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US issues Iran oil sanctions waiver
US issues Iran oil sanctions waiver
Washington, 22 June (Argus) — The US will allow unlimited sales of Iranian crude, refined and other petrochemical products until 21 August, in another concrete step toward implementing the US-Iran deal signed on 18 June. Buyers can pay in US dollars for the Iranian oil, freight services and insurance, according to the terms of a general license issued on Monday by the Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC). The OFAC license follows a round of direct US-Iranian talks in Switzerland on Sunday, which made "very good progress", according to US vice president JD Vance, who led the US delegation. The length of the sanctions waivers matches the 60 day period set by the US-Iran "memorandum of understanding" to complete negotiations on Iran's nuclear program, the status of the strait of Hormuz and other issues. The US-Iran interim deal allows for an extension of negotiations beyond the 60 day period, which could also result in another extension of the Iran sanctions waivers. Conversely, a breakdown in the US-Iran relations could result in the waiver being terminated ahead of the deadline. The OFAC license spells out in great detail all transactions associated with the sale, transportation and offloading of Iranian crude and products and allows shipping Iranian oil on tankers that are on the US sanctions list. It does not lift sanctions on the Iranian sellers, but waives the application of sanctions on the buyers. The license allows the provision of services for transporting Iranian oil, including "vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification and salvage". The OFAC license even allows imports of Iranian oil into the US, for subsequent trans-shipment. Before the war, most Iranian crude went to a narrow group of customers in China's independent refining industry who appeared to be unbothered by the effect of US sanctions. With waivers in place, China's state-controlled companies and buyers in India and other countries in Asia could be motivated to buy Iranian crude. For now, even lower prices in the past week have not spurred buying interest from the Chinese companies. Many buyers likely will remain wary of taking advantage of the availability of Iranian crude and products, due to the 60 day term of the sanctions waiver and the possibility that confrontation between the two countries could flare up again, resulting in the snapback of sanctions. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
German products prices fall as demand remains subdued
German products prices fall as demand remains subdued
Hamburg, 22 June (Argus) — German prices for heating oil, diesel, and gasoline fell in the week ending 19 June to the lowest since the beginning of the US-Israel-Iran conflict. Domestic spot demand for heating oil and diesel declined on the week. The key driver behind the price drop was significantly lower Ice gasoil futures values, after the framework agreement to end the war between Iran and the US was announced on 14 June. The German wholesale price for diesel loaded by truck returned to pre-war levels, helped by a temporarily reduced energy tax rate. This expires at the end of June and lowers wholesale diesel prices by €14.04/100 litres until then. But prices for German greenhouse gas (GHG) reduction obligations have risen, to dampen the decline in domestic wholesale fuel price levels. Argus saw lower average daily spot volumes for heating oil and diesel than in the previous week. Traders attribute this to many consumers expecting further price declines because of an easing in geopolitical tensions, and therefore postponing purchases. For the current week, market participants expect rising fuel demand. Ahead of the expiration of the tax reduction on 1 July, pull-forward effects are likely, as consumers and traders seek to benefit from the lower rates. In some regions, especially in the north, agricultural customers began bulk buying diesel this week. Accordingly, import demand along the Rhine river is picking up, as traders replenish their tanks in preparation for rising demand. Falling water levels on the Rhine are leading to considerably higher freight rates. The availability of heating oil in the south remains limited. At the Bayernoil consortium's 214,500 b/d Neustadt-Vohburg refinery, individual shareholders have said there are recurring loading disruptions, and some sellers are temporarily not offering any product. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says Hormuz closed; US says flows intact
Iran says Hormuz closed; US says flows intact
London, 20 June (Argus) — The US and Iran issued conflicting accounts of conditions in the strait of Hormuz on 20 June, with Tehran saying it has closed the waterway, while Washington said commercial shipping continues to transit. Iran's claim — carried by the IRGC-affiliated Tasnim news agency and citing the Khatam al-Anbia Central Headquarters — said the strait had been closed to vessel traffic in response to continued Israeli strikes in southern Lebanon following a ceasefire with Lebanese militia group Hezbollah, which it said breached commitments under the recent memorandum of understanding with the US. The headquarters characterised the move as a "first step" and warned further measures could follow if hostilities persist. But US Central Command (Centcom) indicated no disruption to flows, saying 55 merchant vessels transited the strait during the day, carrying more than 17mn bl of oil to global markets. Safe passage through the waterway "remained intact", it said, with US forces operating in the area to support freedom of navigation. No shipping incidents were reported in the region on 20 June. Ship-tracking data also show vessel traffic via the strait of Hormuz continues. The 26,361dwt LPG tanker Pacific Star I continued