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Hormuz remains blocked under new ceasefire: Update 3

  • Spanish Market: Crude oil, Natural gas
  • 21/04/26

Updates with changes throughout

The strait of Hormuz remains largely closed to navigation and the US naval blockade of Iranian trade continues despite a ceasefire that President Donald Trump said on Tuesday will continue indefinitely, to give Iranian leaders time to craft a proposal to end the conflict.

The US will "extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other," Trump wrote in a social media post at 4:09pm ET (20:09 GMT). The earlier US-Iran ceasefire was scheduled to expire at 7:50pm ET (23:50 GMT) on Tuesday, Pakistan said earlier in the day.

The Trump administration is casting the extension of the ceasefire with Iran and maintaining the naval blockade as economically damaging for Tehran. "In a matter of days, Kharg island storage will be full and the fragile Iranian oil wells will be shut in," treasury secretary Scott Bessent said on Tuesday. "Constraining Iran's maritime trade directly targets the regime's primary revenue lifelines."

But the Trump administration has no immediate solution for addressing much larger production shut-ins across the Mideast Gulf and the resulting spike in oil and gas prices globally.

Global oil demand has fallen by about 4mn b/d since the start of the war in the Mideast Gulf, compared with supply losses of around 12mn b/d, trading firm Vitol's chief executive Russell Hardy said on Tuesday.

Uncertainty over the course of the US-Iran confrontation pushed May Nymex WTI up by 3pc to $98.48/bl on Tuesday.

US energy secretary Chris Wright, who over the weekend suggested that oil prices would remain elevated through 2027, has had to change his messaging after Trump insisted on Monday that prices would decline as soon as he secures a deal with Iran, which he suggested would happen quickly.

"I don't know the future of energy prices," Wright told a Senate panel on Tuesday, but he added that US retail gasoline prices "peaked about a week or so ago".

Tehran, too, appears to believe that it holds the upper hand in the confrontation with Washington. "If the US wants to maintain the shadow of war, it must also consider the strait of Hormuz completely closed," Iran's Tasnim news agency, which is linked to Iran's Islamic Revolutionary Guards Corps, said in an opinion piece soon after Trump's ceasefire announcement.

Officials in Tehran did not immediately react to Trump's announcement of a ceasefire extension. Tehran did not request an extension and will not reopen the strait of Hormuz as long as the US naval blockade continues "and, if necessary, (Iran) will break the blockade by force", Tasnim said.

Trump said Pakistani leaders — who are mediating the peace talks — asked him to hold off on attacks so that Iran's leadership — which he claimed was "fractured" — could come up with a "unified proposal". Trump said the US military will continue its naval blockade against Iran and remain "ready and able".

The US naval blockade, in effect since 13 April, has forced 28 Iranian vessels to turn around and return to ports in Iran, the Pentagon said on Tuesday.

The US Navy seized a tanker carrying Iranian crude in the Indian Ocean on Tuesday, two days after disabling and boarding an Iran-flagged vessel in the Arabian Sea.

"Blockading Iranian ports is an act of war and thus a violation of the ceasefire," Iran's foreign minister Abbas Araqchi said hours before Trump's announcement. "Striking a commercial vessel and taking its crew hostage is an even greater violation," Araqchi said.

"I sincerely hope that both sides will continue to observe the ceasefire and be able to conclude a comprehensive ‘Peace Deal' during the second round of talks scheduled at Islamabad for a permanent end to the conflict," Pakistani prime minister Shehbaz Sharif said in a social media post Tuesday, after Trump's announcement. Sharif did not specify when the US and Iranian delegates will meet next.

US vice president JD Vance, who led the unsuccessful round of talks with an Iranian delegation on 11-12 April, is no longer planning to head to Pakistan on Tuesday for another round, the White House said after Trump's ceasefire announcement.

