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Latest Market News

Iran says it will reciprocate if US honors June deal

  • Spanish Market: Condensate, Crude oil, Natural gas
  • 01/09/26

Iran will immediately reciprocate if the US returns to its commitments under an interim agreement reached in June, president Masoud Pezeshkian said on 1 September, as tensions between Tehran and Washington flared again around the strait of Hormuz.

"If the US returns to its commitments under the memorandum of understanding, the Islamic Republic of Iran will immediately reciprocate," Pezeshkian said during a speech at the Shanghai Cooperation Organisation (SCO) summit in Bishkek, according to Iran's state-run news agency Irna.

The June agreement, reached after around three months of negotiations mediated by Pakistan and Qatar, sought to end the conflict that began with US and Israeli strikes on Iran on 28 February. But the accord quickly began to unravel amid disagreements over its implementation.

Pezeshkian said Washington began violating its commitments less than two weeks after the agreement was reached, adding that Iran had responded "proportionately".

Tehran has repeatedly linked the restoration of free navigation through the strait of Hormuz to US implementation of the June agreement.

The comments came a day after the US and Iran exchanged strikes for the first time in more than a month. The US said it had taken "limited, precise action" against Iran's IRGC minelaying forces on Larak island in the strait of Hormuz, while the IRGC said it retaliated with ballistic missile attacks against US bases in Jordan.

The latest exchange followed a period of relative calm after daily strikes between 11-23 July.

Commercial shipping through Hormuz remains severely disrupted. Maritime security risks have also increased in recent days. A tanker was struck by three unidentified projectiles during an outbound transit through Hormuz late on 31 August, according to UK Maritime Trade Operations, a day after another tanker was hit by an unknown projectile during an inbound transit.

SCO cooperation

Pezeshkian said on 31 August that war was in no one's interest and that Tehran remained open to a negotiated solution with Washington.

He used the SCO summit to also call for deeper economic and energy cooperation among member states, proposing the creation of an "SCO energy consortium" spanning production, supply, transportation and consumption.

Pezeshkian also proposed the establishment of an SCO bank, greater use of national currencies in settlements between member states and a common export and investment insurance mechanism.

He argued that the measures could strengthen trade, financing and supply-chain resilience among SCO members and reduce vulnerability to external disruptions.

The SCO includes China, Russia, India, Pakistan, Iran and several central Asian states.

By Bachar Halabi

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01/09/26

Hormuz traffic Monday still low amid attacks

Hormuz traffic Monday still low amid attacks

New York, 1 September (Argus) — Vessel traffic through the strait of Hormuz remained low on Monday amid increased attacks on commercial vessels transiting the waterway, according to data from maritime security firm Windward. A total of 13 vessels transited the strait of Hormuz on Monday, split between six inbound transits, including four tankers, and seven outbound transits, including three tankers. All vessel transits on Monday took place on the northern Iranian-controlled traffic lane, Windward data shows, with no vessels in the southern US-protected lane. Iran appears to have struck a Saudi Arabian very large crude carrier in the strait late on Monday, while it was transiting in the southern US-protected traffic lane . This was the second attack on a commercial vessel transiting through the southern lane in three days. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US, Iran exchange strikes again: Update

31/08/26
31/08/26

US, Iran exchange strikes again: Update

Adds US' comments and details on Iran's retaliation Washington, 31 August (Argus) — The US attacked Iranian military facilities on the island of Larak in the strait of Hormuz on Sunday, while Tehran retaliated by launching missiles at US bases in Jordan, according to Iran's Islamic Revolutionary Guard Corps. The Pentagon did not immediately confirm an attack on Iranian bases. But US Central Command (Centcom), which oversees US forces in the Mideast Gulf, said soon after that the US military had taken "limited, precise action against IRGC minelaying forces posting an imminent threat in the strait of Hormuz." The IRGC said it launched attacks on the King Hussein and al-Azraq bases in Jordan with ballistic missiles in response. It claimed "heavy damage" as a result of those strikes. Neither the US nor Jordan have commented on those strikes. Separately, Iran's army claimed a drone attack against the Al-Minhad base in the UAE, where it said US helicopters were stationed. The UAE ministry of defence has since denied that claim, describing them as "false". This marked the first exchange of strikes in more than a month. The US and Iran exchanged strikes daily from 11-23 July but fighting paused when the US administration declared its intention to switch to non-military forms of pressure against Iran. It is not clear what prompted yet another change in the US tactics. The US administration last week launched "Operation Economic Outcast" aiming to cut off Iran's business links to companies abroad. The White House last week declared the strait of Hormuz free of sea mines and doubled down on claims that as much as 10mn b/d of oil is exported from the Mideast Gulf under the US military umbrella. Most market participants and satellite tracking data do not corroborate the US claim of a spike in oil exports from the Mideast Gulf. A tanker transiting the strait of Hormuz near the coast of Oman was "struck by an unknown projectile" on Saturday night, according to the UK Maritime Trade Operations organization. A total of 12 vessels transited the strait of Hormuz on 27 August, the same number as a day before, according to data from maritime security firm Windward. This puts commercial vessel traffic through the waterway just under 10pc of the normal traffic levels prior to the 28 February US-Israel attack on Iran that prompted Iran to declare the strait closed. The Pentagon on Sunday angrily pushed back against a Washington Post report that cited confidential government documents showing senior US military commanders across the world had urged the White House to scale down military operations in the Middle East. "Publishing highly classified assessments from the (defense) secretary's orders book is a crime," the Pentagon said, while adding that "much of what they're publishing is inaccurate." By Haik Gugarats and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

