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Iran launches missiles at Israel

  • Spanish Market: Crude oil
  • 07/06/26

Tehran on Sunday said its armed forces launched ballistic missiles at targets in northern Israel to retaliate against Israeli strikes on Beirut, Lebanon.

Israel's Defense Forces confirmed the Iranian missile attack and said it was working to intercept the incoming missiles. This was Iran's first attack on Israel since 8 April.

US president Donald Trump urged Tehran not to escalate further after the latest missile salvo, according to a Fox News account of an interview with Trump. The White House has confirmed the Fox News report.

"What I would suggest to Iran: You've shot your missiles, that's enough — get back to the table and make a deal," Trump told Fox News. Trump said that he was "unhappy" with the Israeli attacks on Beirut and that those strikes have "not been coordinated" with the US.

Trump since 22 May has described a US-Iran peace deal as practically finalized. He told Fox News he expected a deal to be signed on "Monday, Tuesday, Wednesday, and then this happens", in reference to the strike in Beirut and the Iranian missile attacks on Israel.

Israel described its attack on Beirut as targeting a Hezbollah command center and said it was in retaliation for Hezbollah's missile and drone attacks on northern Israel.

Israel's military operations in Lebanon, nominally against the Iran-backed Hezbollah group, have resulted in civilian casualties and significant material damage.

Israel and Lebanon's central government have reached several ceasefire agreements, with the US facilitating those talks. But Lebanon's central government has little control over Hezbollah. The Iran-backed militant group, in response to the Israeli incursions, has been shelling civilian and military targets in northern Israel.

Iran's foreign ministry said the Iranian missile attack was also in response to what Tehran deems US violations of its ceasefire agreement with Iran, including US attacks on Iran-bound vessels.

Low-intensity fighting between US and Iranian forces has flared up repeatedly over the past ten days, with the US targeting Iranian military infrastructure around the strait of Hormuz and Iran responding with missile and drone attacks against US bases in Kuwait and Bahrain.

Reaching a deal with Tehran has proven elusive because of lingering differences over the status of navigation through the strait of Hormuz and the future of Iran's nuclear program. Tehran also insists on a complete stop to the Israeli military incursions in Lebanon.

By Haik Gugarats

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07/06/26

Opec+ 7 agrees to 188,000 b/d July target hike

Opec+ 7 agrees to 188,000 b/d July target hike

Dubai, 7 June (Argus) — The seven core Opec+ members agreed on Sunday to another modest 188,000 b/d increase in their collective production target for July, despite the conflict in the Middle East continuing to disrupt supplies from several of the group's biggest producers. The increase mirrors that which the group ꟷ Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman ꟷ agreed to for June at its last meeting on 3 May. But it falls short of the 206,000 b/d increases from the two previous months ꟷ reflecting the UAE's late-April decision to exit both the Opec and Opec+ alliances effective 1 May. The increases are part of a wider process that began in April last year to unwind 1.65mn b/d of production cuts, but they will not result in any real output increases until the strait of Hormuz reopens. The group has met and agreed to raise its production target four times since the start of the US-Iran war on 28 February, which prompted Tehran to begin severely disrupting shipping through the strait. This de-facto closure of the key waterway has forced several Mideast Gulf countries — including three of the seven in this group — to significantly scale back production since they rely on the strait for their energy exports. Argus estimates that crude production from these three countries was close to 8.5mn b/d below their cumulative target for May. Overall Opec+ output in May was down 9.6mn b/d from the level before the war began. With no obvious end in sight to the conflict, or a re-opening of the strait, production from the Mideast Gulf looks almost certain to remain constrained in the short-term. As in previous months, the group reiterated that it retains "full flexibility to increase, pause or even reverse" previously implemented adjustments to their production targets. The group of seven is scheduled to meet next on 5 July. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Opec+ 7 to further relax output targets

