Trump to talk with Iran leaders: The Atlantic

: Crude oil, Freight
26/03/01

US president Donald Trump told TheAtlantic magazine on Sunday that Iran's new leadership has offered to hold talks with him in the wake of the US-Israeli strikes on the country, and he has agreed to do so.

"They want to talk, and I have agreed to talk, so I will be talking to them," Trump said in an interview with The Atlantic.

Trump could not say whether those talks would be held on Sunday or Monday. "They should have done it sooner," Trump said. "They could have made a deal. They should've done it sooner. They played too cute."

It was not immediately clear with whom Trump will negotiate. Ayatollah Ali Khamenei, Iran's supreme leader since 1989, was killed in the attack on Saturday. A three-member leadership council, which includes Iranian president Masoud Pezeshkian, has temporarily assumed the duties of the supreme leader. Israel's defense forces claim to have killed senior military leaders of Iran, including the defense minister and the head of Iran's Islamic Revolutionary Guard Corps.

Trump argued the conflict's effects on oil markets will be less disruptive than some analysts have predicted, the magazine reported. "This could have been a huge price increase with respect to oil, if things went wrong," Trump said. "So we'll see what happens."

By David Ivanovich

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26/03/01

Skuld, NorthStandard cancel some Mideast cover: Update

Adds information about NorthStandard circular. London, 1 March (Argus) — Oslo-based marine insurance provider Skuld has cancelled war risk coverage in the Mideast Gulf and the Gulf of Oman because of the deteriorating security situation in the region. The move comes as US and Israeli attacks on Iran prompted a military response from Tehran, raising risk to shipping moving in and out of the Gulf through the strait of Hormuz. A small chemical and oil products tanker was hit there earlier today, and Oman's Duqm port was struck by drones . "It is already evident that reinsurers' appetite for war risk exposure is tightening, and in practical terms, it will result in reinsurers withdrawing capacity at short notice," Skuld said. "Against this backdrop, the Association [Skuld] has therefore decided to issue the Assureds with a notice of cancellation of the War Risk Cover." The notice of cancellation will take effect in 72 hours, or at 00:00 GMT on 5 March, when the war risk cover will be terminated automatically. This notice of cancellation supersedes any other terms with respect to war risks that may be agreed, it said. It applies to war risk cover only; all other terms of cover are unchanged. The notice does not alter the position of any other area currently restricted or excluded under respective policies. The notice does not affect mutual protection and indemnity (P&I) and freight, demurrage and defence (FD&D) cover and the excess war risks cover afforded to Assureds with mutual P&I cover, according to Skuld. NorthStandard P&I has cancelled certain war risk cover in the Mideast Gulf and the Gulf of Oman, citing the deteriorating regional security situation and a notice of cancellation from its reinsurers. The insurer said the circular serves as formal notice of cancellation for the following 2026 extensions: war risks clause for additional covers; offshore P&I war risks clause; fixed P&I war risks clause; P&I war risks clause attached to charterers' entries; clause 2 of Section C of the Traders' Liability Cover; and the offshore bio chemical risks inclusion clause. The notice shall run from 24:00 GMT on 1 March and will expire at 24:00 GMT on 4 March. With effect from 00:00 hours GMT on 5 March 2026, cover under those extensions will be automatically excluded in the following territories: Iran and Iranian waters including coastal waters up to 12 nautical miles offshore and Persian/Arabian Gulf and adjacent waters including the Gulf of Oman and waters west of the line from Oman's territorial limit off Cape al-Ḥadd at 22°42.5'N, 59°54.5'E northeast to the Iran-Pakistan border at 25°10.5'N, 61°37.5'E, according to the insurer. "This notice does not alter the position of any other area currently restricted or excluded under respective policies," the company said. "All other terms and conditions remain unchanged." By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Containership owners suspend Hormuz operations

