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Iran turns back 3 ships trying to transit Hormuz: IRGC

  • Spanish Market: Crude oil, Fertilizers, Freight, LPG, Natural gas, Oil products
  • 27/03/26

Iran's Revolutionary Guard Corps (IRGC) said today that its navy has turned back three container ships attempting to pass through the strait of Hormuz.

The IRGC said the ships of "different nationalities" tried to move into a designated corridor for licensed traffic, but were warned off and forced to withdraw. It said the strait is "closed" and that any movement in the waterway will face "severe action".

The IRGC also declared that the movement of any ship sailing to or from ports of countries allied with what it calls its "Zionist-American enemies" — to any destination and from any corridor — is prohibited.

The statement follows Iranian foreign minister Abbas Araqchi's comments on state TV on 25 March, when he said the strait remains open except to Iran's "enemies". Araqchi said Iran has allowed passage for vessels from "friendly countries, including China, Russia, India, Iraq and Pakistan".

By James Keates

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27/03/26

US biofuel mandates exit White House review

US biofuel mandates exit White House review

New York, 27 March (Argus) — The White House has completed its review of new biofuel blend mandates, signaling it could release the long-awaited rule important for crop demand and retail fuel prices. The rule has emerged from the White House review process on Thursday, which is the last significant step before major regulations can be released, according to a government database updated on Friday. President Donald Trump's administration has already made clear that it expects to finalize new biofuel quotas, which were proposed at record-high levels for 2026 and 2027, sometime this month. The final blend requirements come as Trump and Republicans in Congress see more support for biofuels as one way to help farmers hurt by trade wars and rising input costs. The new quotas also come at the same time as war in the Middle East has spiked the cost of oil products, raising interest in alternatives. More details about the updates to the biofuel program, whether released in full Friday or not, could come at a White House event to celebrate agriculture. Trump said earlier in the week that his administration would announce on Friday "a variety of actions that we're taking to support American farmers". Under the Renewable Fuel Standard, the Environmental Protection Agency requires oil refiners and importers to annually blend different types of biofuels or buy credits from those that do. Traders expecting high quotas have already boosted the price of program credits — and key renewable diesel inputs like soybean oil — to multiyear highs this week. But oil refiners have lobbied the administration to shift course, warning that higher mandates would spill into retail fuel prices that are already spiking. While an earlier Trump proposal to slash program credits for imported biofuels and feedstocks is unlikely to be finalized, oil majors have bristled at a separate plan that would require them to blend more biofuels to offset recently generous program exemptions for smaller rivals. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

West Australian LNG plants remain off line post-cyclone

27/03/26
27/03/26

West Australian LNG plants remain off line post-cyclone

Sydney, 27 March (Argus) — Operators of Western Australia's four LNG terminals located in the Pilbara region have yet to assess the total damage from tropical cyclone Narelle, which passed directly over several key offshore gas facilities in the past 48 hours. It could take until the weekend for helicopter crews to access platforms in the Indian ocean associated with several oil and gas developments, given persisting high seas and winds. Workers at most manned facilities were demobilised ahead of Narelle's passage through the region. Chevron is working to restore production at the 8.9mn t/yr Wheatstone LNG project. The facility's platform about 225km offshore WA was taken off line around 12:00 local time (04:00 GMT) on 26 March, leading the company to suspend LNG and domestic gas output. One of Gorgon's three trains located on Barrow Island, further north from the onshore Wheatstone plant, has also been affected by an outage which began at 15:00 local time on 26 March. The other two production trains and Gorgon's domestic gas facility continue to operate. Australian independent Woodside Energy, which operates two LNG terminals at its 14.3mn t/yr North West Shelf (NWS) and 4.9mn t/yr Pluto projects, said output has been interrupted at the Karratha Gas Plant, NWS LNG's onshore production facility. Production continues at its 200 TJ/d Macedon gas plant and at Pluto, a spokesperson said, with domestic gas continuing to flow to customers from its WA portfolio and the company working to mobilise its workforce to reach offshore facilities. Transport delays travelling to the city of Karratha are delaying some staff from accessing offshore platforms and sites, Argus understands. The ports of Ashburton, Cape Preston West, Dampier and Varanus Island operated by Pilbara Ports remain closed as of 10:00 local time. The now-category 3 Narelle remains a dangerous system generating sustained winds of up to 155 km/h. It is located 90km southwest of the town of Exmouth and has continued to move southwesterly at 20 km/h. Narelle is expected weaken further as it moves over land to the southeast by 28 March, the Bureau of Meteorology said at 10:00 local time, with heavy rains expected to fall in WA's southwest. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Argentina economy has sluggish start to 2026

