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Oil futures: WTI rises as US-Iran deal window closes

  • : Crude oil, Oil products
  • 26/08/17

WTI crude futures rose by 2.6pc today as Iran said a deal with the US is ‘no longer relevant' and as the US threatened to attack Oman.

September Nymex WTI rose by $2.10/bl to $84.50/bl while October Ice Brent rose by $2.35/bl to $90.87/bl. The October Brent-October WTI spread widened by 8¢/bl to $7.13/bl.

WTI at the Magellan East Houston terminal was discussed at a prompt $1.05-$1.25/bl premium bid-ask spread to the Cushing benchmark at 3pm ET, according to the Argus Crude Market Ticker, broadly steady with Friday's $1.14/bl volume-weighted average premium.

A 60-day window that Iran and the US agreed on in mid-June to negotiate an end to the war and to reach a deal on Iran's nuclear program "is no longer relevant" following repeated US violations of the agreement, Iran's foreign ministry spokesman Esmail Baghaei said on Monday.

Signed on 18 June, the agreement, a memorandum of understanding, was meant to also kickstart a process whereby Iran would ensure the return of shipping through the strait of Hormuz back to pre-war levels within 30 days, and allow for the passage of ships with no charge for 60 days. The agreement's 60-day window closed today.

Disagreements over control and administration of the strait of Hormuz after the agreement was signed had prompted Iran to target vessels as they crossed they key waterway, resulting in the agreement's collapse in early July.

US president Donald Trump on Monday threatened to bomb Oman if it "gets in the way" of negotiations between the US and Iran over the strait of Hormuz.

Trump made the threat to "bomb the [expletive] out of" Oman in an unaired interview with Fox News on Monday. The White House subsequently confirmed the remarks, which were made in regards to talks between Oman and Iran over the future administration of the strait of Hormuz.

Trump on 14 August threatened an indefinite naval blockade against Iran — and a US territorial claim on the strait of Hormuz — marking a new approach to pressuring Tehran.

"After we finish defeating Iran, which is being very badly defeated, pretty soon I'll be declaring the Hormuz strait a territory of the United States," Trump said.

Abu Dhabi's state-owned Adnoc sold at least 16mn bl of spot crude originating from within the strait of Hormuz through its latest tender that closed last week, with Indian buyers accounting for almost half of the traded volumes.

Indian refiners bought a combined 7mn bl of light sour Das and medium sour Upper Zakum crude through Adnoc's eighth sale tender.

Nymex RBOB rose by 8.6¢/USG to $3.2701/USG while Nymex ultra-low sulphur diesel rose by 15.42¢/USG to $4.4371/USG.

By Brett Holmes

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News
26/08/18

Hormuz closed until US delivers on MoU pledges: Iran

Hormuz closed until US delivers on MoU pledges: Iran

Dubai, 18 August (Argus) — Iran will keep the strait of Hormuz closed until the US fulfils commitments made under the now-expired ceasefire agreement signed in June, parliament speaker Mohammad Bagher Ghalibaf said on Tuesday. The memorandum of understanding (MoU), signed on 18 June, set a 60-day deadline to negotiate an end to the war, reach a deal on Iran's nuclear program and ensure safe passage through Hormuz. The agreement included provisions for the US to begin easing economic and sanctions pressure on Iran. The deadline expired on Monday. The MoU collapsed in mid-July after weeks of disputes over control and administration of the strait, during which Iran targeted several vessels and the US reinstated its naval blockade. "As we predicted, the enemy, who accepted the memorandum to end the war out of desperation, soon reneged on its commitments in order to compensate for its heavy political defeat," said Ghalibaf, who has led the Iranian negotiating team. Hostilities in the region have subsided after an intensification in the weeks after the MoU's collapse, but Iran has continued attacks on shipping , restricting vessel transits through Hormuz. Only 12 vessels crossed the strait on 16 August, eight inbound and four outbound, according to maritime security firm Windward, compared with well over 100 daily crossings before the war began in late February. Ghalibaf said the strait "will not reopen until the US commitments in the memorandum, including lifting the blockade, releasing the frozen assets, lifting the oil embargo, ending the threats and military operations on all fronts, and other conditions that the US committed to." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Trump warns Oman against hindering Iran deal: Update

