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Latest Market News

US-EU clean freight crests $100/t for first time

  • Spanish Market: Biofuels, Oil products
  • 23/03/26

Refined oil product shipments carried on medium range (MR) tankers for US Gulf coast-Europe voyages breached $100/t for the first time in nearly 20 years of Argus assessments today on the ongoing supply disruptions in Mideast Gulf exports.

Commodity trader BB Energy put the MR tanker Nord Master on subjects for a US Gulf coast-Europe voyage today at Worldscale (WS) 545, or $108.08/t. The rate represents the highest heard for the voyage since Argus began assessing it in 2007, and is 43pc higher than the previous, pre-Iran war high of $75.59/t in April 2022.

This means the de facto strait of Hormuz closure by Iran in the wake of US and Israeli strikes has far outstripped the impact on transatlantic freight rates of Russian diesel bans in Europe in the wake of the invasion of Ukraine — when European diesel buyers heavily shifted their demand from the Black Sea toward the US Gulf coast.

The disruption to Mideast Gulf exports of crude and refined oil products has rattled freight markets globally, pushing buyers from regions outside of the typical US Gulf coast demand pool to provisionally hire MR tankers from the region, as evidenced on the BB Energy deal with the Nord Master.

The trader included South Africa as a discharge option on the voyage at WS685, which is a country that imported 64.4pc of its refined oil product shipments, mostly diesel, from the Mideast Gulf since March 2024. The US Gulf coast accounted for only 1.5pc of the country's imports in that same period, Vortexa data show.

Meanwhile, Jones Act waiver deals continued to hit the US Gulf coast spot market on Monday, which actively reduced the available tonnage pool for international shipments and provided further upward pressure on rates.

Jet fuel wholesaler Nafco provisionally hired the Lakshmi today for a US Gulf coast-Alaska voyage at $7.75mn lumpsum. Nafco itself is a rarity within the US Gulf coast spot market, with no other spot market deals heard since 2022, suggesting the Jones Act waivers represented a unique trading opportunity for the company. This also demonstrates the waiving of typical Jones Act requirements, that US cabotage vessels be US flagged and US crewed, has introduced entirely new demand into the US Gulf coast spot market at a time when global buyers are already scrambling to secure shipments from the region.

By Ross Griffith

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23/03/26

At least three vessels exit strait of Hormuz

At least three vessels exit strait of Hormuz

London, 23 March (Argus) — At least three vessels transited the strait of Hormuz early on Monday via the narrow channel between Iran's Qeshm and Larak islands, according to ship tracking data. The transits come amid tentative signs that diplomatic moves may be getting under way to resolve the de facto closure of the strait. US president Donald Trump said earlier today that he had ordered a five-day pause in planned strikes on Iranian energy infrastructure following what he described as "very good" and "productive" conversations with Iranian officials. Two very large gas carriers (VLGCs) — Pine Gas and Jag Vasant — transited the Qeshm–Larak channel early on Monday, according to Kpler, Vortexa and MarineTraffic. The Medium Range clean products tanker Bright Gold also passed through the same gap. Pine Gas loaded at Ruwais in the UAE almost a month ago, while Jag Vasant loaded at Mina al-Ahmadi in Kuwait around the same time. Both vessels had remained in Gulf waters for weeks before making the transit, drifting off the coast of Ras Al Khaimah in the UAE. There is no confirmation that Iran has deployed sea mines in the strait of Hormuz. But if mines were placed in the southern portion of the strait, the Qeshm–Larak gap could serve as a narrow checkpoint for controlled outbound transits. The two VLGCs are bound for India, according to ship tracking data. Trump on Saturday threatened to attack Iran's power plants if the Hormuz strait was not reopened within 48 hours, but today he rowed back on that plan, postponing the strikes for five days following what he said were "very strong" talks with unidentified officials who "seem to be running" Iran. Iranian state-linked media denied that any direct or indirect talks with the US had taken place, contradicting Trump's account and adding uncertainty to the political backdrop. The US pause may prompt more vessels stuck in the Mideast Gulf to attempt to cross the Hormuz strait. Only a limited number of ships have made it through since the start of the US-Israeli war with Iran on 28 February. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran charging $2mn to transit Hormuz: Official

