US-Iran war: Latest news

Spanish Market: Crude oil
10/03/26

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

TOP HEADLINES

Drone attack causes fire at Adnoc's Ruwais complex

Abu Dhabi fights fire at Ruwais complex

Iran sends laden crude tanker through Hormuz strait

UAE's Adnoc to divert some Murban loadings

Russia ready to supply energy to Europe: Putin

Tanker owners rule out quick return to Hormuz

Aramco says prolonged Hormuz halt would be catastrophic

G7 confirms no emergency oil supply release

Democrats urge Trump to release SPR crude

Houthi attacks 'likely a case of when not if': Analyst

WTI falls by 12pc as market weighs Trump comments

Trafigura agrees $3bn facility as 'volatility buffer'

No EU ETS suspension or oil stocks release: Commission

EIA expects WTI to average nearly $85/bl in 2Q

LATEST NEWS

Crude and oil products

Oil industry seeks EU methane regulation pause

German crude supply risk limited from Mideast war

Crude futures: Ice Brent falls below $92/bl

NWE gasoline backwardation narrows, discounts widen

Mexico's Pemex hikes wholesale diesel prices

LNG and natural gas

TTF front-month drops by 13pc from Monday's close

US gas prices unlikely to jump on US-Iran war

Fertilizers

Iranian granular urea bid at $460/t fob, no sale

Asian naphtha spot trade at 20-year high premiums

India cuts gas supply to 70pc for fertilizer production

Urea Middle East derivatives offered lower: Update

Petrochemicals

QatarEnergy declares force majeure across PE, PP, PVC

Europe benzene above $1,100/t in volatile trading

Chlor-alkali producer Sulfindo declares force majeure

LyondellBasell Europe issues force majeure for PE, PP

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10/03/26

Mars crude premium swings down by $10/bl

Houston, 10 March (Argus) — US crude values tumbled on Tuesday after President Donald Trump suggested the conflict in Iran could end soon, signaling a potential end to Middle East supply disruptions. The Nymex WTI futures contract dropped by over 10pc on Tuesday to around $85/bl, reflecting the value of Domestic Sweet (DSW) crude in Cushing, Oklahoma. Crude differentials for US pipeline grades also tumbled, with medium sour Mars trading at least $10/bl weaker relative to DSW than Monday's high. Medium sours are falling from multi-year highs after eight straight daily gains. These grades are particularly affected by the war in Iran because most US imports of crude from the region are of similar quality to US Gulf sours. They also have higher distillate yields than lighter grades, making them more valuable with the Middle East also being a large exporter of jet fuel and diesel. Louisiana-delivered Mars has traded so far Tuesday as low as a $3.25/bl premium to the Cushing basis after trading as high as a $13.50/bl premium on Monday. In Texas, Southern Green Canyon (SGC) has been heard trading as low as parity to DSW so far Tuesday, down from the prior session's $7.07/bl volume-weighted average premium. Light sweet premiums to the benchmark also fell. Permian-quality WTI at the Magellan East Houston (MEH) terminal was discussed at a prompt $1.25-1.35/bl premium bid-ask spread to the Cushing benchmark at midday Tuesday, according to the Argus Crude Market Ticker (ACMT), down from last session's $1.95/bl volume-weighted average premium. WTI at Midland was discussed at a prompt bid-ask spread of 35-45¢/bl above the Cushing benchmark at midday Tuesday, according to the ACMT. The value is lower than Monday's $1.07/bl volume-weighted average premium. WTI futures fell earlier Tuesday as the market weighed comments by US president Donald Trump late on Monday that suggested potential relief to supply disruptions caused by the war in the Middle East. The April Nymex light sweet crude futures contract fell by $9.69/bl, or 10pc, to $85.08/bl. The May light sweet discount to May Ice Brent narrowed by $1.33/bl, to $6.15/bl, at 12:34 ET. By Mykah Briscoe and John Cordner Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz escort claim pushes oil futures lower: Update

10/03/26

Hormuz escort claim pushes oil futures lower: Update

Updates with White House comment in second paragraph. Washington, 10 March (Argus) — US benchmark West Texas Intermediate (WTI) crude futures fell sharply in Tuesday afternoon trading after US energy secretary Chris Wright erroneously posted on social media that the US Navy had escorted a tanker through the strait of Hormuz. Wright deleted the post shortly thereafter, and the White House subsequently said that in fact the US Navy has yet to escort any ship through Hormuz. WTI prompt contract was around $81/bl at 1:40pm ET, down by 14pc from Monday's settlement price. The US Department of Energy did not immediately respond to a request for comment. US Joint Chiefs of Staff chairman General Dan Caine said earlier on Tuesday that the US military is only starting to assess the feasibility of providing naval escorts for the oil and LNG tankers through the Mideast Gulf and the strait of Hormuz. "We'll look at the range of options to set the military conditions to be able to do that," Caine said at a Pentagon briefing. The military commanders will then present their conclusions to President Donald Trump and defense secretary Pete Hegseth, detailing "what are the resources required, what is the command and control required, and what are the risks and how do we mitigate those risks," Caine said. Only a handful of oil tankers have passed through the strait of Hormuz since the war in the Middle East began 10 days ago, including, on Tuesday, a very large crude carrier (VLCC) linked to Iran . About 17mn b/d of oil — 14mn b/d of crude and condensate and 3mn b/d of refined products — were typically exported via Hormuz before the war. Tanker shipowners speaking on a panel at a shipping forum in New York on Monday unanimously agreed that they would not be comfortable with their vessels transiting the strait of Hormuz given the region's security risk. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

