Israel strikes Tehran fuel storage terminals

: Crude oil, Oil products
26/03/07

Israel's military said it struck several fuel storage facilities in Tehran that Iran uses to operate military infrastructure.

The "significant strike" constitutes an additional layer in deepening the damage to Iranian military infrastructure, the Israeli Air Force said Saturday on social media. "The Israel Defense Forces will continue to act forcefully with the aim of broadly harming the regime and removing threats to the State of Israel," the post said.

US president Donald Trump on Saturday threatened further military strikes against Iran in that war that began a week ago, saying Tehran had "apologized and surrendered to its Middle East neighbors" after coming under sustained US and Israeli attacks.

Iran would be hit "very hard" again as additional targets are under consideration, Trump said on social media.

Trump's remarks came hours after Iranian president Masoud Pezeshkian said Tehran would halt attacks on neighboring countries, unless attacks against Iran originated from their territory.

By Eunice Bridges

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26/03/07

Adnoc adjusts flows, deliveries to maintain supplies

Dubai, 7 March (Argus) — Abu Dhabi state-owned Adnoc said its operations continue despite the escalating regional conflict and disruption to tanker movements through the strait of Hormuz, with the company adjusting flows and deliveries to maintain supplies to global markets. Adnoc, in its first statement since the war between Iran and the US-Israel coalition began a week ago, said it has activated established contingency protocols and is working with authorities to safeguard personnel, assets and operations as the conflict continues to disrupt shipping across the Middle East Gulf. "As a responsible operator, Adnoc is carefully managing offshore production levels to address storage requirements," the company said, signalling that output could be adjusted as logistics constraints affect the pace of exports. Business units are assessing the situation "product by product and transaction by transaction," the company said, while sales and trading teams are engaging with customers whose cargo schedules may be affected by the logistical challenges in the region. The company said it continues to utilise export routes that bypass the strait of Hormuz and draw on its international storage network to maintain supply continuity. It is also managing offshore production levels to address storage requirements and preserve operational flexibility while ensuring the safety of staff and infrastructure. The UAE can bypass the strait using the Abu Dhabi Crude Oil Pipeline (ADCOP), also known as the Habshan-Fujairah pipeline. The pipeline, which has a nameplate capacity of 1.5mn b/d, transports oil from Abu Dhabi's fields directly to the port of Fujairah on the Gulf of Oman, feeding its storage terminals and refining facilities. Adnoc also said onshore operations continue, without offering further details on production levels. Opec member UAE produced 3.53mn b/d of crude in February, according to Argus . Sources with knowledge of the matter said the company is taking a highly granular approach to supply management rather than implementing blanket export restrictions or declaring force majeure. Instead, Adnoc is working with buyers on cargo timing adjustments, delivery extensions and trading arrangements designed to keep barrels moving despite the disruption to shipping. Adnoc is leveraging the flexibility of its integrated system — including refining capacity, storage infrastructure and its trading arm — to balance crude flows and maintain supply commitments where possible, Argus understands. The disruption to tanker traffic follows a week of Iranian missile and drone strikes targeting infrastructure across several Gulf states in retaliation for US and Israeli attacks on Iranian military and nuclear facilities that began on 28 February. Kuwait's state-owned oil firm KPC today said it has started to reduce crude output and refinery runs after oil exports were effectively halted by the war. KPC also issued a force majeure notice on its crude and refined products exports, according to a 7 March statement seen by Argus . Kuwait exported about 1.9mn b/d of crude and 860,000 b/d of refined products through the strait of Hormuz in 2025, according to Kpler. The conflict has already resulted in multiple attempted strikes on regional energy infrastructure. Saudi Arabia said earlier on Saturday that its air defences intercepted 20 drones launched in five waves toward Saudi Aramco's 1mn b/d Shaybah oil field in the Empty Quarter desert. Earlier in the week, Saudi Arabia's 550,000 b/d Ras Tanura refinery sustained limited damage from falling debris after drone interceptions, while Bahrain's 405,000 b/d Sitra refinery and storage facilities at the ports of Fujairah in the UAE and Duqm in Oman were also targeted. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Kuwait cuts crude output on Hormuz disruption: Update

