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EIA hikes US jet fuel price outlook by 30pc

  • Spanish Market: Oil products
  • 07/04/26

The US Energy Information Administration (EIA) raised its outlook for US jet fuel prices for the third consecutive month as tensions continue to brew between the US and Israel with Iran.

US jet fuel prices for customers are now projected to average $3.39/USG in 2026 and $2.59/USG in 2027, according to the EIA's latest Short-Term Energy Outlook (STEO). The forecast for this year reflects a 72¢/USG, or nearly 30pc, upward hike compared with last month's forecast of $2.67/USG. The 2027 projection reflects a 31¢/USG, or 13.6pc, upward revision from the prior STEO.

The higher price forecasts are largely driven by ongoing US and Israeli military conflict with Iran, which began 28 February. War-time security concerns have effectively closed the strait of Hormuz, through which nearly 25pc of global jet fuel exports transit. The EIA outlook assumes the war does not persist past April and that traffic through the strait of Hormuz gradually resumes.

The US and Israel carried out a new round of strikes on Iran's energy-centric Kharg Island on Tuesday, Iranian state media reported, and President Donald Trump set a deadline of 8pm ET Tuesday before he targets Iranian energy infrastructure, unless Tehran agrees to allow safe passage through the strait.

The Argus US jet fuel index has averaged $2.97/USG so far in 2026, up by 74¢/USG, or 33pc, compared with the same period last year. The index — an average of spot prices across the US — sits at roughly $4.70/bl, having firmed by $2.20/USG since the conflict started with Iran.

The EIA expects US jet fuel prices to average $4.22/USG during the second quarter, compared with just $2.74/USG during the first quarter.

In addition to the ongoing conflict, some Asia-Pacific refiners are cutting run rates on concerns over feedstock shortages, and several countries are halting products exports to secure domestic supply.

The outlook for net jet fuel imports was revised lower by 30,000 b/d to -130,000 b/d in 2026 on expectations US refiners will produce 1.85mn b/d this year — an upward revision of just 20,000 b/d from last month's forecast.

The EIA meanwhile lowered its prediction for US consumption of jet fuel to 1.72mn b/d in 2026 and 1.74mn b/d in 2027, compared with 1.74mn b/d and 1.75mn b/d, respectively, in the prior STEO.

US jet fuel stocks are projected to end 2026 at 43.4mn bl, up from last month's forecast of 42.1mn bl.

By Amanda Hilow

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07/04/26

Trump threatens death of Iranian civilization: Update

Trump threatens death of Iranian civilization: Update

Adds details on the latest diplomatic moves to end the war Washington, 7 April (Argus) — US president Donald Trump warned Iranian civilization "will die" tonight if Tehran does not accede to his demands and assure safe passage through the strait of Hormuz. Trump has threatened to destroy "every" bridge and power plant in Iran starting at 8pm ET on Tuesday and says such a mission could be accomplished in four hours. "A whole civilization will die tonight, never to be brought back again," Trump warned in a post on his social media platform on Tuesday. "I don't want that to happen, but it probably will." Trump said the US-Israel military strikes on Iran have already brought about regime change in Tehran that has created an environment "where different, smarter, and less radicalized minds prevail." "Maybe something revolutionarily wonderful can happen, WHO KNOWS? We will find out tonight, one of the most important moments in the long and complex history of the World. 47 years of extortion, corruption, and death, will finally end. God Bless the Great People of Iran!" Trump wrote. Trump has repeatedly pushed back the timing of his threat to destroy Iran's infrastructure, most recently at the weekend when he said the attack would take place on Tuesday rather than on Monday. Trump said he did not want to attack the day after Easter. Iran has threatened to respond to any attacks on its power infrastructure with a corresponding attack on neighboring countries that are hosting US military infrastructure. Trump has dismissed suggestions attacks on Iran's bridges and power plants could be deemed war crimes. Diplomacy continues Pakistan-led diplomatic efforts aimed at ending the US-Israel war with Iran have reached a critical stage, Iran's ambassador to Pakistan Reza Amiri Moghaddam said Tuesday. Pakistan has been leading mediation efforts between Washington and Tehran over the past two weeks, working alongside countries like Egypt, Turkey and Saudi Arabia. Moghaddam described Islamabad's interventions as "positive and productive". The comments provide some hope for de-escalation, although Tehran and Washington have publicly dismissed terms of a ceasefire proposed by Pakistan . Before his threat to end Iranian civilisation, Trump called the proposals "significant" but "not good enough". Iran has said a ceasefire would only provide a "pause" for the US and Israel to refresh their military forces and equipment in preparation for a new attack. "No intelligent person would accept such a thing," Iran's foreign ministry spokesman Esmail Baqaei said. "Our demand is for an end to the imposed war, along with assurances that this vicious cycle will not be repeated." By David Ivanovich and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump threatens death of Iranian civilization

