Latest news on the Middle East conflict
Read the latest news stories as they are published.
US-Iran war: Latest news
US-Iran war: Latest news
Houston, 5 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES WTI nears $80/bl as Hormuz transit halted Iran war collapses visibility in European jet market Mideast Gulf ports resume operations Bahrain refinery hit by Iran; fire contained Rare ARA-east gasoline booking hints at growing demand China owner' signal used by bulker transiting Hormuz Explainer on Military-grade jet fuel LATEST NEWS Crude US Gulf Mars premiums soar on Iran war VLCC crude cargoes from Yanbu rise Iran war could flip oil market into deficit: IEA Ferts/Ag Brazil urea prices highest since 2022 Brazil's urea supply at risk from Middle East war Brazil MAP, potash trade subdued on Iran war Brazil ags markets so far unharmed by Iran war US-Iran war imperils Brazil, Argentina beef exports Ammonia vessels reroute from Mideast Gulf MDI producers seek price increases on Iran war Refined products ARA jet stocks set to tighten in coming weeks Los Angeles gasoline prices hit 22-month high Supply-chain uncertainty supporting VLSFO in NWE Asia fuel oil hits multi-year high on Iran war risks NGL/LPG Russia diverts LNG carriers away from Med after attack US export capacity cuts VLGC rate increase Iran-US war paralyses ARA propane trading LNG/Natural gas Four empty LNG carriers divert away from Hormuz Edison faces Qatari LNG cargo losses QE FM to cut Pakistan's LNG, bolster coal imports Inter-basin LNG arbitrage shuts, des TTF premium falls Freight Westbound LR tanker rates at five-year high Mediterranean Handysizes at three-year high Metals Aluminum price forecasts hit $4,000/t Gulf shipping crisis disrupts India's Mn alloy exports Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Rare ARA-east gasoline booking hints at growing demand
Rare ARA-east gasoline booking hints at growing demand
London, 5 March (Argus) — A rare high-volume gasoline cargo booking from Amsterdam-Antwerp-Rotterdam (ARA) to Singapore, even though it failed today, signals growing demand east of Suez for European oil products as the Iran war disrupts Asia-Pacific gasoline balances. Trading firm Gunvor's chartering arm Clearlake booked a Long Range 2 (LR2) vessel on 4 March to load gasoline at ARA for Singapore delivery, but it was cancelled today, according to sources. The Sti Connaught had been put on subjects — provisionally booked — to load 90,000t of gasoline from the UK Continent or ARA on 9 March for Singapore delivery, according to a fixture seen by Argus . The reason for the failure was not immediately known. But the rare booking could suggest interest east of Suez for European gasoline is increasing as buyers look beyond the Mideast Gulf to secure supply, according to market participants. Europe to Singapore product flows are uncommon, one Singapore-based analyst said. European gasoline deliveries to Singapore stood at just 114,000t between 2022-2025, according to Kpler. In comparison, Mideast Gulf deliveries to Singapore were at 619,000t in the same period, according to Kpler. Prompt Asian gasoline prices surged further during regional trading hours today as concerns mounted over Chinese export availability, tightening supply in an already short market, while additional reports of cargo cancellations from Japan or India also supported values. Traders in Asia-Pacific are starting to look far afield to source product for the region. Highlighting the severity of the supply tightness in Asia-Pacific, ExxonMobil, in an extremely rare move, booked two Medium Range (MR) tankers provisionally from the US Gulf to Australia on 4 March, likely carrying 92 RON spec unleaded gasoline, at $6mn lumpsum each, or $157.89/t. A gasoline cargo of an undisclosed size was also booked for Australia loading in Barcelona, an analyst told Argus today, although it could not be confirmed. Higher freight rates for oil products tankers since the Iran war broke out on 28 March were holding traders back from booking European gasoline or naphtha cargoes for destinations east of Suez at the start of the week . The Japan-bound LR2 rate from the Mideast Gulf surged to the five-year high of WS435 ($98.53/t) on 4 March, a 117.5pc leap from WS200 ($45.30/t) on 27 February. The LR1 rate on the route climbed to WS440 ($99.66/t), a 100pc jump from WS220 ($49.83/t) over the same period. Similarly, the Mideast Gulf to the UK Continent LR2 rate reached a five-year high of lump sum $8.7mn — with the previous high at $8.8mn on 27 April 2020 — and the LR1 rate reached a two-year high of lump sum $6.5mn — with the previous high at $7.4mn on 31 January 2024. But a widening spread between Singapore 92 Ron front-month swaps and physical non-oxy gasoline barges in Europe could make the trade economics more favourable, even though increased oil products movements on that route may lift freight rates further. Singapore 92 Ron front-month swaps were at a $7.52/bl premium to European non-oxy gasoline barges yesterday, a three-year high, according to Argus calculations. By George Maher-Bonnett and Erika Tsirikou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Los Angeles gasoline prices hit 22-month high
