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Riyadh discloses damage to Aramco facilities: Update

  • Spanish Market: Crude oil
  • 09/04/26

Updates with details of timing of the attacks

Saudi Aramco's East-West pipeline, its Manifa oil field and other key facilities have suffered significant damage from Iranian attacks that took place shortly after the announcement of a ceasefire between the US and Iran on 7 April.

An attack on a pumping station on the East-West pipeline cut capacity by 700,000 b/d, while another attack cut production capacity at Manifa by 300,000 b/d, the Saudi oil ministry said on Thursday, according to state news agency Spa. The East-West pipeline has become Saudi Arabia's primary export outlet after Iran shut down navigation through the strait of Hormuz, and reached its full 7mn b/d capacity in late March.

Iranian attacks have also targeted Aramco's Satorp, Ras Tanura, Samref and Riyadh refineries, the ministry said, while an attack on the Juaymah facility has curbed exports of LPG and NGLs. An Aramco security staff member was killed and seven members of facilities' staff were injured during those attacks, the ministry added.

The Saudi oil ministry did not disclose the timing of the attacks, but Argus understands that nearly every reported attack took place in the past 48 hours, placing them after the announcement of the US-Iran ceasefire. One further attack reported by the ministry, on Aramco's Khurais field, took place earlier in March, Argus understands. This attack reduced the field's production capacity by 300,000 b/d, the ministry said.

Iran and other Mideast Gulf countries reported attacks on their energy facilities in the initial hours after the announcement of the 7 April ceasefire. The US has halted hostilities against Iran, but vessel traffic through the strait of Hormuz remains extremely constrained, despite Tehran's pledge to reopen it once the ceasefire took effect.

"Let's be clear: The strait of Hormuz is not open," Abu-Dhabi's state-owned Adnoc chief executive Sultan al-Jaber said on Thursday. "Access is being restricted, conditioned and controlled."

President Donald Trump in a social media post on Thursday pushed back against criticism of his ceasefire deal, writing that "very quickly, you'll see Oil start flowing, with or without the help of Iran and, to me, it makes no difference, either way."

By Haik Gugarats

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Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

09/04/26

Riyadh discloses damage to key Aramco facilities

Riyadh discloses damage to key Aramco facilities

Washington, 9 April (Argus) — Saudi Aramco's East-West pipeline and its Manifa and Khurais oil fields have suffered significant damage from recent Iranian attacks, Saudi oil ministry said on Thursday, according to state news agency Spa. An attack on a pumping station on the East-West pipeline cut capacity by 700,000 b/d, the ministry said. The pipeline became Saudi Arabia's primary export outlet after Iran shut down navigation through the strait of Hormuz, and it reached a full 7mn b/d capacity in late March. Further attacks cut production capacity at Manifa and Khurais by 300,000 b/d each, the ministry said. It did not detail when either of the disclosed attacks took place and whether any of them occurred after the announcement of a ceasefire between the US and Iran on 7 April. Tehran has been targeting energy facilities in Saudi Arabia and other Mideast Gulf states since coming under attack from the US and Israel on 28 February. Iranian attacks also have targeted Aramco's Satorp, Ras Tanura, Samref and Riyadh refineries, "directly affecting exports of refined products to global markets," according to the ministry. An attack on the Juaymah facility has curbed exports of LPG and NGL. An Aramco security staff member was killed and seven members of facilities' staff were injured during those attacks, the ministry said. "The continuation of these attacks leads to reduced supply and slows recovery, thereby affecting the security of supply for consuming countries and contributing to increased volatility in oil markets," it said. "This has already negatively impacted the global economy, particularly with the depletion of a significant portion of operational and emergency inventories, which has affected the availability of supplies and limited the ability to respond to this." Iran and Mideast Gulf countries reported attacks on their energy facilities in the initial hours after the announcement of the 7 April ceasefire. The US has halted hostilities against Iran. Vessel traffic through the strait of Hormuz remains extremely constrained, despite Tehran's pledge to reopen it once the ceasefire took effect. "Let's be clear: The strait of Hormuz is not open," Abu-Dhabi's state-owned Adnoc chief executive Sultan al-Jaber said on Thursday. "Access is being restricted, conditioned and controlled." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran war to cut global growth: IMF