07/04/26
07/04/26

Trump threatens death of Iranian civilization

Washington, 7 April (Argus) — US president Donald Trump warned Iranian civilization "will die" tonight if Tehran does not accede to his demands and assure safe passage through the strait of Hormuz. Trump has threated to destroy "every" bridge and power plant in Iran starting at 20:00 ET on Tuesday and says such a mission could be accomplished in four hours. "A whole civilization will die tonight, never to be brought back again," Trump warned in a post on his social media platform on Tuesday. "I don't want that to happen, but it probably will." Trump said the US-Israeli military strikes on Iran have already brought about regime change in Tehran that has created an environment "where different, smarter, and less radicalized minds prevail. "Maybe something revolutionarily wonderful can happen, WHO KNOWS? We will find out tonight, one of the most important moments in the long and complex history of the World. 47 years of extortion, corruption, and death, will finally end. God Bless the Great People of Iran!," Trump wrote. Trump has repeatedly pushed back the timing of his threat to destroy Iran's infrastructure, most recently at the weekend when he said the attack would take place on Tuesday rather than on Monday. Trump said he did not want to attack the day after Easter. Iran has threatened to respond to any attacks on its power infrastructure with a corresponding attack on neighboring countries that are hosting US military infrastructure. Trump has dismissed suggestions attacks on Iran's bridges and power plants could be deemed war crimes. By David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australia secures fuel into May, Asia assures supply

07/04/26
07/04/26

Australia secures fuel into May, Asia assures supply

Sydney, 7 April (Argus) — Australia has sufficient fuel stocks to last into May and has received assurances from key southeast Asian suppliers, ministers said. Australia has secured legally binding fuel supplies well into May, energy minister Chris Bowen said on 6 April, after previously indicating uncertainty around supplies at the end of April . He added that he would not over-promise regarding availability in the months ahead. Assistant trade minister Matt Thistlethwaite told Sky News on 5 April that he had discussed supply and received assurances from key import partners such as Japan, South Korea and Singapore on continued shipments. A total of 50 ships carrying fuel will arrive in Australia over the next month and the country is diversifying its suppliers , including the US, he added. Australia had 39 days' worth of gasoline, 30 days' worth of jet fuel and 29 days' worth of gasoil as of 31 March, minimum stockholding obligation data show. Gasoline and gasoil stocks were unchanged from the previous week, while jet fuel stocks were one day lower. In New Zealand, weekly stockholding increased to 61.9 days' worth of gasoline, 50.1 days' worth of jet fuel as of 1 April from 29 March. But gasoil stocks decreased by about one day. This includes vessels carrying fuel en route to New Zealand. By Grace Dudley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Israel hits Iran's Assaluyeh petchem complex