California crude pays off for state's refiners

31/08/26
31/08/26

California crude pays off for state's refiners

Houston, 31 August (Argus) — US refiners are increasing their intake of Californian crudes, availability of which has risen as a result of refinery closures and a state plan to grow oil output. Two Californian refineries have shut in the past year — US independent Phillips 66's 139,000 b/d Los Angeles complex and domestic counterpart Valero's 145,000 b/d plant in Benicia — reducing demand for local feedstock. These closures and recent hikes in production of some local grades "left the market pretty well supplied", says Randy Hawkins, vice-president of crude and feedstocks supply and trading at Valero, which still operates an 85,000 b/d refinery at Wilmington. PBF Energy is upping runs of onshore Californian crudes by 25,000-30,000 b/d at its 160,000 b/d Torrance refinery, chief executive Matthew Lucey says, noting that extra production coming on line has been helpful for differentials. Marathon Petroleum doubled runs of Californian crude at its 365,000 b/d Los Angeles plant in the second quarter, chief commercial officer Rick Hessling says. Californian crude prices have fallen further since December, as the idling of the San Pablo Bay pipeline to the San Francisco Bay area means local crude can only be sold to Los Angeles refiners, Hawkins says. Valero expects record runs of Californian crude at Wilmington in the coming months. The state's largest producer, California Resources, plans to take over the San Pablo Bay line as part of its pending purchase of Crimson Midstream. The state has this year approved about 380 onshore oil drilling permits in Kern county, in a bid to stabilise fuel supply and prevent more refinery closures. But while Democrat governor Gavin Newsom has taken steps to up onshore output, the state strongly oppose s the restart of a pipeline system off California's coast. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US shale producers lean into productivity gains

31/08/26
31/08/26

US shale producers lean into productivity gains

New York, 31 August (Argus) — With capital budgets under pressure, US shale producers are looking to unlock further productivity gains to boost recovery rates and prolong output from maturing assets. At the same time as they are drilling ever-longer laterals and using multi-well hydraulic fracturing techniques, companies from ConocoPhillips to Diamondback Energy are reporting encouraging early results from the latest generation of surfactants — specialised chemicals designed to free oil trapped in shale and improve its flow through reservoir rock. "Operators are leaning into the productivity side of the capital efficiency equation, with their surfactant trials and positive results thus far," consultancy Enverus senior analyst Drew Depoe says. ConocoPhillips cites a productivity lift of up to 20pc from Permian basin oil wells that have been treated with surfactants over the past year compared with untreated wells. Diamondback has carried out a 12-well surfactant project. "We're just scratching the surface on the potential for this technology, and we're really excited about it," executive vice-president Albert Barkmann says. And Devon Energy is extending trials to 50 wells this year after favourable initial results. The shale sector is in cost-cutting mode as investors demand higher returns, and that strategy is spurring operators to find new ways of becoming more efficient. Concerns that the best acreage is close to being used up are also providing incentives for companies to look to boost shale recovery rates that remain around 10pc. "What we've seen over the past number of years has been sort of a slow but steady degradation trend across Lower 48 oil plays, some steadier than others, and new technologies serve to flatten out that trend more than anything," Depoe says. The independents are joining US majors ExxonMobil and Chevron in looking to expand their suite of new technologies to squeeze more out of US shale operations. ExxonMobil has more than 40 technology developments in the pipeline as it hopes to double recovery rates from its Permian operations. Inflation in the pipeline Efficiency gains are already helping some independent producers to hold budgets steady this year and offset tentative inflationary pressures. As activity and rig counts pick up across the shale patch with higher oil prices, cost pressures could become more of an issue heading into next year. While Diamondback recently noted that it has not seen significant service cost inflation yet, apart from higher fuel costs, it does expect prices for casing pipe and other items to increase through the rest of this year and into 2027. "We have a track record of offsetting inflation with efficiency gains in the field, and we will challenge our teams to do so again during this cycle," chief executive Kaes Van't Hof says. Near-term inflation is seen in rising costs for the tubular goods sector. "A number of public E&Ps have locked in steel costs for 2026, so the impact will be felt more in 2027 for the industry as a whole," Roth senior research analyst Leo Mariani says. Negative natural gas prices in the Permian basin limited the overall free cash flow for some producers from a surge in oil prices driven by the Mideast Gulf conflict. "The upside was there, but not wildly unconstrained upside," Novi Labs research director Robert Polk says. Market fundamentals have since staged a rebound, and the launch of additional shale gas takeaway capacity will help alleviate bottlenecks in the second half of the year. Even so, few firms are likely to shift their focus more in favour of gas. "Improved fundamentals aren't enough to overcome the oil economics that are still driving capital allocation," Polk says. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Renewed US-Canada spat hangs over oil industry