09/04/26
09/04/26

Iran war to cut global growth: IMF

Washington, 9 April (Argus) — The IMF will reduce its forecast for global economic growth in its World Economic Outlook due out next week because of the severe energy supply shock caused by the war in Iran, executive director Kristalina Georgieva said on Thursday. Uncertainty over the course of the war — currently on hold until 21 April under a fragile truce — means that the IMF will have to outline a range of scenarios for global growth forecasts. But "even our most hopeful scenario involves a growth downgrade", Georgieva said in a speech at the Washington-based Council on Foreign Relations that previewed next week's report. The IMF's most recent forecast, released in January , pegged global growth at 3.3pc for 2026 and 3.2pc next year. IMF forecasts are used by many economists to model oil demand projections. The expected downgrade to growth forecast reflects Mideast Gulf infrastructure damage, supply disruptions and loss of confidence for investors, Georgieva said. She cited damage to Qatar's Ras Laffan LNG export facility and other key regional infrastructure, noting that "even in a best case, there will be no neat and clean return to the status quo ante." The strait of Hormuz remains largely unpassable despite a ceasefire the US and Iran announced on 7 April that nominally called for it fully reopening. The terms of transit through Hormuz are a topic of negotiations between the US and Iran. "The fact is, we don't truly know what the future holds for transits through the strait of Hormuz or, for that matter, for the recovery of regional air traffic," Georgieva said. She referenced the lack of full recovery for commercial traffic through the Bab al-Mandeb strait in the Red Sea, even though large scale attacks by Yemen's Houthis there ceased for more than a year. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Shipowners shun Mideast Gulf despite peace efforts