26/03/26
26/03/26

Argentina economy has sluggish start to 2026

Montevideo, 26 March (Argus) — Argentina's economic activity expanded by an annual 1.9pc in January, according to the statistics agency, Indec. Growth slowed from the 3.3pc expansion reported in December following a 0.2pc contraction in November. Economic activity grew by an annual 1.3pc in January 2025. Growth in January 2026 was fueled by an annual 50.8pc increase in fisheries, a 25.1pc expansion in agriculture and 9.6pc growth in mining. Dragging down growth were manufacturing, off by 2.6pc, with retail falling by 3.2pc and utilities off by an annual 3pc. The government forecasts 5pc growth for 2026. The government is grappling with hyperinflation, which remains higher than forecast, and rising unemployment, which has increased. Export earnings were unexpectedly down in February, according to Indec Argentina's consumer price index (CPI) increased to an annual rate of 33.1pc in February, up from 32.4pc in January, Indec reported earlier this month. Still, it has slowed from 66.9pc in February 2025. Unemployment rose to 7.5pc at the end of fourth quarter of 2025, up from 6.6pc in the third quarter and compared with 6.4pc in the fourth quarter of 2024, according to Indec. The country's trade surplus narrowed to US$788mn in February, a nine-month low, from $2.2bn in January, according to Indec. -By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump delays attacks in Iran until 6 April

26/03/26
26/03/26

Trump delays attacks in Iran until 6 April

Washington, 26 March (Argus) — President Donald Trump for the second time this week has delayed a threat to bomb power plants in Iran, pushing back a possible attack by 10 days until 6 April to provide time for negotiations he claims are ongoing. Trump last week threatened to "hit and obliterate" those power plants unless Iran fully opened the strait of Hormuz to shipping by 23 March. That day, Trump pushed back the attack by five days, citing progress in talks with Iranian officials he has yet to identify. On Thursday, Trump provided the same justification for another delay. "As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days," Trump said in a social media post at 4:11pm ET. "Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well." Nymex WTI crude futures for May delivery plunged by more than $4/bl moments after Trump's post, down to as low as $89.51/bl at 4:12pm ET but rebounded to $93.78/bl as of 5:04pm ET. Iran's leaders have disputed the claims that Tehran and Washington are negotiating an end of hostilities. They see signs of a concerted campaign of "jawboning" to push down oil prices, creating a stark divergence between futures prices and the physical market. Trump said the power plant attack will now occur at 8pm ET on 6 April, equivalent to the early morning on 7 April in Tehran. Earlier in the day, Trump cited recent oil shipments through the strait of Hormuz as a sign that negotiations could bring an end to the energy crisis. Trump has downplayed the extent to which the war has caused energy prices to surge in the US and said he is in a good negotiating position with Iran. "They're begging to make a deal, not me," Trump said at a cabinet meeting on Thursday. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Butane widens premium to propane

26/03/26
26/03/26

Butane widens premium to propane

Houston, 26 March (Argus) — The premium of US butane at Mont Belvieu, Texas, to propane has widened because export demand for butane-heavy loads has grown because the US-Israel war on Iran. March EPC butane averaged a $32.10/t premium to March EPC propane from 2-25 March, a sharp increase from the $6.80/t average during the same time a year earlier. In-well March EPC butane has inflated to unseasonal values since the start of the war on 28 February, with the heavy feedstock rising by 13.7pc to an average of $480/t from 2-25 March, compared with $422.20/t a year earlier, as international demand for butane-heavy cargoes grew to replace split cargoes from the Middle East, which have been choked off by Iran's effective closure of the strait of Hormuz. The lack of shipments from the Mideast Gulf has created a supply crisis in India, which relies heavily on imports to meet its requirements for cooking fuels. India gets nearly 90pc of its LPG from the Mideast Gulf , and to mitigate the supply shock, has turned to other countries for imports, including the US . India is set to receive around 432,000t of LPG from the US in March, the highest volume ever recorded, predictive volumes from Kpler indicate. While the war tightens LPG supplies out of the Middle East, leading to higher delivered propane prices on the Argus Far East Index (AFEI), US propane — which trends directionally with international markets — has had less on chronic oversupply. US propane stocks increased by 478,000 bl to 72.9mn bl in the week ending 20 March, leaving inventories 59pc above the five-year average. March EPC propane remains well below year earlier levels, averaging $385/t from 2-25 March, a 14.5pc decline from $450.14/t a year earlier. Butane's premium to propane could continue to grow against a backdrop of political uncertainty in the Middle East. If the military conflict there ends, flows could recover, demand for butane-heavy loads from the US would retreat and butane's premium to propane could revert to seasonal norms. Butane typically weakens during the summer-grade gasoline blending season, which uses less of it. By Giovann Rosales Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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