26/08/17
News
26/08/17

Trump warns Oman against hindering Iran deal: Update

Adds President Trump's threat to "bomb" Oman Dubai, 17 August (Argus) — President Donald Trump is threatening to bomb Oman if it "gets in the way" of negotiations between the US and Iran over the strait of Hormuz. Trump made the threat to "bomb the [expletive] out of" Oman in an unaired interview with Fox News on Monday, on the same day as the expiration of a US-Iran ceasefire deal that fell apart more than a month ago. The White House subsequently confirmed the remarks, which were made in regards to talks between Oman and Iran over the future administration of the strait of Hormuz. The US and Iran on 18 June signed a ceasefire agreement that included a 60-day deadline — expiring on Monday — to negotiate an end to the war, reach a deal on Iran's nuclear program and ensure safe passage of vessels through the strait of Hormuz. That negotiating window "is no longer relevant" following repeated US violations of the agreement, Iran's foreign ministry spokesman Esmail Baghaei said on Monday. The memorandum of understanding (MoU) was meant to kickstart a process under which Iran would allow shipping through the strait of Hormuz to return to pre-war levels within 30 days. But disagreements over control and administration of the strait caused the agreement to collapse by early July, as Iran began targeting ships transiting the strait and the US resumed targeting military sites in Iran. "We did not even begin the talks, because just weeks after the MoU was signed, the US began violating it," Baghaei said. "So, talk of this 60 days is no longer relevant." The daily tit-for-tat attacks have since wound down, though sporadic Iranian attacks on shipping in the region continue. Last week, Abu Dhabi's state-owned Adnoc reported attacks on several of its vessels as they transited the strait . Negotiations between Tehran and Washington appear to have come to a standstill. The US last week threatened an indefinite naval blockade against Iran and is preparing to roll out additional sanctions this week. Despite that negotiating deadlock, Baghaei said Iranian talks with Oman over the future administration of the strait of Hormuz continue and are making progress. "The views are being exchanged, and both sides have shown, to this point, that they are determined to develop a mechanism to oversee and safeguard the interests of both sides, and also cater to the considerations of international shipping" through the strait, he said. Baghaei said the mechanism will be finalized as part of a package, "a roadmap, alongside a joint statement" with Oman. By Nader Itayim and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Venezuela's refineries run at 350,000 b/d: PdV

26/08/17
News
26/08/17

Venezuela's refineries run at 350,000 b/d: PdV

Caracas, 17 August (Argus) — Venezuela's refineries are processing about 350,000 b/d of crude and producing enough gasoline to meet domestic demand, PdV president Hector Obregon said , an improvement from late 2025. Investments in Venezuela's refineries are helping PdV avoid gasoline imports, Obregon told state-controlled VTV television on 14 August. This represents a supply increase from late 2025 when PdV executive vice president Jovanny Martinez said that Venezuela was producing 108,000 b/d of gasoline and 53,700 b/d of diesel. Venezuela had 1.3mn b/d of nameplate refining capacity when late former president Hugo Chavez took office in 1999. But industry source have estimated that only about 500,000 b/d is usable. PdV is investing more in its refining system, Obregon said. It also continues to offer a 97-octane gasoline rolled out in February at more retail stations, he said. The 350,000 b/d processing rate is a realistic if approximate figure, one source in PdV's refining sector who asked not to be named said. Venezuela's domestic gasoline demand is roughly 200,000-300,000 b/d, and shortages and long lines at retail fuel stations have eased although structural problems remain, the source said. PdV previously had 1.2mn b/d of capacity in its Amuay refining complex alone before a massive explosion in 2012 from which it has never recovered, the source noted. Power outages and problems at the El Palito refinery that is crucial for supplying gasoline to central coastal Venezuela also limit output, the source said. US sanctions that have mostly been lifted after a US incursion on 3 January caused delays in maintenance as well. In addition to Amuay and El Palito, Venezuela's other main refining complexes are Bajo Grande and Puerto La Cruz. Venezuela continues to import naphtha, which it typically uses as a diluent for its extra-heavy crude production but the product can also be used as a gasoline blending component. Venezuela imported about 100,000 b/d of naphtha in July and is on track to import slightly more in August, about 125,000 b/d, with most of that coming from the US, according to Vortexa ship tracking. By Jose Chalhoub Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Iran says 60-day MOU window ‘no longer relevant’