09/04/26
09/04/26

Shipowners shun Mideast Gulf despite peace efforts

Singapore, 9 April (Argus) — The ceasefire in the US-Iran war has sparked cautious optimism among shipping market participants that more vessels could soon be able to exit the strait of Hormuz. But Mideast Gulf loadings are unlikely to return to pre-war levels anytime soon, given high costs, the difficulty of securing insurance and the risk of continued attacks. The two-week US-Iran ceasefire announced on 7 April may offer some hope for vessels currently stranded in the Mideast Gulf, a freight analyst observed. "Yet the reality has not changed — the risks remain substantial and real for shipowners". Attacks on commercial shipping have brought transits through the strait of Hormuz to a near standstill since the war broke out on 28 February, severely curtailing exports of crude, oil products, LNG, fertilizers and other commodities. The Asia-Pacific region is the most heavily exposed to the supply disruptions. Governments in the region, including the Philippines , Malaysia and Thailand have held talks with Iran to guarantee the safe passage of some vessels through the strait. But these agreements appear to facilitate only ship exits, with shipowners and traders unconvinced the government-to-government deals — or the ceasefire — provide sufficient assurance for them to resume new loadings from the Mideast Gulf, shipbrokers noted. No-one is currently willing to be the first to exit the strait, an official at a South Korean refiner said. Iran is charging shipowners a fee of $1/bl for their vessels to pass through the strait, Hamid Hosseini, spokesman for Iran's oil, gas and petrochemical products exporters' union, told Argus today. Tehran is proposing a regional solution to the crisis , under which the proceeds of the vessel fees would be shared with other countries as war reparations, according to a bill being discussed in the country's parliament. But it is unclear if this will help smooth transits through the strait. The failure of an Indian charterer to secure a vessel for an Iraqi cargo this week encapsulates the continuing uncertainty. Indian state-controlled refiner Bharat Petroleum (BPCL) sought a Suezmax vessel on 7 April to load from Basrah to west coast India from 13 April. "Fixing with an India-based charterer should have provided [shipowners] sufficient confidence", one shipbroker said — especially given the Indian government held talks with Iran over two weeks ago, while Tehran on 4 April exempted Iraq from any restrictions imposed in the strait of Hormuz. But BPCL received no offers, even from Indian shipowners, and subsequently withdrew the cargo on 8 April. "This cargo had all the hallmarks of a relatively ‘easy fixture' but the risks [for shipowners] clearly overshadowed any interest toward it", an India-based shipbroker said. At least two other Mideast Gulf cargoes had to be withdrawn last week because the charterers were unable to secure offers from shipowners, Argus shipping data show. Risks remain More cargoes have emerged from the Mideast Gulf since the ceasefire. But a number of barriers are continuing to deter most shipowners from considering future loadings from the Mideast Gulf. "Yes, shipowners are likely to get good freight for Mideast Gulf shipments, but whether they actually get paid at the end remains a question", said another shipbroker, who reported incurring "significant demurrage" on one of its ships trapped in the Mideast Gulf. The freight clause in the charter-party did not clearly specify payment responsibilities in the event of war, leaving the shipowner "frustrated and locked in a dispute with the charterer", the shipbroker said. Securing insurance cover for the vessel and its cargo is also problematic. War risk insurance remains highly restrictive , with cover available only on a selective basis and largely limited to a small number of insurers, including some state-backed schemes. Any cover offered typically requires strong guarantees, sources said. Additional war risk premiums (AWRP) for the Mideast Gulf are at around 0.85pc of a vessel's hull and machinery value, with some cases at 0.55–0.75pc with a 50pc no claim bonus (NCB). AWRP rates are unlikely to ease immediately despite the ceasefire announcement, which will add further costs for shippers above significantly elevated freight rates, market participants said. Such difficulties mean there is little incentive for shipowners to seriously consider Mideast Gulf loadings, especially when they have other options available. "Freight rates in other regions have surged because of the Middle East conflict", a freight analyst said, "and that has offered opportunities outside the region for shipowners to secure attractive freight rates without risks". The Argus Crude Tanker Index, a composite measure of global very large crude carrier (VLCC), Suezmax and Aframax freight rates, has risen by 54.6pc since the war started — from $7.17/bl on 27 February to $11.09/bl on 8 April, which is just 2¢/bl short of its all-time-high on 26 March. "Overall, the risk-to-reward ratio for Mideast Gulf loadings still seems highly unfavorable, even with a ceasefire in place. I could lose my ship and my crew to a stray missile" a shipowner said. "Why would I want to put myself in that situation, when so many other options are available to me?" By Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran eyes regional solution for Hormuz crisis