05/06/26
05/06/26

Opec+ 7 to further relax output targets

London, 5 June (Argus) — Seven core Opec+ members are expected to further relax their production targets for July when they meet on 7 June, although this will not lead to any real output increases until the strait of Hormuz reopens. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman still have about 564,000 b/d of output left to unwind from a 1.65mn b/d set of cuts agreed in April 2023. The UAE, which left Opec and Opec+ on 1 May, was also a part of those cuts. In their previous meeting , the seven members agreed to increase their collective targets by 188,000 b/d for June. Should they continue to increase their targets at this rate, the group will finish unwinding their last remaining set of voluntary cuts by September. The decisions to increase production targets remain something of a theoretical exercise for Saudi Arabia, Iraq and Kuwait, which have had to shut in huge swathes of their output due to the US-Iran war and the effective closure of the strait of Hormuz. A delegate source says the unwinding of the cuts should be seen as a way of preparing the ground for the three members to raise production once the strait reopens. Saudi Arabia would be able to raise its production to 10.478mn b/d from 6.57mn b/d in May once the cuts are fully unwound. Iraq would be able to increase to 4.431mn b/d from 1.55mn b/d in May, while Kuwait would be allowed to boost production to 2.676mn b/d from 580,000 b/d. The source says there is a shared understanding within the group that no member will operate at full capacity or exceed targets to make up for lost output during the US-Iran war. Still, any output increases from Mideast Gulf members is contingent on being able to freely export their crude through the strait, which has remained effectively shut for more than three months. US president Donald Trump for weeks has described a US-Iran deal to end the war as practically finalised, although an actual agreement has proven elusive. There are also questions about how quickly members will be able to restore production and whether any lasting damage will result from the shutdowns. Baseline reset The wider Opec+ alliance is also pushing full steam ahead with a plan to update production baselines for each member that will set new output targets from 2027, a source says. The process to assess members' maximum sustainable production capacity is being carried out by US consultancy DeGolyer and MacNaughton. It began in January and is set to conclude in September, allowing three months to fine-tune targets before implementation. But as things stand, Opec+ output remains massively curtailed. Production by all members of the alliance rose by 50,000 b/d on the month to 29.53mn b/d in May, according to Argus estimates (see table). This represents a 9.6mn b/d drop on production before the start of the Iran war on 28 February. Most of this fall has been driven by Mideast Gulf members of the alliance Saudi Arabia, Iraq, Kuwait, Bahrain and Iran, which have collectively seen their output fall by more than 10mn b/d from pre-war levels. The biggest rise on the month in May came from Saudi Arabia, which boosted output by 250,000 b/d as it burnt more oil for power generation. Iraq increased production by about 150,000 b/d, also partly to meet increased power generation demand. Iran saw the sharpest drop last month as the US blockade of the country's ports began to bite. Iran's output fell by 300,000 b/d to 2.65mn b/d, with further drops likely as the country's storage sites fill up. Russia's production remained curtailed at 9mn b/d, under pressure from continuing attacks on its oil infrastructure by Ukraine. By Aydin Calik and Nader Itayim Opec+ crude production mn b/d May Apr* Target† ± target Opec 8 11.73 11.38 20.17 -8.44 Non-Opec 9 12.73 12.75 13.53 -0.80 Opec+ 17 24.46 24.13 33.70 -9.24 Total Opec+ 29.53 29.48 na na *revised †includes extra cuts agreed in Apr 23 Opec wellhead production mn b/d May Apr Target† ± target Saudi Arabia 6.57 6.32 10.23 -3.66 Iraq 1.55 1.40 4.33 -2.78 Kuwait 0.58 0.56 2.61 -2.03 Algeria 0.98 1.00 0.98 -0.00 Nigeria 1.50 1.57 1.50 +0.00 Congo (Brazzaville) 0.28 0.30 0.28 +0.00 Gabon 0.22 0.19 0.18 +0.04 Equatorial Guinea 0.05 0.04 0.07 -0.02 Opec 8 11.73 11.38 20.17 -8.44 Iran 2.65 2.95 na na Libya 1.32 1.35 na na Venezuela 1.10 1.05 na na Total Opec 11^ 16.80 16.73 na na †includes extra cuts agreed in Apr 23 ^Iran, Libya and Venezuela are exempt from production targets Note: UAE exited Opec on 1 May Non-Opec crude production mn b/d May Apr* Target† ± target Russia 9.00 9.00 9.70 -0.70 Oman 0.83 0.92 0.82 +0.01 Azerbaijan 0.45 0.45 0.55 -0.10 Kazakhstan 1.86 1.78 1.59 +0.27 Malaysia 0.34 0.35 0.40 -0.06 Bahrain 0.03 0.03 0.20 -0.17 Brunei 0.09 0.09 0.08 0.01 Sudan 0.01 0.01 0.06 -0.05 South Sudan 0.12 0.12 0.12 -0.00 Total non-Opec 12.73 12.75 13.53 -0.80 *revised †includes extra cuts agreed in Apr 23 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

African Energy Bank schedules September start

05/06/26
05/06/26

African Energy Bank schedules September start

Lagos, 5 June (Argus) — The African Energy Bank (AEB) is scheduled to launch in September, promoter African Petroleum Producers' Organisation (Appo) has said. Appo secretary general Farid Ghezali acknowledged "several postponements" but said the new deadline is "to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view". A planned April start was pushed back to this month before Appo members were again mobilised around a third-quarter deadline. Ghezali called on Appo members to redeem their pledges towards the $500mn start-up capital before the end of June. A source told Argus in May that 91pc of this had been raised and that Nigeria's state-owned NNPC and local content regulator NCDMB would make up the balance. The latter, which sits on Appo's board, said earlier this week that Nigeria remains committed to AEB's "formal commencement of operations", but provided no specifics. Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60pc of its oil products consumption and producing only 12pc of global upstream liquids while being home to many of the world's largest national oil and gas reserves. NCDMB said AEB will achieve its aim by "mobilising private-sector funds for energy projects across the continent". Ghezali said the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40pc of AEB's loan book and the priority will be given to projects that contribute towards the creation of "500,000–1mn direct and indirect jobs in the energy value chain". But even with the September start, Ghezali said AEB loan-making will only "open at the end of 2026". AEB will be based in Abuja, Nigeria. By Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US-China 'board of trade' development begins

