Poland's 210,000 b/d Gdansk refinery is increasing production after completing scheduled maintenance earlier this month. Most of the units taken off line for between late February and early April have restarted, as planned, operator Rafineria Gdanska said on 7 April. Maintenance was conducted on crude and vacuum distillation units, a diesel hydrotreater, the MHC mild hydrocracker, a reformer, the jet fuel Merox and hydrogen generation units, and two sulphur recovery units. A second phase of planned maintenance at Gdansk takes the refinery's three base oil units off line from 8 April until mid-May. Rafineria Gdanska is a joint venture of state-controlled Orlen with 70pc and state-controlled Saudi Aramco holding 30pc. Orlen is planning maintenance on a hydrocracker at its 373,000 b/d Plock refinery in Poland from 13 May until 24 June. The Polish company's 63,000 b/d Kralupy refinery in the Czech Republic has been shut down for scheduled maintenance since mid-March and should restart in early May. Orlen's 190,000 b/d Mazeikiai refinery in Lithuania was off line for 30 days of planned maintenance last month.
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US, Iran again exchange fire in Hormuz
US, Iran again exchange fire in Hormuz
Washington, 7 May (Argus) — The US and Iranian militaries exchanged fire for the second time in three days on Wednesday during an attempted passage by US warships through the strait of Hormuz. Iranian forces targeted three US destroyers with missiles, drones and small boats while they were in transit through Hormuz to the Gulf of Oman, according to US Central Command (Centcom), which oversees the Middle East-based US forces. The US forces struck back at Iranian missile and drone launch sites, command and control locations and surveillance nodes, Centcom said. Iran's state news agencies reported explosions near the Iranian port of Bandar Abbas and other locations along the Iranian coastline hugging the strait of Hormuz. Iran's forces damaged the US warships and forced them to abandon the attempted transit, according to the Tasnim news agency, which is affiliated with Iran's Islamic Revolutionary Guard Corps. "No US assets were struck," Centcom said. US and Iranian naval forces clashed on 4 May, when two US destroyers passed through Hormuz to help two US-flagged vessels to depart the Mideast Gulf. The US forces that day launched the Project Freedom mission to enable the departure of ships stranded in the Mideast Gulf, but President Donald Trump put the mission on hold on 5 May. The US and Iran halted hostilities on 7 April. The 4 May clash was not deemed a serious violation of the ceasefire, the Pentagon said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US court finds 'section 122' tariffs unlawful
US court finds 'section 122' tariffs unlawful
Washington, 7 May (Argus) — A federal trade court ruled on Thursday that 10pc tariffs that President Donald Trump imposed in February on a vast number of imported products were unlawful under a 1974 law he used as the basis for the duties. Trump had imposed the "section 122" tariffs on imports on 20 February as a de facto replacement of emergency tariffs the US Supreme Court had thrown out the same day. Trump said he was imposing the 10pc tariffs to address a deficit in the "balance of payments" flowing into the US, using authorities that could remain in place for 150 days, until 24 July. Trump exempted energy, critical minerals, fertilizers and some agricultural imports from new import taxes. But the US Court of International Trade, in a 2-1 ruling on Thursday, found the latest tariffs were "invalid as contrary to law". The court said nowhere in the proclamation imposing the tariffs had Trump identified a "balance-of-payments deficit" under the meaning of the 1974 trade law. The administration had used a mechanism of finding deficits that unless every individual sub-account was balanced, the "president would always be able to identify a balance-of-payment deficit", the court said. The court permanently blocked the US from collecting the section 122 tariffs from state of Washington and two small private importers that had filed the case, and it also required the US to pay refunds and interest. But the court said California and other states that were part of the lawsuit had not shown legal "standing" to obtain the same relief. The court's decision, if upheld, could open the door to other states and plaintiffs that have paid the section 122 tariffs to pursue their own claims to obtain tariff refunds. The White House did not immediately respond to a request for comment. The administration is still in the process of refunding $166bn in emergency tariffs the Supreme Court struck down. The administration last month launched a system to manage tariff refunds. The first refunds will be paid out as early as 12 May, federal customs officials said earlier this week. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European jet premiums lowest since before US-Iran war
European jet premiums lowest since before US-Iran war