09/04/26
09/04/26

Iran eyes regional solution for Hormuz crisis

Dubai, 9 April (Argus) — Iran is proposing a regional solution to the strait of Hormuz crisis that would involve at least some of the countries bordering the Mideast Gulf, according to a bill currently under discussion in parliament. Part of that would involve charging a fee for vessels passing through the key waterway, with revenues from this available to all participating countries as 'war reparations'. " Dubbed the 'law of strategic action for peace and development of the Persian Gulf,' the Iranian bill would govern Tehran's oversight and management of traffic through Hormuz, which has been severely disrupted since the start of the US-Israeli war against Iran on 28 February. Tehran's subsequent threats to any and all vessels it deemed to be 'unfriendly' led to traffic through the strait dropping to around seven a day in March, compared with typical daily movement of more than 100 before the war according to Kpler data. Diplomatic engagement with several of what Tehran dubs 'friendly' countries has seen a slight pick-up in traffic through the strait, with more than 11 vessels crossing on average in the first eight days of April. Malaysia, Thailand, the Philippines and Iraq have all secured deals for passage with Tehran, and Islamabad last week said it had secured the safe passage of 20 Pakistani-flagged ships. This pick-up came as Iran began introducing something of a toll system, whereby vessels would pay Tehran a fee to transit the waterway safely — a process first revealed by Iranian parliament member Alaeddin Boroujerdi in mid-March . Speaking to Argus , Hamid Hosseini, spokesman for Iran's oil, gas and petrochemical products exporters' union, confirmed the toll mechanism remains in place. "Every very large crude carrier (VLCC) transiting the strait has been paying $2mn, in line with what has been under discussion in parliament," Hosseini said. The fee being charged is directly linked to the volume of oil on board, Hosseini said. "Ship owners are being asked to pay $1 per barrel, and that can be done in the local currency, rials, or cryptocurrency, but only after the vessel has received a permit from the IRGC," he said. Tidings for all This mechanism appears to form the basis of how Iran sees the future of the strait of Hormuz, and its role as the guardian and guarantor of the key waterway. "The Iranian government, in co-operation with the Iranian armed forces, is obliged to provide services, like navigation guidance and vessel inspection, as well as compliance and financial assessments," the bill says, specifying that vessels related to "warring countries" will, for the most part, be barred. "The armed forces will determine which vessels are considered belligerent, and which are not," the bill says, stating that final say will come from the Supreme National Security Council (SNSC), one of Iran's most powerful decision-making bodies. Chaired by the president, the SNSC is responsible for national security, defense and major foreign policy strategy, and has been deeply involved in formulating Iran's war effort. The bill reiterates vessels will need to pay a fee to transit Hormuz, either in rials or cryptocurrency, it says proceeds will not go to Iranian state coffers, but to what it calls a 'Persian Gulf Reconstruction and Development Fund' that regional countries can apply to join. "The resources in this fund will be considered war reparations for Iran and other member countries, and be used for the reconstruction and development needs of the member countries," the bill says. Gulf countries are yet to show appetite for this plan. Oman's transport, communications and information technology minister Said Al-Maawali on 8 April said the country is party to all international maritime conventions, which do not allow for the imposition of charges on passage. The Iranian bill has secured approval from parliament's national security council, but has not yet been brought to the parliament floor for a vote, Hosseini said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump says US military presence around Iran to remain

09/04/26
09/04/26

Trump says US military presence around Iran to remain

Singapore, 9 April (Argus) — US president Donald Trump said in a social media post today that all US military ships, aircraft and personnel will remain in place in and around Iran until the "real agreement" is fully complied with. If the agreement is not adhered to, "then the 'Shootin' Starts,' bigger, and better, and stronger than anyone has ever seen before," Trump said. "It was agreed, a long time ago, and despite all of the fake rhetoric to the contrary - NO NUCLEAR WEAPONS and, the Strait of Hormuz WILL BE OPEN & SAFE," he said. The US and Iran announced a two-week ceasefire on 7 April, but the countries have offered conflicting accounts of key terms of the agreement . Trump's latest comments appear to reinforce the lack of clarity over what the terms of the ceasefire agreement are. Iran's supreme national security council outlined a 10-point peace proposal, which included enshrining its control over the strait of Hormuz, lifting all sanctions on Iran, accepting its right to nuclear enrichment, withdrawing of all US forces from the region and ending Israel's incursion into Lebanon. The US has a 15-point counter-proposal, with provisions directly contravening the Iranian position, including over its nuclear programme. But Trump confirmed at least one point — Iran's control on navigation through the strait of Hormuz. "For a period of two weeks, safe passage through the strait of Hormuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations," Iran's foreign minister Abbas Araqchi said on 7 April. Trump reposted the statement in full. Little is known about the details of the negotiations and the identity of the negotiators from the two sides. Energy infrastructure in Iran and the Mideast Gulf states have continued to come under attack even after the ceasefire was announced. Meanwhile, vessel traffic through the strait of Hormuz has yet to rise , as shipowners await clarity on security arrangements and insurance cover for transits. Trump ended off his most recent post by saying "In the meantime our great Military is Loading Up and Resting, looking forward, actually, to its next Conquest". Crude futures rose today, with the Ice front-month June Brent contract at $96.63/bl as of 04:00 GMT, up by $1.88/bl from its settlement on 8 April. The Nymex front-month May crude contract was at $97.18/bl, higher by $2.77/bl from its settlement on 8 April. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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