26/03/01

Containership owners suspend Hormuz operations

London, 1 March (Argus) — Major containership owners have suspended operations in the strait of Hormuz following the outbreak of fighting in the region. Danish shipping firm Maersk said it is suspending all vessel crossings in the strait of Hormuz until further notice. "As a result, services calling ports in the Arabian Gulf may experience delays, rerouting, or schedule adjustments," the company said. Maersk said it will also "pause future trans Suez sailings through the Bab el Mandeb Strait for the time being. Until further notice, all sailings on the ME11 (Middle East–India to Mediterranean) and MECL (Middle East–India to East Coast US) services will be rerouted around the Cape of Good Hope." Before the latest round of fighting , the company had planned to resume Red Sea transits. But with the deterioration in security it decided to maintain Cape of Good Hope routings for its Asia–Europe services and to redirect some upcoming ships away from the Suez Canal route on 27 February . Fellow containership owner Hapag Lloyd said it is suspending all vessel transits through the strait of Hormuz because of the conflict until further notice. Another containership owner, MSC, said it is halting all bookings for worldwide cargo to the Middle East region until further notice and "has instructed all vessels currently operating in the Mideast Gulf region, as well as those en route to the area, to proceed to designated safe shelter areas until further notice." By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Opec+ agrees April output boost as war threatens supply

26/03/01

Opec+ agrees April output boost as war threatens supply

London, 1 March (Argus) — Eight core Opec+ members agreed Sunday to resume increasing crude output in April, following a three month pause, but escalating tensions in the Mideast Gulf pose a major risk to the group's existing supplies. Saudi Arabia, Iraq, Kuwait, Russia, the UAE, Algeria, Oman and Kazakhstan will raise their collective crude production ceiling by 206,000 b/d in April. The increase is part of a process the group began in April 2025 to unwind a large set of production cuts. The April increment represents a slight acceleration to the previous monthly increases of 137,000 b/d agreed for the months of October, November and December. The decision comes one day after the US and Israel launched a coordinated military attack on Iran , prompting worries that the conflict could disrupt oil production and exports in the Mideast Gulf. The group made no mention of the conflict in a statement released following its virtual meeting. It reiterated that the group retains the full flexibility to increase or decrease output depending on market conditions. But a senior delegate urged the group to shift to "day-by-day market monitoring" in light of regional developments, a source told Argus . The US-Israeli campaign has killed several key Iranian officials so far, including supreme leader Ayatollah Ali Khamenei. Iran has responded by firing missiles and drones at Israel, US military assets in the region and Mideast Gulf countries allied to the US. While the Opec+ members were expected to resume increasing output even before the latest conflict between the US, Israel and Iran broke out, the decision signals that the group is ready to address any potential supply shortages. The market appears well supplied, with several forecasters projecting a large supply surplus this year. Production from the eight Opec+ members alone has increased by around 1.9mn b/d since March 2025, Argus estimates. The eight will have just over 1mn b/d of cuts left to unwind following the latest increase. The group also retains significant spare production capacity, which Argus estimates at around 4.5mn b/d based on January production levels. Most of this is concentrated in Saudi Arabia and the UAE. But any damage to oil production facilities or disruption to flows in the region would inhibit the ability of key Opec+ producers such as Saudi Arabia, Iraq, the UAE, Kuwait and even Iran to supply its customers. The strait of Hormuz is the main outlet for Mideast Gulf oil supplies, through which around a quarter of global seaborne oil exports pass, according to Kpler. Saudi Arabia exported 5.3mn b/d of crude through the strait last year, Iraq shipped 3.2mn b/d, the UAE 2.1 and Kuwait 1.4mn b/d. Iran exported 1.7mn b/d in 2025, most of which traversed the strait and reached China. Saudi Arabia can channel more of its exports through the east-west pipeline to the 5.5mn b/d capacity Red Sea, although this would not fully be able to compensate for any loss of the strait of Hormuz route. Sources have suggested to Argus that capacity could be raised further towards 7mn b/d, if required. The Red Sea route also faces potential attacks on tankers by the Iran-backed Houthi rebels in Yemen. The UAE can also partially bypass the strait of Hormuz by increasing supplies to Fujairah through the Adcop pipeline. The eight members' next meeting is scheduled for 5 April. By Aydin Calik, Bachar Halabi and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Skuld P&I cancels war risk cover in Mideast Gulf