26/08/17
News
26/08/17

Iran says 60-day MOU window ‘no longer relevant’

Dubai, 17 August (Argus) — The 60-day window that Iran and the US agreed on in mid-June to negotiate an end to the war and a deal on Iran's nuclear programme "is no longer relevant" following repeated US violations of the agreement, Iran's foreign ministry spokesman Esmail Baghaei said on Monday, 17 August. Signed on 18 June, the agreement, a memorandum of understanding (MoU), was meant to also kickstart a process whereby Iran would ensure the return of shipping through the strait of Hormuz back to pre-war levels within 30 days, and allow for the passage of ships with no charge for 60 days. That 60-day window will have formally closed today. But disagreements over control and administration of the strait of Hormuz in the days and weeks that followed saw Iran target several vessels as they crossed they key waterway, resulting in the agreement's collapse in early July. "What we had in that agreement [was] a 60-day period which we would use to discuss two issues: The lifting of sanctions [on Iran] and the nuclear issue," Baghaei told reporters in his weekly press briefing in Tehran. "If we did not arrive at a solution in this period, we could then extend it." "But we did not even begin the talks, because just weeks after the MoU was signed, the US began violating it," he said. "So, talk of this 60 days, is no longer relevant." Hostilities in the region intensified in the weeks after the MoU collapsed, as the US began targeting key infrastructure as well as military and logistical sites in the south of Iran. Iran responded with attacks on facilities in several of its Arab Gulf neighbours that it said were being used to launch the US attacks. The daily tit-for-tat attacks have since wound down, though sporadic Iranian attacks on shipping in the region do continue. This past week, Abu Dhabi's state-owned Adnoc reported attacks on several of its vessels as they transited the strait . Iran-Oman keep talking on Hormuz Negotiations between Tehran and Washington appear to have come to a complete standstill, although Baghaei said some regional countries are continuing efforts to mediate between the sides and reduce tensions in the region. "Countries like Pakistan and Qatar are making efforts and playing a role," Baghaei said. But "the main challenge is not mediation. The issue goes back to the miscalculations and insistence of the US to persist with methods and approaches that have failed many times before." "The US' repeated breaches of the agreement have damaged the Pakistani mediation efforts," he said. Yet despite that deadlock, Baghaei said talks with Oman over the future administration of the waterway continue and are making progress. "The views are being exchanged, and both sides have shown, to this point, that they are determined to develop a mechanism to oversee and safeguard the interests of both sides, and also cater to the considerations of international shipping [through the strait]," he said. Baghaei said the mechanism will be finalised as part of a package: "a roadmap, alongside a joint statement" with Oman. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Crude futures: Brent at $88/bl

26/08/17
News
26/08/17

Crude futures: Brent at $88/bl

London, 17 August (Argus) — Front-month October Ice Brent crude futures were trading at $88.74/bl at 13:12 BST, up by 22¢/bl from the settlement on 14 August. The front-month Nymex WTI contract was at $82.45/bl, up by 5¢/bl. • US president Donald Trump is threatening an indefinite naval blockade against Iran — and a US territorial claim on the strait of Hormuz — marking a new approach to pressuring Tehran. • Abu Dhabi's state-owned Adnoc sold at least 16mn bl of spot crude originating from within the strait of Hormuz through its latest tender that closed last week, with Indian buyers accounting for almost half of the traded volumes. • China's crude throughput edged higher in July and is likely to rise further in August, supported by a drop in maintenance shutdowns and an increase in runs at state-controlled refiners looking to rebuild fuel inventories and raise exports of refined products. • Libya's Akakus Oil aims to boost crude production at the El Sharara field to 355,000 b/d by mid-2027, state-owned NOC said. By Sanjana Shivdas Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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