26/03/07

Kuwait cuts crude output on Hormuz disruption: Update

Updates with force majeure notice London, 7 March (Argus) — Kuwait's state-owned oil firm KPC has started to reduce crude output and refinery runs after oil exports were effectively halted by the war in the Middle East, the company said. Tanker traffic through the strait — the main route for Mideast Gulf crude exports — has almost come to a standstill since the US and Israel began launching air strikes on Iran on 28 February. Tehran has responded by attacking other countries in the region, including targeting oil and gas infrastructure and shipping. Opec member Kuwait, which produced 2.59mn b/d of crude in February according to Argus , is entirely dependent on Hormuz for its exports. A prolonged disruption would wipe out most of this output because of storage limitations. KPC also issued a force majeure notice on its crude and refined products exports, according to a 7 March statement seen by Argus . Such notices protect companies from breach-of-contract penalties when they are unable to deliver to their customers due to events outside of their control. Kuwait exported about 1.9mn b/d of crude and 860,000 b/d of refined products through the strait of Hormuz in 2025, according to Kpler. KPC said the "precautionary" measures were a response to "ongoing aggression" by Iran against Kuwait and "threats against shipping through the strait of Hormuz." KPC said Kuwait's domestic market needs remained fully secured. The company did not provide details on current output but said it was ready to restore production once conditions allow. Kuwait is the second Mideast Gulf country after Iraq to confirm production shutdowns because of the war. Upstream shutdowns are also expected in Saudi Arabia, the UAE, Qatar and Iran should the war continue. Saudi Arabia and the UAE have crude pipelines that can bypass the strait of Hormuz, but these outlets would only partially offset the loss of the waterway. The war is also increasingly threatening the region's oil and gas upstream infrastructure. Saudi Arabia said earlier on Saturday that its air defences intercepted 20 drones launched in five waves toward Saudi state-controlled Aramco's 1mn b/d Shaybah oil field in the Empty Quarter desert. Saudi Arabia's 250,000 b/d offshore Berri field also suffered a "minor impact" following an attack, a source close to the matter said on Saturday. Qatar has already shut down its massive LNG production facilities after being attacked. There appears to be no end in sight to the war, with US President Donald Trump on Saturday vowing to hit Iran "very hard" again and that additional targets were now under consideration. By Aydin Calik, Nader Itayim and Cara Wong Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Kuwait cuts crude output after Hormuz disruption

26/03/07

Kuwait cuts crude output after Hormuz disruption

London, 7 March (Argus) — Kuwait's state-owned oil firm KPC has started to reduce crude output and refinery runs after oil exports were effectively halted by the war in the Middle East, the company said. Tanker traffic through the strait — the main route for Mideast Gulf crude exports — has almost come to a standstill since the US and Israel began launching air strikes on Iran on 28 February. Tehran has responded by attacking other countries in the region, including targeting oil and gas infrastructure and shipping. Opec member Kuwait, which produced 2.59mn b/d of crude in February according to Argus, is entirely dependent on Hormuz for its exports. A prolonged disruption would wipe out most of this output because of storage limitations. Kuwait exported about 1.9mn b/d of crude and 860,000 b/d of refined products through the strait of Hormuz in 2025, according to Kpler. KPC said the "precautionary" measures were a response to "ongoing aggression" by Iran against Kuwait and "threats against shipping through the strait of Hormuz." KPC said Kuwait's domestic market needs remained fully secured. The company did not provide details on current output but said it was ready to restore production once conditions allow. Kuwait is the second Mideast Gulf country after Iraq to confirm production shutdowns because of the war. Upstream shutdowns are also expected in Saudi Arabia, the UAE, Qatar and Iran should the war continue. Saudi Arabia and the UAE have crude pipelines that can bypass the strait of Hormuz, but these outlets would only partially offset the loss of the waterway. The war is also increasingly threatening the region's oil and gas upstream infrastructure. Saudi Arabia said earlier on Saturday that its air defences intercepted 20 drones launched in five waves toward Saudi state-controlled Aramco's 1mn b/d Shaybah oil field in the Empty Quarter desert. Saudi Arabia's 250,000 b/d offshore Berri field also suffered a "minor impact" following an attack, a source close to the matter said on Saturday. Qatar has already shut down its massive LNG production facilities after being attacked. There appears to be no end in sight to the war, with US President Donald Trump on Saturday vowing to hit Iran "very hard" again and that additional targets were now under consideration. By Aydin Calik and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump vows new targets in strikes on Iran

