals

Some Italian plate re-rollers withdraw offers

Petchems

US-Asia ethylene arbitrage shut on Iran war

Europe styrene price up on Mideast supply disruptions

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

07/03/26

US-Iran war: Latest news

US-Iran war: Latest news

Houston, 6 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES US turns to Russian oil to tackle price shock US Gulf crude Mars nearly $101 Oil futures: WTI breaks through $90/bl to 2-year high DFC to insure some vessels up to $20bn LATEST NEWS Crude Strait of Hormuz squeeze lifts US crude, freight Dated crude makes record weekly gain on Iran war Alaska North Slope crude hits record high Congolese, Angolan crude prices rise on US-Iran war Refined products US Midcon road fuel prices hit multi-year highs Winter-grade sell-off limits USGC gasoline gains US cracks: Margins widen as war buoys product values Freight Tanker crossings up at strait of Hormuz: JMIC USGC LR1 rates crest 4-year highs Metals European long steel mills remain off market Petchems US recycled plastics hold steady amid Iran war US PE export prices rise on Iran war NGL/LPG Mont Belvieu LST propane nears 17-month low to WTI Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US Gulf crude Mars nearly $101/bl

07/03/26
07/03/26

US Gulf crude Mars nearly $101/bl

Houston, 6 March (Argus) — US Gulf crude Mars nearly $101/bl US domestic crude values soared on top of near $10/bl gains on the basis Friday, with Mars hitting its fourth consecutive six-year high premium and an outright value of near $101/bl. US Gulf medium sour Mars was at $100.72/bl with premiums to the US benchmark as high as $11/bl. The flat price was at its highest since July 2022 following the start of the war in Ukraine earlier that year and low global oil inventories. Friday's Mars volume-weighted average premium of $9.82/bl was the fourth-consecutive daily six-year record this week. This boosted it to a premium over June Ice Brent of around $13.50/bl using futures values at the time of Nymex settlement. Both US crude differentials and the underlying futures prices made large gains ahead of the weekend because of Middle Eastern crude and products supply disruptions. The strait of Hormuz that most crude from the region must pass through has been effectively closed because of the war. Weighted-average premiums for the US Gulf Medium sours Friday gained roughly $3/bl from the prior session, with HLS up by $3.65/bl and LLS by $5/bl. WTI Houston and WTI Midland premiums saw increases of 40-60¢/bl. The prompt April Nymex WTI contract settled up by $9.89/bl at $90.90/bl, putting it at a roughly $3.40/bl premium to May and $8.70/bl premium to June. The surging backwardation, where prompt prices are higher relative to forward, lifted the Argus differential to CMA Nymex assessment to $4.68/bl. This is an increase of $4.40/bl from a week ago and the highest since July 2022. By Amanda Smith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US weighs military powers to restart oil pipeline

06/03/26
06/03/26

US weighs military powers to restart oil pipeline

Washington, 6 March (Argus) — President Donald Trump's administration is considering invoking a 1950 war mobilization law to override legal impediments to restarting a pipeline that would transport oil being produced offshore California. The Trump administration since last year has pushed to restart a network of pipelines that would allow US independent Sable Offshore to start selling crude it is producing from offshore platforms off the coast of southern California. Federal regulators in December asserted to have control over the pipelines, but a state judge last month halted the restart of the pipeline, citing a consent decree that had resolved a state lawsuit over a massive spill from the pipeline in 2015. The administration is now considering an alternative to restarting the shuttered oil pipeline by using the Defense Production Act of 1950. Under a legal opinion the US Department of Justice published on 3 March, the administration asserted the ability to use the Korean War-era law to preempt both state law and the consent decree. "The [law] authorizes the President to regulate private entities in ways that may be inconsistent with state law" the legal opinion said. US presidents have used the Defense Production Act to fast-track the production of military equipment, critical minerals and even medical devices needed to address Covid-19. But no president has previously invoked the law to override state laws limiting pipeline operations. According to the memo, Sable Offshore asked US energy secretary Chris Wright to invoke the law to require Sable to operate the pipeline system as a way to preempt California state law. Sable Offshore did not respond to a request for comment. Trump administration officials have already indicated they are looking for ways to address spiking oil prices sparked by US-Israeli strikes on Iran. The administration has a "whole flow chart of tools" to bring down prices, White House national economic council director Kevin Hassett said on Friday. Invoking the Defense Production Act to restart the pipeline would likely trigger a lawsuit from California, which says the pipeline needs to meet stringent pressure testing requirements before it can restart. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Strait of Hormuz squeeze lifts US crude, freight

06/03/26
06/03/26

Strait of Hormuz squeeze lifts US crude, freight

Houston, 6 March (Argus) — North America's crude shipments are shifting towards the Asia-Pacific to compensate for the loss of supply from the de facto closure of the strait of Hormuz, and markets are showing the strain in the form of record-high prices and surging freight rates. The shock wave from the Middle East disruption has reached crude export terminals from Texas to Alaska, prompting buyers to seek replacement barrels and tightening supply. On the US Gulf coast, deepwater Mars crude surged to a six-year high premium to WTI CMA Nymex as overseas refiners scrambled to replace Middle Eastern cargoes now cut off by the effective shutdown of the Hormuz chokepoint, which carried around 277,000 b/d of mostly medium sour Mideast Gulf crude to the US Gulf coast from November 2025 to February 2026, according to analytics platform Vortexa. US light sweet WTI has emerged as a potential substitute for Abu Dhabi's light sour Murban at Asia Pacific refineries. A Japanese refiner recently purchased 2mn bl of WTI for June arrival in a deal concluded after the US-Iran conflict escalated. US west coast delivered prices for medium sour Alaska North Slope (ANS) crude also hit record highs this week as Asia-Pacific buying tightened supply on the US west coast. Asia-Pacific refiners are seeking alternatives to Middle Eastern grades as the closure of Hormuz effectively halts flows from the region. ANS is one of the more readily available medium sour spot grades in the Pacific basin, and this additional demand is further constraining west coast availability. Elevated freight costs are also supporting west coast delivered prices. A fleet of US flag tankers typically moves ANS to California and Washington under Jones Act requirements and post Exxon Valdez oil spill regulations. Some of these vessels may now be employed on trans-Pacific voyages because of limited Suezmax availability in the region, tightening local tanker supply and pushing freight costs higher. But soaring freight rates may curb the appeal of US crude. VLCC rates for US Gulf coast loadings to China climbed to about $14/bl on a WTI basis — nearly double week on week — reaching the highest level since Argus began assessing the route in 2012. By John Cordner Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Alaska North Slope crude hits record high: Correction

06/03/26
06/03/26

Alaska North Slope crude hits record high: Correction

Corrects price of ANS trade into Asia-Pacific in paragraph 3. Houston, 6 March (Argus) — 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 $20.00/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 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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