23/03/26
23/03/26

Iran charging $2mn to transit Hormuz: Official

New York, 23 March (Argus) — Iran is charging vessel operators $2mn to transit the strait of Hormuz because of the "cost of war", according to an Iranian official, but some sources dispute the claim. "Yes, of course, we have to do this because of the war," Iranian parliament member Alaeddin Boroujerdi said on 22 March via Iranian state TV. "Iran has the right to transfer $2mn [from vessels wanting to transit the strait of Hormuz]. This shows the power and the right that the Islamic Republic of Iran has." But a post by Iran's embassy in India on social media site X early Monday refuted the claim. "The statements made in this regard merely reflect the personal views of individuals and do not, in any way, represent the official position of the Islamic Republic of Iran," the post said. Iran has signaled that the strait is "open", from its perspective, for vessels from non-enemy combatant countries and that such vessels can pass if they first contact Iran and discuss arrangements, according to Iranian foreign minister Abbas Araqchi. It is unclear whether the potential $2mn payment by vessel operators to secure this safe passage, likely via a chokepoint set up between two islands near the Iranian coast , is one-way or round-trip. Iran's levying of tolls on passage for around 20pc of the global oil shipments that transit the region would be akin to the Panama Canal or Egypt's Suez Canal. Vessel operators from countries like China, India or Japan wishing to enter and load cargo may need to pay $4mn in total to exit the region safely again. US president Donald Trump announced Monday that the US and Iran had "VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST" via his Truth Social social media company. But if the war does wrap up in the near term, it remains to be seen whether the previous status quo returns or if Iran will maintain tighter control over the strait of Hormuz charge transit fees moving forward. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump orders pause in Iran strikes: Update

23/03/26
23/03/26

Trump orders pause in Iran strikes: Update

Adds remarks from Trump Dubai, 23 March (Argus) — US president Donald Trump said on Monday he ordered a five-day halt to a planned round of strikes on Iranian energy infrastructure after holding "very strong" talks with unidentified officials who "seem to be running" Iran. Tehran has denied holding direct or indirect talks with the US, state-linked news agency Fars said. But Trump said the talks, which began on Sunday and are expected to continue on Monday, were intended to reach a deal to resolve the war in Iran. "We're dealing with some people that I find to be very reasonable very solid," Trump told reporters on Monday. "The people within know who they are. They're very respected, and maybe one of them will be exactly what we're looking for. Look at Venezuela, how well that's working out." In a Truth Social post earlier on Monday, Trump said the two sides had engaged in "in-depth, detailed and constructive" discussions over the past two days on achieving a "complete and total resolution of our hostilities in the Middle East". He said further meetings would continue this week and that the pause in military action was conditional on the "success of the ongoing meetings and discussions". Front-month Ice Brent crude fell to as low as $96/bl in intra-day trading, down from the settlement price of $112.19/bl on 20 March. It is now trending at around $100/bl. European gas prices also tumbled in response to the post. The front-month contract at the benchmark TTF gas hub dropped by 17pc in the space of eight minutes, to just over €54/MWh at 11:10 GMT. The price was near €55/MWh by 14:22 GMT. Trump's announcement marks a sharp shift from his weekend ultimatum demanding Iran fully reopen the strait of Hormuz within 48 hours or face immediate strikes on its power infrastructure. Iran responded by threatening to destroy oil facilities and other critical infrastructure across the Middle East "in an irreversible manner" if the US attacks its power plants. Traffic through the Hormuz strait has been heavily restricted since major US-Israeli strikes on 28 February triggered Iranian retaliatory attacks on ships and energy infrastructure across the Mideast Gulf, severely disrupting exports of crude, oil products, LNG, fertilizers and other commodities from the region. Trump was sparse on details on the negotiations, which he said would address nuclear enrichment and other security issues. If the talks succeed, the strait of Hormuz will be "jointly controlled", Trump said, by "maybe me — me and the ayatollah — whoever the next ayatollah is, and there will also be a very serious form of regime change". Earlier today, Iran's Defence Council warned that any attack on its coasts or islands would prompt it to lay naval mines across the Gulf, putting the wider region in a position similar to the strait of Hormuz "for a long time", according to state media. Tehran has also said the strait would only be open to vessels from "non-belligerent" countries co-ordinating passage with Iran. Foreign minister Abbas Araqchi said over the weekend that Iran was willing to discuss safe passage through Hormuz with Japan and other states that had not attacked Iran. By Nader Itayim, Andrey Telegin, James Keates and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump orders pause in Iran strikes as talks open