26/03/01

Skuld P&I cancels war risk cover in Mideast Gulf

London, 1 March (Argus) — Oslo-based marine insurance provider Skuld has cancelled war risk coverage in the Mideast Gulf and the Gulf of Oman because of a deteriorating geopolitical situation in the region. The move comes as US and Israeli attacks on Iran prompted a military response from Tehran, raising risk to shipping moving in and out of the Gulf through the strait of Hormuz. A small chemical and oil products tanker was hit there earlier today, and Oman's Duqm port was struck by drones . "It is already evident that reinsurers' appetite for war risk exposure is tightening, and in practical terms, it will result in reinsurers withdrawing capacity at short notice," Skuld said. "Against this backdrop, the Association [Skuld] has therefore decided to issue the Assureds with a notice of cancellation of the War Risk Cover." The notice of cancellation will take effect in 72 hours, or at 00:00 GMT on 5 March, when the war risk cover will be terminated automatically. This notice of cancellation supersedes any other terms with respect to war risks that may be agreed, it said. It applies to war risk cover only; all other terms of cover are unchanged. The notice does not alter the position of any other area currently restricted or excluded under respective policies. The notice does not affect mutual P&I and FD&D (freight, demurrage and defence) cover and the excess war risks cover afforded to Assureds with mutual P&I cover, according to Skuld. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Tanker hit near Hormuz strait as Iran conflict widens

26/03/01

Tanker hit near Hormuz strait as Iran conflict widens

Dubai, 1 March (Argus) — A Palau-flagged chemicals and oil products tanker has been struck near the strait of Hormuz, highlighting the risks facing commercial shipping as the US-Israel-Iran conflict spreads across the Mideast Gulf. The incident comes as regional tensions rise following the killing of Ayatollah Ali Khamenei, Iran's supreme leader, in co-ordinated attacks by the US and Israel on Saturday. Oman's Maritime Security Centre said the Skylight was hit about five nautical miles north of Khasab port in Musandam governorate. "All 20 crew members — 15 Indian nationals and five Iranian nationals — were evacuated. Four crew members sustained injuries of varying severity and were transferred for medical treatment," the centre said. Omani authorities said rescue operations were conducted by military, security and civilian agencies. No official details have been released on the extent of the vessel's damage. Shipping data show Skylight is a small products tanker of about 11,262dwt, equivalent to roughly 80,000–85,000 bl depending on cargo density. While modest compared with crude carriers transiting Hormuz, the strike underscores concerns about navigation safety in one of the world's most strategic energy corridors. Skylight has previously appeared in US sanctions listings linked to Iran-related oil trade. The vessel is designated under US Treasury measures targeting networks that transport Iranian crude and refined products. It is not yet clear whether the strike was deliberate or the result of wider exchanges of drones and missiles across the region. The strait of Hormuz handles about a fifth of globally traded oil and a major share of LNG exports from Qatar and the UAE. Any sustained threat to tankers near Omani, Emirati or Iranian waters would raise insurance premiums, extend voyage times and reduce available tonnage as shipowners reassess risk. The strike on Skylight follows missile and drone attacks across the Mideast Gulf, including strikes claimed by Iran on US military facilities in Saudi Arabia and reported interceptions over the UAE and Kuwait. Several Gulf states have restricted airspace and raised maritime security levels in response. Oman's Duqm port today was hit earlier today by two drones, injuring one worker, state-owned agency ONA said, marking the first time the sultanate has been drawn directly into the confrontation. Panama-flagged vessels told to avoid conflict area The Panama Maritime Authority (PMA) has urged all Panama-flagged vessels to avoid operating near Iran, Israel, the Mideast Gulf, the Gulf of Oman and the strait of Hormuz "because of the security risk due to the recent increase of tensions within the Middle East, which could have a direct impact on vessels and crew". The notice was addressed to Panamanian seafarers on board the Cypres and the Captain Michael , which are currently operating in the area, the PMA said. The PMA recommended that Panama-flagged vessels take full security measures and avoid the listed areas. If transit is unavoidable, shipowners should ensure all necessary precautions are taken. Traffic through the strait of Hormuz has fallen sharply — though not halted — according to Kpler data. Most vessels are waiting at safer anchorages. Even so, the Ultramax bulker Jin Hai Wo and the LPG carrier HH Glory passed eastbound through the strait earlier today, Kpler said. By Bachar Halabi and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Trump to talk with Iran leaders: The Atlantic

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Skuld, NorthStandard cancel some Mideast cover: Update

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Containership owners suspend Hormuz operations

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Skuld P&I cancels war risk cover in Mideast Gulf

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