31/08/26
31/08/26

Renewed US-Canada spat hangs over oil industry

Washington, 31 August (Argus) — The integrated North American energy industry is not a direct target of renewed trade escalation between Washington and Ottawa. But US pressure tactics are likely to lend momentum to Canada's ongoing efforts to diversify oil and gas exports away from its largest market south of the border. Trade talks between the US and Canada ended abruptly in August, and President Donald Trump's administration on 22 August enacted a 50pc tariff on cement, plywood and other imports from Canada. Ottawa plans to retaliate with a 50pc tariff on US steel and aluminium from 8 September as part of a package targeting $28bn of imports from its southern neighbour. The latest retaliatory tariffs do not apply to energy, potash fertiliser or critical minerals. But they will further disrupt the North American auto and steel industries. US and Canadian government officials have accused each other of making last-minute demands that helped derail the talks. "We offered them the best access to the US of any country in the world," US trade representative Jamieson Greer says. Canadian prime minister Mark Carney says Ottawa engaged in talks with Washington in good faith, despite realising that any agreement involving the Trump administration "is written in pencil". Greer blamed Ottawa's lack of willingness to work with the US to blunt China's competitive edge in steel, auto manufacturing and advanced technologies. Carney dismisses the US accusation as an attempt to dictate Ottawa's foreign trade policy at the same time as imposing tariffs on Canadian imports, despite the US-Mexico-Canada free-trade agreement. Ottawa's allegedly lenient treatment of imports from China is part of a continually changing rationale for the US protectionist actions, Carney says. The US demands "revealed the limits of their commitment to a true economic partnership", he says. Northern exposure Canada has created a "60 Billion Dollar Deficit between our two Countries" and it is "not sustainable", Trump said in a social media post after the talks collapsed. The US ran a trade deficit of $48bn with Canada in 2025, according to the US Trade Representative's office. The deficit is almost entirely the result of US imports of Canadian crude, natural gas and electricity. Canada accounts for 99pc of the US' gas imports and 60pc of the US' crude imports and "I don't think they want us to stop sending it", Carney says. Ontario premier Doug Ford, who briefly placed a tariff on his province's electricity exports to the US during the early rounds of the trade dispute in March 2025, is again calling for restrictions on electricity exports to the US. But there appears to be little appetite in Ottawa to use Canadian energy exports to the US for political leverage in trade talks. The Liberal party government under Carney has revitalised relations with the energy industry to promote infrastructure projects targeting markets outside the US. Alberta province — Canada's oil and gas heartland — is scheduled to hold a referendum on 19 October on whether to remain part of the country. Polls indicate the vote is likely to result in a ‘remain' win, but any effort to restrict or tax oil and gas exports would strengthen the arguments of pro-independence voters, who feel a lack of perceived respect from the rest of the country. Alberta premier Danielle Smith has pushed against using oil and gas exports as leverage in the trade dispute with the US, countering calls from Naheed Nenshi, leader of the province's official opposition party, for the federal government to tax energy exports to the US. Smith argues that the US could impose reciprocal restrictions on refined products exported to Canada's eastern provinces. By Haik Gugarats and Behbod Negahban Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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