EIA expects WTI to average nearly $85/bl in 2Q: Update

10/03/26

EIA expects WTI to average nearly $85/bl in 2Q: Update

Adds outlook details. Calgary, 10 March (Argus) — The US light sweet crude benchmark will average nearly $85/bl in the second quarter this year because of fighting in the Middle East, the US Energy Information Administration (EIA) predicted today. WTI at Cushing, Oklahoma, is expected to average $84.56/bl across April-June, the agency said in its monthly Short-Term Energy Outlook (STEO), a $30.91/bl upward revision from its February forecast. Crude prices have surged from about $65/bl in late-February to nearly $120/bl on 9 March as the US-Israel war with Iran has choked off flows through the strait of Hormuz. Prices on Tuesday eased to near $83/bl, after US president Donald Trump said the war was practically over . WTI will average $73.61/bl across 2026, EIA predicts, up from $53.42/bl forecast in last month's STEO. EIA similarly revised Brent prices higher, forecasting the global benchmark to average $90.56/bl in the second quarter before falling to $70/bl by the end of the year. The agency expects Brent will average $78.84/bl across the full year. The EIA assumes that shut-in oil production in the Middle East will peak in early April, but a risk premium will persist in an "evolving and uncertain" environment. The higher crude prices will entice US producers to increase output in 2026, and even more next year, reversing prior predictions that 2027 would see a decline in domestic output. US production is set to average 13.61mn b/d in 2026, higher by 100,000 b/d from February's STEO estimate. The US outlook for output in 2027 was revised higher by 510,000 b/d to 13.83mn b/d. The outlook for global output meanwhile was cut to 107.04mn b/d for 2026, lower by 810,000 b/d from a month ago. Global production was lifted to 109.61mn b/d, an upward revision of 860,000 b/d, with the US accounting for more than half of that gain. The EIA lifted both US and global demand outlooks for 2026 and 2027 despite the upward revisions to oil prices. Domestic consumption of petroleum and other liquid fuels is to average 20.6mn b/d in 2026 and 20.73mn b/d, representing increases of 10,000 b/d and 70,000 b/d, respectively, from the prior STEO. Global demand is now forecast at 105.17mn b/d in 2026 and 106.61mn b/d in 2027, for increases of 380,000 b/d and 540,000 b/d, respectively. The EIA is still expecting a surplus of crude in 2026, but significantly less than previously forecast. Inventories will build at a pace of 1.9mn b/d this year, down from the 3.1mn b/d forecast in last month's STEO. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz naval escort claim pushes oil futures lower

10/03/26

Hormuz naval escort claim pushes oil futures lower

Washington, 10 March (Argus) — US benchmark West Texas Intermediate (WTI) crude futures fell sharply in Tuesday afternoon trading after US energy secretary Chris Wright posted on social media that the US Navy had escorted a tanker through the strait of Hormuz. Wright deleted the post shortly thereafter. WTI prompt contract was around $81/bl at 1:40pm ET, down by 14pc from Monday's settlement price. The US Department of Energy did not immediately respond to a request for comment. US Joint Chiefs of Staff chairman General Dan Caine said earlier on Tuesday that the US military is only starting to assess the feasibility of providing naval escorts for the oil and LNG tankers through the Mideast Gulf and the strait of Hormuz. "We'll look at the range of options to set the military conditions to be able to do that," Caine said at a Pentagon briefing. The military commanders will then present their conclusions to President Donald Trump and defense secretary Pete Hegseth "with both what are the resources required, what is the command and control required, and what are the risks and how do we mitigate those risks," Caine said. Tanker shipowners speaking on a panel at a shipping forum in New York on Monday unanimously agreed that they would not be comfortable with their vessels transiting the strait of Hormuz given the region's security risk. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Aramco readies for restart refinery targeted by drones

10/03/26

Aramco readies for restart refinery targeted by drones

Dubai, 10 March (Argus) — Saudi Arabia's biggest refinery, Ras Tanura, is being readied for start-up after it was shut around a week ago following an Iranian drone strike, state-controlled Aramco's chief executive Amin Nasser said on Tuesday. The 550,000 b/d Ras Tanura refinery was targeted by Iranian drones twice in three days ꟷ once on 2 March, and then on 4 March. The refinery was taken offline after the first attack, as "a precautionary measure", Nasser said. The energy ministry at the time said the facility had sustained "limited damage" after "debris from the interception of two drones in the vicinity" fell on it. Supply of products to markets was unaffected, it said. "We have a clear procedure to ensure safe operation, and we are in the process of starting it back up," Nasser said today. He did not say how soon it would be back online. Ras Tanura accounts for around 16pc of Saudi Arabia's 3.4mn b/d of crude refining capacity. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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