23/03/26
23/03/26

Trump orders pause in Iran strikes as talks open

Dubai, 23 March (Argus) — US president Donald Trump said today he has ordered a five-day halt to planned military strikes on Iranian power plants and energy infrastructure, saying Washington and Tehran have held "very good and productive" conversations aimed at ending the war. In a Truth Social post, Trump said the two sides had engaged in "in-depth, detailed and constructive" discussions over the past two days on achieving a "complete and total resolution of our hostilities in the Middle East". He said further meetings would continue this week and that the pause in military action was conditional on the "success of the ongoing meetings and discussions". Front-month Ice Brent crude fell to as low as $96/bl in intra-day trading, down from the settlement price of $112.19/bl on 20 March. It is now trending at around $103/bl. European gas prices also tumbled in response to the post. The front-month contract at the benchmark TTF gas hub dropped by 17pc in the space of eight minutes, to just over €54/MWh at 11:10 GMT from €62/MWh just after 11:00 GMT. The price had climbed back up to €59/MWh by 11:22 GMT. Trump's announcement marks a sharp shift from his weekend ultimatum demanding Iran fully reopen the strait of Hormuz within 48 hours or face immediate strikes on its power infrastructure. Iran responded by threatening to destroy oil facilities and other critical infrastructure across the Middle East "in an irreversible manner" if the US attacks its power plants. Traffic through the Hormuz strait has been heavily restricted since major US-Israeli strikes on 28 February triggered Iranian retaliatory attacks on ships and energy infrastructure across the Mideast Gulf, severely disrupting exports of crude, oil products, LNG, fertilizers and other commodities from the region. Earlier today, Iran's Defence Council warned that any attack on its coasts or islands would prompt it to lay naval mines across the Gulf, putting the wider region in a position similar to the strait of Hormuz "for a long time", according to state media. Tehran has also said the strait would only be open to vessels from "non-belligerent" countries co-ordinating passage with Iran. Foreign minister Abbas Araqchi said over the weekend that Iran was willing to discuss safe passage through Hormuz with Japan and other states that had not attacked Iran. By Nader Itayim, Andrey Telegin and James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

German fuel price gaps widen on oversupply, weak demand

23/03/26
23/03/26

German fuel price gaps widen on oversupply, weak demand

Hamburg, 23 March (Argus) — Fuel prices in southern Germany have risen less sharply since the start of the war in the Middle East than in other parts of the country, widening regional differentials — especially for heating oil. Suppliers linked to the 310,000 b/d Miro refinery in Karlsruhe and the 207,000 b/d Bayernoil refinery in Vohburg-Neustadt have reduced prices relative to the rest of the country because of oversupply. Output at both refineries is exceeding weak demand, prompting suppliers to offer discounts to stimulate buying interest. The effect is strongest at Miro, which has been producing without restrictions in recent weeks. Some suppliers have started exporting middle distillates to the Amsterdam-Rotterdam-Antwerp (ARA) hub to ease the pressure. On 19 March, heating oil in the southwest traded at almost €20/100 litres below levels in the Cologne Lowland, currently Germany's most expensive region. Diesel in the southwest was discounted by about €12.70/100l compared with Berlin in the east. The regional spread for both products reached its widest since September 2022, when tight supplies — particularly shortages in southern and western Germany — drove unusually large price differences. Weak demand is also evident across the rest of the country. Heating oil volumes reported to Argus on 19 March fell to their lowest since 1 November 2024, when activity was limited by the All Saints' Day holiday, which halted trading in five of the 11 regions. End-users continue to delay non-essential purchases. Traders reported very little heating oil demand after a sharp price increase late last week triggered by renewed escalation in the US-Iran conflict. From 18-19 March, the nationwide average heating oil price rose by €12.80/100 l, reaching its highest level since the end of August 2022. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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