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Latest Market News

Iran appoints Khamenei’s son as supreme leader

  • Spanish Market: Crude oil, Natural gas
  • 09/03/26

Iran announced the appointment of Mojtaba Khamenei, the son of the country's long-time ruler who was killed in US-Israeli attacks, as its new supreme leader, according to Iranian state news outlet Press TV.

Iran's Assembly of Experts selected Mojtaba after a "decisive vote" by its members,according to the report.

The appointment comes as US president Donald Trump has threatened further military strikes against Iran in a war that has sent oil futures soaring above $111/bl in early trading on the risk of further supply disruptions from the key oil-producing region.

Trump had previously said he expected to have a say in the selection of Iran's next supreme leader. The surprise US-Israeli attacks on Iran on 28 February killed Ayatollah Ali Khamenei, Iran's supreme leader since 1989, as well as other leaders.

By Stephen Cunningham

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09/03/26

Crude futures surge over 30pc: Update

Crude futures surge over 30pc: Update

Adds latest prices, Trump comments in paragraphs 1-5 Singapore, 9 March (Argus) — Crude futures surged by more than 30pc on Monday, in one of the biggest single-day increases on record, after a weekend of continued attacks and growing signs of oil supply disruptions in the Middle East. The front-month May Ice Brent contract rose as high as $119.50/bl at around 10.30am Singapore time (02:30 GMT), up by 29pc or $26.81/bl from the close on 6 March . US benchmark WTI rose even more sharply. The front-month April contract traded as high as $119.48/bl, a gain of 31pc or $28.58/bl from the close on 6 March. Today's new highs mean futures have now risen by around 65-78pc since 27 February, the day before the US-Iran war started. Oil prices are likely to drop rapidly once "the destruction of the Iran nuclear threat is over", US president Donald Trump said on his social media platform shortly after prices began to surge today. The rise in prices is "a very small price to pay for USA, and World, Safety and Peace," Trump said. Kuwait's state-owned oil firm KPC said on 7 March it has started to reduce crude output and refinery runs after oil exports were effectively halted by the war. Kuwait is the second Mideast Gulf country to confirm production shutdowns because of the war. Upstream shutdowns are also expected in Saudi Arabia, the UAE, Qatar and Iran should the war continue. There has been no sign of an end to the conflict in the Middle East, which has now lasted for nine days. Israel struck fuel storage tanks in Iran, causing a huge fire, while Iran continued to fire drones and missiles at Israel and US allies in the region. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US-Iran war: Latest news

09/03/26
09/03/26

US-Iran war: Latest news

Houston, 8 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES Crude futures surge 20pc, top $111/bl Kuwait cuts crude output on Hormuz disruption Hormuz traffic restart not too long away says Wright Iran appoints Khamenei's son as supreme leader LATEST NEWS Trump vows new targets in strikes on Iran Iran says to halt strikes on neighbours unless attacked Adnoc adjusts flows, deliveries to maintain supplies Israel strikes Tehran fuel storage terminals Kuwait's Jazeera diverts flights on airspace closure Kuwait reports drone strikes at airport fuel tanks Freight Second bulker transits Hormuz signalling 'China owner' US removes UAE firm from Russia sanctions list Fertilizer/Ags Egyptian granular urea sold higher at $675/t fob Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Crude futures surge 20pc, top $111/bl

08/03/26
08/03/26

Crude futures surge 20pc, top $111/bl

Singapore, 8 March (Argus) — Crude futures surged above $111/bl in early trading Monday, after a weekend of continued attacks and growing signs of oil supply disruptions in the Middle East. The front-month May Ice Brent contract surged to $111.04/bl shortly after trading began in Asia, up by 19.8pc or $18.35/bl from the close on 6 March . US benchmark WTI rose even more sharply. The front-month April contract hit a high of $111.24/bl, a gain of 22.4pc or $20.34/bl from Friday's close. Today's new highs mean futures have now risen by over 50pc since 27 February, the day before the US-Iran war started. Kuwait's state-owned oil firm KPC said on 7 March it has started to reduce crude output and refinery runs after oil exports were effectively halted by the war. Kuwait is the second Mideast Gulf country to confirm production shutdowns because of the war. Upstream shutdowns are also expected in Saudi Arabia, the UAE, Qatar and Iran should the war continue. There was no sign of an end to the conflict in the Middle East, which has now lasted for nine days. Israel struck fuel storage tanks in Iran, causing a huge fire, while Iran continued to fire drones and missiles at Israel and US allies in the region. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Kuwait reports drone strikes at airport fuel tanks

08/03/26
08/03/26

Kuwait reports drone strikes at airport fuel tanks

Dubai, 8 March (Argus) — Two fuel storage tanks at Kuwait International Airport were targeted in a drone attack early on Sunday, causing a fire and damage but no casualties, authorities said. The tanks are operated by Kuwait Aviation Fuelling (Kafco), the airport's sole jet fuel supplier, which sources the fuel through pipelines from state-owned KNPC's 346,000 b/d Mina al-Ahmadi and 454,000 b/d Mina Abdullah refineries. Kafco supplies more than 1bn litres/yr (17,000 b/d) of fuel to commercial airlines, military flights and government agencies operating at the airport. There was unspecified damage to property but no injuries were reported in initial assessments, state-owned news agency Kuna cited authorities as saying. Earlier on Sunday, Kuwait's armed forces said air defences had intercepted three ballistic missiles that entered the country's airspace and responded to a wave of drones, including those that directly struck the airport fuel tanks. The airport strike follows a previous drone-related incident in Kuwait on 28 February, when debris from an intercepted drone landed near Shuaiba port. US and Israeli attacks on Iran starting on 28 February have triggered retaliatory attacks by Tehran on targets across the Mideast Gulf, including key energy facilities. Kuwait's state-owned oil firm KPC said on 7 March that it had begun reducing crude production and refinery operations after oil exports were effectively halted by the war. It issued a force majeure on crude and refined product exports later the same day. The headquarters of the Public Institution for Social Security in Kuwait was targeted in a separate incident early on Sunday, causing material damage to the building, the institution said. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Israel strikes Tehran fuel storage terminals

07/03/26
07/03/26

Israel strikes Tehran fuel storage terminals

Houston, 7 March (Argus) — Israel's military said it struck several fuel storage facilities in Tehran that Iran uses to operate military infrastructure. The "significant strike" constitutes an additional layer in deepening the damage to Iranian military infrastructure, the Israeli Air Force said Saturday on social media. "The Israel Defense Forces will continue to act forcefully with the aim of broadly harming the regime and removing threats to the State of Israel," the post said. US president Donald Trump on Saturday threatened further military strikes against Iran in the war that began a week ago, saying Tehran had "apologized and surrendered to its Middle East neighbors" after coming under sustained US and Israeli attacks. Iran would be hit "very hard" again as additional targets are under consideration, Trump said on social media. Trump's remarks came hours after Iranian president Masoud Pezeshkian said Tehran would halt attacks on neighboring countries, unless attacks against Iran originated from their territory. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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