Los Angeles gasoline prices hit 22-month high
Houston, 5 March (Argus) — Los Angeles gasoline prices climbed to a 22-month high on Thursday as tight regional inventories and turmoil from the US-Iran war pushed both cash differentials and the Nymex gasoline basis sharply higher. Prompt March Los Angeles regular CARBOB gasoline prices reached $3.08/USG on Thursday morning, the highest outright prices since April 2024. Trades were struck as high as +44¢/USG over the April RBOB Nymex, widening differentials 11.5¢/USG above Wednesday's close. The front-month April Nymex basis rose by 13¢/USG during the Thursday morning session to $2.64/USG, also marking the highest level in more than 22 months. The US-Israeli campaign against Iran has entered its sixth day, as retaliatory strikes on regional energy infrastructure drive widespread fears of prolonged supply disruptions. US gasoline inventories fell last week to a seven-week low as rising net exports outweighed falling demand, according to the most recent US Energy Information Administration (EIA) data released on Wednesday. California stockpiles of CARBOB gasoline — used exclusively in the state — fell to 4.93mn bl last week, according to data released by the California Energy Commission (CEC) on Thursday. This was the third consecutive week of receding gasoline supplies in California, amplifying a supply crunch ahead of the October closure of Phillips 66's Los Angeles refining complex and Valero's late January closure of its 150,000 b/d Benicia, California, facility. By Craig Ross Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mideast Gulf ports resume operations: Update
Mideast Gulf ports resume operations: Update
Adds Saudi ports' situation in final paragraph Dubai, 5 March (Argus) — Operations at several Mideast Gulf ports have resumed following precautionary shutdowns caused by drone-related incidents linked to the US-Iran war, according to port authorities and operators. Cargo operations between Iraqi ports and regional Gulf ports are continuing normally, while operations through or beyond the strait have been suspended for all types of tankers, the Iraqi port authorities said late on 4 March. Tanker traffic came to a near standstill through the strait of Hormuz following the US and Israeli strikes on Iran on 28 February and Iran's subsequent retaliatory attacks, effectively closing the strategic waterway and halting Iraq's exports. Around 16 or 17 cargo ships are currently waiting in designated areas at Iraq's Umm Qasr North port and Umm Qasr South port, the authorities said, adding that "port work was continuing and procedures had been streamlined". In the UAE, Abu Dhabi's AD Ports Group said all ports and terminals under its cluster, along with related services, continue to operate normally. The group owns and manages 10 ports and terminals across the country including Fujairah Terminals and Zayed port, which were both recently hit by drone strikes that led to precautionary shutdowns. At the Fujairah port, drone strikes on 3 March prompted storage operators to suspend activities and limit staff access, leaving the port open but largely inactive . "While reduced traffic through the strait of Hormuz is expected to lead to fewer vessel calls at Khalifa port, services there will continue uninterrupted," AD Ports said on 4 March. DP World, which operates Jebel Ali port, confirmed that operations have resumed after debris from a drone interception sparked a small fire at the facility. Operations at Kuwait's Shuaiba port are gradually resuming following a precautionary suspension after debris fell near the facility on 28 February, state news agency Kuna reported. At Oman's Salalah port, cargo terminal operations have resumed after a drone incident affected the port on 3 March, according to a notice seen by Argus . Several drones also targeted Oman's Duqm port , with one striking near a fuel storage facility, but it remains unclear whether operations at the port were affected. In Saudi Arabia all ports are operating normally, according to a shipping agent, although ports on the Mideast Gulf coast are only handling domestic calls. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