26/03/07

Trump vows new targets in strikes on Iran

Dubai, 7 March (Argus) — US President Donald Trump threatened further military strikes against Iran on Saturday, saying Tehran had "apologized and surrendered to its Middle East neighbors" after coming under sustained US and Israeli attacks. "Iran, which is being beat to hell, has apologized and surrendered to its Middle East neighbors, and promised that it will not shoot at them anymore," Trump said in a post on Truth Social, adding that Iran would be hit "very hard" again and that additional targets were now under consideration. Trump's remarks came hours after Iranian president Masoud Pezeshkian said Tehran would halt attacks on neighbouring countries unless attacks against Iran originated from their territory. "We do not intend to violate or assault our neighbouring countries. They are our brothers," Pezeshkian said in remarks broadcast on Iranian state television. He added that Iran's temporary leadership council had instructed the armed forces "not to attack neighbouring countries or fire missiles at them unless attacks on us are carried out from those countries." Pezeshkian also apologised to Middle Eastern states struck during the past week of hostilities. Despite Tehran's claim that it has instructed its forces not to target neighbouring countries, missile and drone activity across the Mideast Gulf region continued on Saturday. The UAE said its air defence systems intercepted 15 out of 16 ballistic missiles and 119 out of 121 drones launched toward the country. One missile fell into the sea and two drones landed within UAE territory, according to the defence ministry. Saudi Arabia earlier said its air defences intercepted 20 drones launched in five waves toward Saudi state-controlled Aramco's 1mn b/d Shaybah oil field in the Empty Quarter desert. The attempted strike marked the first attack on a major upstream oil asset since the conflict began. The UAE's air defence systems were also intercepting incoming projectiles on Saturday, while Dubai International Airport temporarily suspended operations earlier in the day after debris from an intercepted projectile fell near the facility, according to the Dubai Media Office. UAE airline Emirates later said flights had resumed and operations returned to normal. Iran has launched repeated missile and drone attacks across the Middle East, including on civilian targets, in retaliation for US and Israeli air strikes on Iranian military and nuclear facilities that began on 28 February. The escalation has sharply lifted crude prices. North Sea Dated crude rose by nearly $23.50/bl in the week to 6 March, the largest weekly gain since Argus records began in early 1990. The US is also reinforcing its military posture in the region. The aircraft carrier Gerald R. Ford , previously deployed in the eastern Mediterranean near Israel, has entered the Red Sea region, according to the US Naval Institute, citing Pentagon photographs showing the carrier and the guided-missile destroyer USS Bainbridge transiting the Suez Canal on Thursday. The deployment places the US Navy's newest aircraft carrier within the area of responsibility of US Central Command, where Iran-aligned Houthi forces have targeted both US warships and commercial shipping for more than two years. Separately, the aircraft carrier George H.W. Bush and its strike group completed a training exercise on Thursday that certifies it for global deployment, the US Navy said. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran says to halt strikes on neighbours unless attacked

26/03/07

Iran says to halt strikes on neighbours unless attacked

Dubai, 7 March (Argus) — Tehran will halt attacks on neighbouring countries unless attacks against Iran originate from their territory, Iranian president Masoud Pezeshkian said in remarks broadcast on Saturday on Iranian state television. "We do not intend to violate or assault our neighbouring countries – they are our brothers," Pezeshkian said, adding that Iran's temporary leadership council had instructed the armed forces "not to attack neighbouring countries or fire missiles at them unless attacks on us are carried out from those countries." Pezeshkian also apologised to Mideast Gulf states that had been struck during the past week of hostilities. But his remarks came against a backdrop of continued missile threats across the region. Saudi Arabia said earlier on Saturday that its air defences intercepted 20 drones launched in five waves toward Saudi state-controlled Aramco's 1mn b/d Shaybah oil field in the Empty Quarter desert. The attempted strike on Shaybah marked the first attack on a major upstream oil asset since the conflict began. The UAE's air defence systems were also on Saturday intercepting incoming projectiles, according to the country's ministry of defence, while earlier in the day, Dubai International Airport temporarily suspended operations after debris from an intercepted projectile fell in the vicinity of the facility, the Dubai Media Office said. UAE airline Emirates said flights have since resumed and operations returned to normal. Iran has launched repeated missile and drone attacks against targets across the Middle East in retaliation for the US and Israeli air strikes on Iranian military and nuclear facilities which began on 28 February. Those strikes have included airports and ports, in addition to attempts to hit energy infrastructure in several Mideast states. Aramco's 550,000 b/d Ras Tanura refinery, in the kingdom's eastern province on its Mideast Gulf coast, sustained limited damage earlier this week from falling debris after drone interceptions. Bahrain's 405,000 b/d Sitra refinery was also struck, causing a fire at an unspecified unit, while storage facilities at the ports of Fujairah in the UAE and Duqm in Oman have been hit. The attacks have effectively halted tanker traffic through the strait of Hormuz, a critical chokepoint through which around 14mn b/d of crude and 3mn b/d of refined products transited before the conflict. The war in the Middle East sent North Sea Dated crude up by almost $23.50/bl in the week to 6 March, the biggest weekly gain since Argus' records began in early 1990. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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