its passage, and no U-turns were detected as of 23:00 BST (22:00 GMT) on 20 June. Some vessels may have switched off their Automatic Identification System (AIS) signals, while others may have stopped. The 56,880dwt bulk carrier KSL Qingyang halted earlier on 20 June after almost crossing the strait eastwards, Kpler data show. Some tankers appear to be favouring a southern route closer to Omani shores. The VLCC Angola B , sailing from Zirku Island in the UAE, crossed the strait near Omani waters earlier, but may have switched AIS off afterwards. The ballast VLCC Bahrain Prosperity passed westwards through the strait near Omani shores into the Mideast Gulf on 20 June, according to Kpler data. Two more VLCCs, Monaco Loyalty and Gulf Sunrise , were approaching the entrance to the strait near Oman but may have switched AIS off around the time Tasnim reported the closure, Kpler data suggest. US president Donald Trump has not commented directly on the reported closure of the strait but addressed the issue of tolls in a post on the Truth Social platform, saying there would be no charges during the 60-day negotiating period and none afterwards unless the US chose to impose them if no final deal with Iran is reached. Iranian state media reported that a delegation had arrived in Switzerland ahead of talks with US negotiators, led by vice-president JD Vance. "I think we're going to hopefully make progress on the nuclear issue, make progress on the Lebanon ceasefire issue," Vance said before boarding his flight. Israel carried out a strike on Hezbollah on 19 June despite the ceasefire, prime minister Benjamin Netanyahu said. Israel's foreign ministry accused Hezbollah of "violating the ceasefire and attacking Israeli civilians". By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Bonn climate talks deliver mixed results
Bonn climate talks deliver mixed results
An energy crisis in the Mideast Gulf has not narrowed any of the key climate policy divisions, writes Georgia Gratton London, 19 June (Argus) — Talks hosted by UN climate body the UNFCCC in Bonn, Germany that mark the halfway point between UN Cop climate summits closed this week with negotiations stalling on key items related to cutting emissions and financing climate resilience in developing nations. These will be pushed to Cop 31 in Antalya, Turkey in November, unless things move forward at a handful of intersessional meetings before then. But progress was made this week to further the UNFCCC's just transition mechanism, which aims to ensure decarbonisation happens in an equitable manner. And implementing climate action gathered pace in Bonn under the Cop action agenda — a process that runs parallel to the talks and involves non-state actors. No agreement was reached on mitigation or adaptation — cutting emissions and adjusting to the effects of climate change, respectively. Countries displayed "sharp differences" on the former, think-tank E3G said. Finance was the stumbling block for adaptation, as countries did not agree on including mention of a goal agreed at Cop 30 to triple finance for adaptation in the final conference text. "Countries have effectively pressed pause on a process that was supposed to help turn adaptation commitments into action," E3G policy adviser Ana Mulio Alvarez said. But there was momentum on the issue that underpins climate change — transitioning away from fossil fuels. This is still not an official agenda topic, and the subject is fiercely opposed by several countries, including Saudi Arabia. But it remains on the priority list for many others. Australian energy minister Chris Bowen, who will become Cop 31 president of negotiations, called for "reducing fossil fuel reliance" in his opening speech at Bonn. Bowen, whose country is a major fossil fuel exporter, noted the "fragility of fossil fuel supply chains" — an issue highlighted by the recent closure of the Hormuz strait by the US-Iran war. Countries and organisations have responded to the Brazilian Cop 30 presidency's decision to build a roadmap on the move away from fossil fuels, making contributions and submissions. Fossil fuel producer Brazil is preparing its own roadmap at president Luiz Inacio Lula da Silva's request, Cop 30 president Andre Correa do Lago told the Financial Times Climate and Impact Summit this week. The final roadmap will be presented ahead of Cop 31 and will not represent consensus like the UNFCCC process, but a coalition of the willing. Although it is not universal, this approach could push climate action forward faster than Cop summits typically have. "Implementation has no consensus," Correa do Lago said at the Financial Times summit. But implementation is tied to finance, the lack of which is likely to slow the path for many developing countries. Hurdles ahead The talks in Bonn are technical, designed to ready the ground for decisions to be made at Cops, where ministers are present. But topics raised could bring further challenges at future climate meetings. Within the UNFCCC process, new discussions about trade — which involve the EU's carbon border adjustment mechanism — represent a potential major obstacle at future meetings. And many countries this week expressed deep concern about the pushback from some delegations on the previously accepted climate science that serves as the basis for action. The EU, UK, Japan and small island states underlined the importance of climate science. The science is "non-negotiable" and "we are deeply concerned about the increasing spread of confusing and purposefully misleading narratives and the threat to the integrity of information on climate change", the EU's representative said. UNFCCC executive secretary Simon Stiell reminded countries that commitments "that respond to the science and the 1.5°C [Paris agreement] limit", as well as on climate finance, "are the baselines". Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.