By Haik Gugarats and Chris Knight

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21/04/26

Trump extends ceasefire with Iran: Update 2

Trump extends ceasefire with Iran: Update 2

Updates with changes throughout Washington, 21 April (Argus) — President Donald Trump said on Tuesday he would extend indefinitely a two-week ceasefire with Iran, calling off threats to resume "bombing" soon to give Iranian leaders time to craft a proposal to end the conflict. The US will "extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other," Trump wrote in a social media post at 4:09pm ET (20:09 GMT). Trump said Pakistani leaders — who are mediating the peace talks — asked him to hold off on attacks so that Iran's leaders and representatives could come up with a "unified proposal". The US military will continue its naval blockade against Iran and remain "ready and able", Trump said. Trump earlier on Tuesday told CNBC that Iran "gave the OK" to resume talks in Pakistan, adding that they "had no choice" and that "Iran can get themselves in a very good footing if they make a deal." Tehran has been insisting for the past two days that it is not prepared to resume talks with the US, citing the ongoing US naval blockade of Iranian trade. Iran has yet to agree to join the talks in Islamabad, Pakistani information minister Attaullah Tarar said in a social media post on Tuesday. "Pakistan has made sincere efforts to convince the Iranian leadership to participate in the second round of talks and these efforts continue," Tarar said. The US Navy seized a tanker carrying Iranian crude in the Indian Ocean on Tuesday, two days after disabling and seizing an Iran-flagged vessel in the Arabian Sea. The US-Iran ceasefire was scheduled to expire at 7:50pm ET (23:50 GMT) on Tuesday, Pakistan's Tarar said earlier in the day. Trump's public statements over the past two days have focused largely on revisiting his reasons for starting a war against Iran on 28 February, rather than explaining how the conflict might end. Stock markets are doing fine, he said on Tuesday. "Do you want to see a bad stock market? Try blowing up the Middle East, and then Europe, and then they come for us. We're not going to let that happen." By Haik Gugarats and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Europe, Atlantic crude tanker rates at pre-war levels

21/04/26
21/04/26

Europe, Atlantic crude tanker rates at pre-war levels

London, 21 April (Argus) — Crude tanker rates in the Atlantic and European markets have fallen back towards pre-war levels, as tankers that would have returned to the Mideast Gulf instead populate more liquid markets. The Black Sea-Mediterranean Suezmax route reached WS475 ($57.19/t) in late March from WS200 ($24.08/t) the day before the war began. The route rate is now WS230 ($27.69/t) after dropping by almost 50pc in two days, with the swift fall driven primarily by supply of available tankers. More light sour CPC Blend and light sweet BTC Blend is heading to Asia-Pacific, pulled east by continuing strong regional demand for Atlantic basin crude. This would generally underpin rates, but more tankers are available for this route. Europe-bound Suezmax rates from the US Gulf coast and Guyana sank to their lowest since the start of the war in the Middle East as a result of tonnage shifting away from the Mideast Gulf. In the US, a charterer booked a very large crude carrier (VLCC) for loading from the US Gulf coast at the lowest rate since the start of the war, after an influx of available tonnage entered the region earlier in the month. European Aframax rates also plummeted. The Ceyhan-origin cross Mediterranean route ended the London day on Monday, 20 April, at WS270 having peaked at WS655 on 30 March. The slide was probably on the back of falling Suezmax time charter equivalent (TCE) rates, which led Aframax owners to drop their offers beneath Suezmax levels in order to remain competitive with the larger vessel class. Rates had previously surged as demand for demand for Libyan crude increased since the start of the war. Mediterranean refiners have turned to the north African country's Es Sider grade as a substitute for Iraqi Basrah Medium, exports of which been halted by the effective closure of the strait of Hormuz. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran war cuts global oil demand by 4mn b/d: Vitol

21/04/26
21/04/26

Iran war cuts global oil demand by 4mn b/d: Vitol

Lausanne, 21 April (Argus) — Global oil demand has fallen by about 4mn b/d since the start of the war in the Middle East, compared with supply losses of around 12mn b/d, trading firm Vitol's chief executive Russell Hardy said today. Speaking at the FT Commodities Global Summit in Lausanne, Hardy said demand would have to fall further to rebalance the market if the strait of Hormuz remains effectively closed, with recessionary consequences. Most of the drop in oil demand so far has occurred in the Middle East, alongside weaker consumption in Asia, he said. Hardy estimates that global refinery output is down by around 6mn b/d from pre-war levels, reflecting disruptions to crude feedstock supplies and infrastructure damage. If the disruption carries on, "the problem gets more difficult to manage, because so far we've borrowed supply from various alternatives", he said, referring to falling oil-on-water inventories and emergency stock releases co-ordinated by the IEA. Cumulative global oil production losses since the US-Iran war began on 28 February now total about 600mn-700mn bl and would rise to around 1bn bl even if the strait of Hormuz reopens in the near term, Hardy said. "By the time this is over, we will have lost 300mn-400mn bl of product inventories," he said. Even if oil exports resume soon, recovery across the supply chain would take time, he said. "The restart of production, the restart of refineries, there's an awful lot of infrastructure that's been shut down … it takes some time to put all of that back." Mideast Gulf producers including Saudi Arabia, Iraq, Kuwait and the UAE have been forced to shut in upstream output because of limited alternatives to shipping their crude through the strait of Hormuz. Energy infrastructure across the region has also been damaged by military attacks during the conflict. Hardy said oil prices since the war began have been driven by concern over near-term physical supply availability. "The price action is in physical oil at the front," he said. "The third quarter onwards is less relevant in people's thinking because if the strait opens in 10 days' time, yes, recovery will take time, but oil will flow, and eastern customers will be better supplied for June and July." A longer-term impact of the war could be a renewed push to build strategic fuel stocks, Hardy said, although such efforts would take time. "If you want a strategic initiative of jet fuel, you've got to arrange tanks, airport access, and build those inventories," he said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Renewables mean energy security: Turkey, Australia