London, 7 May (Argus) — Apparent discussions between the US and Iran on reopening the strait of Hormuz pushed European jet fuel spreads to their narrowest since before the war began, adding to existing pressure from prompt supply stability. But outright prices in Europe must remain high to continue attracting that supply. Argus assessed jet fuel cargoes delivered to northwest Europe at a $99.50/t premium to front-month Ice gasoil futures on 6 May, falling by about a third on the day. Refining margins slimmed to below $60/bl. Both are the narrowest since 27 February, the day before the US-Iran war broke out. US president Donald Trump on 6 May said a deal was under discussion with Iran to reopen the strait of Hormuz and end the US blockade of Iranian ports. Front-month Ice gasoil futures dropped by more than 8pc on the day, pushing outright jet fuel prices to $1,287/t, the lowest since the first week of the war. Jet fuel premiums have steadily fallen for more than two weeks. This reflects greater confidence about prompt supply in Europe, thanks to arrivals from the US and Nigeria, domestic refinery output and heavy reliance on inventories, all of which are helping to offset the loss of Mideast Gulf supply until demand ramps up in summer. Flat price high to pull supply But outright prices remain more than 50pc higher than pre-war levels, reflecting global undersupply of jet fuel until flows through the strait of Hormuz return. Europe must compete with other regions, such as east Africa , for the remaining supply. Airline executives and market participants have warned the cost of securing jet fuel will be significant . Airlines appear committed to maintaining supply, but not all will be able to handle such steep fuel costs. This proved fatal for the US' Spirit Airlines , which permanently closed on 2 May. Ryanair chief executive Michael O'Leary said some European airlines could meet a similar fate if prices remain high. By Amaar Khan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump claims deal with Iran to reopen Hormuz: Update
Trump claims deal with Iran to reopen Hormuz: Update
Updates with changes throughout Washington, 6 May (Argus) — A peace deal under discussion with Iran would reopen the strait of Hormuz to navigation and lift the US blockade on Iranian trade, President Donald Trump said on Wednesday. "Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end," Trump said in a social media post, referring to the US designation for the military operation against Iran that started on 28 February. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before." Iran's foreign ministry said it was still reviewing a US proposal, state news agency Isna said on Wednesday. Iran's Tasnim agency, which is linked to Islamic Revolutionary Guard Corps (IRGC), said that the US proposal "contains some unacceptable clauses". Crude futures dropped sharply after Trump on Tuesday paused the US military mission to force Hormuz open and said that the US and Iran were close to a diplomatic breakthrough. Oil futures have gyrated over the past month after reported breakthroughs in the US-Iran talks that subsequently turned out to have been false starts. The US and Iran reached agreement on a ceasefire on 7 April, but the transit of vessels through the strait of Hormuz is still at a fraction of pre-war levels. Tehran has maintained tight control over the critical Mideast Gulf waterway, while the US has enforced a blockade of Iranian trade since 13 April. Neither Tehran nor Washington officially confirmed details of a possible agreement. Previous statements from Washington and Tehran have outlined the contours of an agreement that would curb Iran's nuclear program in exchange for sanctions relief for Tehran. But red lines drawn by both sides — the US insistence on eliminating Iran's theoretical capacity to produce nuclear weapons and Tehran's assertion of control over Hormuz — will have to be reconciled. The sequence of addressing the points of contention is also an issue, with Tehran keen to push discussion of its nuclear program to a later date. Senior US and Iranian leaders met face to face in Pakistan on 11-12 April, but that round of diplomacy ended without an agreement. The two countries since then have communicated indirectly, through Pakistan. The US on 4 May launched a military mission, dubbed Project Freedom, to challenge Tehran's control over Hormuz. Tehran responded to Project Freedom by launching missiles and drones at US warships and commercial ships transiting Hormuz, while the US destroyed six Iranian naval boats. Iran also targeted the port of Fujairah in the UAE. Trump said on Tuesday he would pause Project Freedom. Tehran had been reviewing the latest US peace proposal before Trump ordered the latest US military mission, and the subsequent confrontation put that review on pause, Tasnim claimed. "After Trump's retreat, Iran has resumed its review in this regard and will announce to the mediator whenever it reaches a conclusion," Tasnim said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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