03/06/26
03/06/26

US-China 'board of trade' development begins

Washington, 3 June (Argus) — US trade officials have started seeking public comments on how to organize a joint US-China panel to promote trade between the countries by eliminating or lowering tariffs. Following the meeting between President Donald Trump and President Xi Jinping in Beijing last month the two countries said they would establish a 'board of trade' to identify $30bn worth of US products for Chinese companies to buy, matched by an equivalent amount of Chinese imports into the US. Washington and Beijing would then reduce or drop tariffs on those products. The US Trade Representative's office (USTR) on Monday kicked off a public consultation process on how the US-China board of trade should function and what categories of products should qualify for tariff reductions. The USTR filing does not mention a specific monetary target. The filing is asking US exporters to identify what products they would be able to sell if Beijing reduces current tariffs on those products to pre-2025 levels. This would include US crude and LNG, as Beijing imposed a 20pc surcharge on US crude last year, on top of an existing 2.5pc tariff, making US crude exports to China uneconomical. The White House claimed after the Trump-Xi meeting that Beijing has expressed interest in resuming purchases of US crude, but Chinese buyers have yet to return to the US market. USTR is asking for public comments on the board of trade until 10 July, with responses to those comments expected by 27 July. Xi and Trump also agreed to establish a separate government panel to promote bilateral investment — an idea pitched by Beijing after the US in recent years rolled out prohibitions on Chinese investment in industries considered sensitive from the national security perspective. Despite the promise to establish a US-China board of investment, "the US position toward Chinese investment has not materially changed," USTR head Jamieson Greer said last week at a discussion hosted by Washington-based Council on Foreign Relations. "If you have a US company investing in China and China says, you know, 'here's an issue with it or there's an obstacle', we can talk to the Chinese about it" through the new board of investment, Greer said. The US until 20 February had assessed a 20pc punitive tariff on all imported goods from China, on top of pre-2025 duties. The Supreme Court struck down those tariffs, and the Trump administration has imposed a 10pc tariff on all US imports through 24 July. Imports from China will be subject to a general 12.5pc tariff surcharge once the Trump administration completes legal steps to reverse-engineer the tariffs struck down by the Supreme Court, USTR said in a separate filing on Monday. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Over 300 vessels engaged with Strait Authority: Iran

02/06/26
02/06/26

Over 300 vessels engaged with Strait Authority: Iran

Dubai, 2 June (Argus) — More than 300 non-Iranian vessels have contacted Iran's Persian Gulf Strait Authority (PGSA) since late April to obtain permits to cross the strait of Hormuz safely, the entity said yesterday. The PGSA was formed as part of Tehran's push to tighten control over shipping in and around the critical strait of Hormuz after the start of the US-Israeli war with Iran in late February. Numerous governments have pushed back strongly against Iran's claims on the waterway. "Since the start of operations early [in the Iranian month of Ordibehesht], more than 300 non-Iranian vessels have submitted information to the PGSA to obtain safe passage permits through the strait of Hormuz," the authority said yesterday. Ordibehesht corresponds to the period from 21 April to 21 May. A breakdown published by the PGSA showed 42pc of the vessels applying for a permit were "oil tankers". Another 27pc were bulk carriers, 11pc were container ships and 8pc LNG carriers. It said 77pc of the vessels submitting requests were looking to exit the Mideast Gulf through the strait, with the remaining 23pc looking to enter the Mideast Gulf. Of the vessels looking to exit the Mideast Gulf, the PGSA said more than one quarter, or 28pc, were destined for China, 19pc for India and another 23pc for elsewhere in Asia. Around 12pc of the vessels were heading for ports in Europe and 10pc for ports in Africa. And of the vessels travelling the opposite direction, more than one third, or 34pc, were destined for the UAE, 31pc for Qatar, 17pc for Iraq and 10pc for ports in Kuwait. The remaining 6pc was split equally between ports in Saudi Arabia and Oman. Staying power Tehran had been working on a mechanism to formalise its oversight and management of traffic through the strait of Hormuz since early in the conflict which was triggered by a surprise joint attack by US and Israel on Iran on 28 February. A bill dubbed the ‘law of strategic action for peace and development in the Persian Gulf' that was under discussion in Iran's parliament in March, now appears to have formed the basis for the creation of the PGSA. Iran formally announced the launch of the PGSA on 5 May, calling on all vessels intending to transit the strait to contact it by email to request a permit. The authority launched an account on social media platform X two weeks later on 18 May. But the US Treasury's Office of Foreign Assets Control (Ofac) last week issued fresh sanctions against it , despite ongoing talks between Washington and Tehran on a deal to end the war, and reopen the strait. Anyone co-operating with the PGSA "may be providing support to and receiving services from [Iran's Islamic Revolutionary Guard Corps] IRGC, which ultimately benefits from this attempted extortion, and may therefore be exposed to sanctions risk," Ofac said. The sanctions appear to have had an effect on traffic through the strait, with latest data from Kpler indicating that traffic has fallen to a little over three vessels per day since the sanctions were announced, down from almost seven daily in the week prior to the announcement. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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