06/04/26
06/04/26

Israel hits Iran's Assaluyeh petchem complex

Dubai, 6 April (Argus) — Several facilities in Iran's key Pars petrochemical complex in Assaluyeh were damaged in US-Israeli strikes Monday, according to Iran's state petrochemicals company NPC. NPC did not name the facilities struck, just saying that the "criminal attacks" were on "a number of ancillary facilities linked to the petrochemical complex of the Pars Special Economic Energy Zone," and that damage assessments are still underway. But state media said two power and desalination plants, Jam and Damavand, which supply electricity and water to the complex, were targeted, causing widespread power disruptions across the complex. Israeli defence minister Israel Katz said today that Tel Aviv had carried out a "powerful strike on the largest petrochemical facility in Iran" in Assaluyeh, that he said was responsible for about half of the country's petrochemical production. He described the attack as a"severe economic blow to the Iranian regime." The complex hosts at least 21 operating petrochemical plants and takes feedstock from the giant offshore South Pars gas field that Iran shares with Qatar. South Pars accounts for 70-75pc of Iran's gas production and supplies a significant share of feedstock to the country's petrochemical and gasoline sectors. At least four gas treatment plants in Assaluyeh, which process sour gas from South Pars, were taken offline on 18 March following a similar Israeli drone attack . The incident prompted Iranian retaliatory strikes on downstream energy facilities in Saudi Arabia, the UAE, and Qatar, including the LNG facility in Ras Laffan Industrial City . US president Donald Trump later said Israel would not target South Pars again unless Iran attacked Qatar . The attack was just the latest in a string of US-Israeli strikes targeting Iran's petrochemicals industry. Another petrochemical complex in Marvdasht, Fars province, was also targeted on Monday, causing fire which was later contained, while a key petrochemical complex in Mahshahr, in Khuzestan province, was struck on Saturday, shutting down production across the hub. Iranian state media said the Fajr 1, Fajr 2, Karun, Razi and Bandar Imam petrochemical companies were damaged in the strikes. These attacks came as Trump reiterated over the weekend his threat to strike Iran's electric power infrastructure if Tehran does not allow unfettered passage through the strait of Hormuz . Both Trump and Iran rejected the latest proposal for a ceasefire floated by Pakistan. By Rithika Krishna and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Several Mideast Gulf energy sites hit by drones

05/04/26
05/04/26

Several Mideast Gulf energy sites hit by drones

Dubai, 5 April (Argus) — Energy-linked facilities and installations across Mideast Gulf countries were hit by a new round of Iranian drones strikes overnight, as the US-Israeli war with Iran intensifies. Kuwait's state-owned KPC reported that the building housing both its headquarters and the country's oil ministry "was targeted" by a drone in the early hours of Sunday, 5 April, causing a fire at the site. A source with knowledge of the incident confirmed that the building itself was struck. Videos circulating on social media showed a large fire burning from the top of the building. The attack caused "significant material damage," the finance ministry said in a separate statement. The building, located in Kuwait City's Shuwaikh district, had already been evacuated and no injuries were reported, KPC said. Emergency teams are continuing efforts to contain and manage the fire. Another strike in Kuwait targeted two power and water desalination plants, resulting in "significant material damage" and the shutdown of two electricity generation units, the ministry of electricity and water said. This represents the third attack on Kuwait's power infrastructure in less than a week, following strikes reported on power and desalination plants on 3 April and 30 March . Kuwait has eight major power plants dotted along its coast, the majority of which also include desalination units that supply a significant portion of the emirate's freshwater. The first attack on 30 March targeted the Doha West facility near Doha port. Kuwait has yet to disclose which facilities were targeted on 3 April and early today. In neighbouring Bahrain, state-owned Bapco Energies reported a fire at a storage tank at "one of its storage facilities" after what it described as "an Iranian drone attack" in the early hours of Sunday. By 09:41 local time, Bapco Energies said the fire had been "fully extinguished" and the situation brought under control. Damage assessments are ongoing, and no injuries were reported. Bahrain's GPIC said several operational units were hit by Iranian drones early today, triggering fires that were later extinguished. Damage assessments are ongoing, with no casualties reported. Abu Dhabi authorities said that "several fires" broke out at the Borouge petrochemicals facility after debris from an intercepted drone fell on the site early Sunday. Operations at the facility have been "suspended immediately, pending an assessment of the damage," Abu Dhabi said. No injuries were reported. These attacks came hours after the Iraqi oil ministry reported an attack "by unidentified drones" on a storage facility at the 300,000 b/d Buzurgan oil field — one of three fields that make up the Missan cluster operated by China's state-owned CNOOC. The attack did not result in any injuries, the ministry said. The war with Iran is now in its sixth week, with Tehran responding to US and Israeli strikes on its territory, facilities and infrastructure by launching missiles and drones against targets in Israel and across the Mideast Gulf. By Nader Itayim and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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