21/04/26
21/04/26

Renewables mean energy security: Turkey, Australia

Edinburgh, 21 April (Argus) — Energy security will come through "strong decarbonisation" and shifting to renewables because fossil fuels "do not guarantee supply security", the climate ministers of Turkey and Australia said today, adding that the topic of transitioning away from fossil fuels will be further addressed at the UN Cop 31 climate summit. The countries are working together to prepare the Cop 31 climate summit in Antalya later this year, with Turkey hosting the conference and Australia heading climate negotiations. The energy crisis stemming from the war in the Mideast Gulf has "clearly shown us that fossil fuels do not guarantee energy supply security" and countries should invest in "alternative energy sources" to support stability, resilient and clean development, upcoming Cop 31 climate summit president and Turkey's environment minister Murat Kurum said today. "Every country has to be independent and this should come through clean energy sources", including renewables, hydrogen and ammonia, he said. "We know that relying solely on fossil fuels means walking towards volatility, insecurity and climate collapse", he said during the 17th Petersberg Climate Dialogue in Berlin as he laid out Turkey's vision focused on implementation for Cop 31. "As we all agreed in Dubai, we emphasised how important the need for alternative energy sources and the diversification of countries' energy is, in line with national circumstances," he said. Almost 200 countries agreed to transition away from fossil fuels at the Cop 28 climate summit in 2023 and developed nations agreed to deliver $300bn/yr to developing countries by 2035 at Cop 29 in Baku. Kurum urged countries to fulfil commitments made at previous climate summits, including on finance and energy, asking those that did not summit climate plans — or nationally determined contributions (NDCs) — to do so. Around 43 countries have yet to submit their NDCs, according to Kurum. Australia's climate and energy minister Chris Bowen said the crisis is a unique opportunity to show that energy reliability, sovereignty and security go hand in hand with "strong decarbonisation", and he welcomed Germany's push for a discussion on electrification at the Petersberg Climate Dialogue. German environment minister Carsten Schneider said today he wanted to discuss how to tackle the topic of electrification before Cop 31 and how countries can successfully advance the topic. "Doubling down on fossil fuels is not the answer to that crisis," Bowen said. "Wind cannot be subject to sanctions, sun cannot be interrupted by a blockage", he said, referring to the shipping interruption in the strait of Hormuz caused by the US-Israel-Iran war. "At the end of the day, we have to take steps to help countries to transition towards clean energies and in terms of phasing out fossil fuels," Kurum said. He said Cop 31 will address the phase out of fossil fuels, so the world moves away from them. Clean energy will be one of the topics of Turkey's action agenda at Cop 31, Kurum said. Bowen pointed out there were "three processes" under way ahead of Cop 31, including the Belem roadmap on transitioning away from fossil fuels under the responsibility of the Brazilian Cop 30 presidency, and a global implementation accelerator and the Belem Mission to 1.5°C that were both agreed by the Cop parties last year. "I am very confident we can bring these processes together," Bowen said. The Cop 30 presidency last year pledged to oversee the creation of a roadmap on fossil fuels as countries failed to agree to address the topic in the summit's text . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US seizes sanctioned VLCC in Indian Ocean

21/04/26
21/04/26

US seizes sanctioned VLCC in Indian Ocean

London, 21 April (Argus) — US forces have boarded and seized a laden very large crude carrier (VLCC) in the Indian Ocean that was carrying Iranian crude in defiance of US sanctions, marking the latest enforcement action against the dark fleet moving Iranian supply to Asia-Pacific. The 2mn bl capacity Tifani had loaded at Iran's Kharg Island terminal on 5 April and was intercepted south of the Bay of Bengal, probably on route to Malaysian waters where it had called previously. These are a regular staging area for ship-to-ship (STS) transfers of sanctioned crude. The tanker discharged at two Chinese ports last year. "Overnight, US forces conducted a right-of-visit, maritime interdiction and boarding of the stateless sanctioned M/T Tifani without incident in the INDOPACOM (Indo-Pacific Command) area of responsibility," US Central Command said. "International waters are not a refuge for sanctioned vessels," CENTCOM said, adding that the US Department of War "will continue to deny illicit actors and their vessels freedom of manoeuvre in the maritime domain." Tifani is registered to a business in Suriname and is part of the 'dark fleet' moving sanctioned crude from Iran, Russia and Venezuela to foreign markets. The tanker is using a false flag, according to the International Maritime Organization's database at the time of interdiction. Malaysian Exclusive Economic Zone (EEZ) waters off the east coast of Johor have emerged as a key hub for STS transfers of Iranian crude, with dark fleet tankers frequently used to obscure the origin of cargoes before onward delivery to Chinese independent refiners. By Harry Heath Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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