Generic Hero BannerGeneric Hero Banner
Latest market news

US targets UAE, Hong Kong firms over Iran trade

  • : Crude oil
  • 23/03/09

The US has picked up the pace of imposing sanctions on foreign intermediaries accused of engaging in the transport or sale of Iranian oil and petrochemical products to China.

The latest action, announced by the US Treasury Department, targets almost 40 entities in the UAE, Hong Kong, Singapore and Turkey. "The US will continue to disrupt attempts to evade US sanctions, and we will use the tools at our disposal to protect both the US and international financial system," secretary of state Tony Blinken said.

The US Treasury took similar actions earlier this month and a month ago, mentioning a common theme — the use of intermediaries, shell companies, a so-called dark fleet and storage facilities in neighboring countries. Iran continues to export crude, despite a US sanctions regime that in theory makes all such sales liable to criminal and economic penalties.

Indirect talks between Tehran and Washington to revive the 2015 Iran nuclear deal broke down last year over Iranian objections over the extent of sanctions relief it would get under a renewed agreement.

Tehran has recently suggested that nuclear talks could resume soon, claiming renewed offers from Washington through regional intermediaries. The State Department shrugged off Tehran's claims as "lies" and said that resuming talks over the nuclear deal was not a priority for Washington.

Tensions between the West and Iran have continued to mount since last year, stoked by Iran's ongoing support for Russia in its war against Ukraine and alleged human rights abuses.

Treasury today separately targeted firms in China accused of supplying parts for the Iranian military drones that have ended up being used by Russia in its war with Ukraine.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

Ice Brent below $60/bl for first time since Feb 2021


25/04/09
25/04/09

Ice Brent below $60/bl for first time since Feb 2021

London, 9 April (Argus) — Front-month Ice Brent crude futures prices today fell below $60/bl for the first time since 8 February 2021. The June contract hit an intra-day low of $59.77/bl at around 10:20 GMT, lower by 4.8pc on the day. The front-month has not settled below $60/bl on any trading day since 5 February, 2021. Accumulated losses in the futures contract are now more than $15/bl, or more than 20pc, since a combination of broad US tariffs and a surprise acceleration of Opec+ output return on 3 April ended around a month of consistent price gains. US tariffs on imports from a range of key trading partners take effect today. A 10pc baseline tariff on imports from nearly every foreign country already went into effect on 5 April. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

New US import tariffs take effect


25/04/09
25/04/09

New US import tariffs take effect

Singapore, 9 April (Argus) — US president Donald Trump's targeted import tariffs on the country's main trading partners have taken effect. Trump's so-called "reciprocal" tariffs came into force at 12:01am ET (05:01 GMT) on 9 April. Tariffs range from 17pc on countries such as the Philippines and Israel to a huge 104pc on imports from China. Today's targeted levies come after Trump's 10pc baseline tariff on imports from nearly every foreign country already went into effect on 5 April. There was no immediate response from China. Beijing said on 8 April that it would take unspecified countermeasures against the new tariffs. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Oil slumps ahead of tariffs, Brent nears $60/bl


25/04/09
25/04/09

Oil slumps ahead of tariffs, Brent nears $60/bl

Singapore, 9 April (Argus) — Crude oil futures fell further in Asian trading today, hours before new US tariffs on imports from a range of key trading partners are due to take effect. Benchmark WTI and Brent futures each fell by more than 4pc in early trading to hit new four-year lows. The front-month June Brent contract on Ice fell by as much as 4.2pc to a low of $60.18/bl. Brent has not traded below $60/bl since February 2021. The Nymex front-month May crude contract fell by 4.8pc to a new four-year low of $56.70/bl. At today's lows, both benchmark contracts have now fallen by 20pc since US president Donald Trump announced his tariff plans on 2 April. Trump's so-called "reciprocal" taxes on imports from selected trade partners are due to come into force at 12.01am ET (05:01 GMT) on 9 April. Trump's 10pc baseline tariff on imports from nearly every foreign country already went into effect on 5 April. Cumulative tariffs on US imports from China imposed since Trump returned to power will rise to 104pc, after Trump this week added 50pc to previously announced rates. By Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Keystone oil pipeline shut down after ND spill: Update


25/04/08
25/04/08

Keystone oil pipeline shut down after ND spill: Update

Adds latest pricing for US, Canadian sour crudes. Calgary, 8 April (Argus) — North American sour crude prices rose relative to their benchmarks today after the 622,000 b/d Keystone pipeline carrying Canadian crude was shut down following a spill in North Dakota. Canadian crude prices on either side of the spill diverged in Tuesday's trading, with Western Canadian Select (WCS) at Hardisty, Alberta, trading between a $9.15-11/bl discount to the CMA Nymex, with the midpoint representing a widening of about $1/bl day-over-day. WCS at the Texas Gulf coast was up by about 45¢/bl from its prior assessment, trading at a $2.60/bl discount to CMA Nymex. Fellow Canadian heavy sour Cold Lake meanwhile was up by a similar level, trading between $2.25-$2.65/bl discounts against CMA Nymex. The Keystone system is a major route for Canadian heavy crude destined for both the US midcontinent and the Gulf coast. Pipeline operator South Bow initiated a shutdown at 8:42am ET Tuesday after the leak occurred about 6 miles south of Kathryn, North Dakota, according to North Dakota environmental quality program manager Bill Suess. A pipeline employee working on a pump station along the route heard what he described as a "mechanical bang" prompting him to shut down the pipeline, which took about two minutes, Suess said. Crude was then seen surfacing in an agricultural field about 300 yards south of the pump station, where it was contained. Suess said there is no impact to a nearby stream. South Bow estimates about 3,500 bl was released. No restart timeline The company and government officials did not have an estimate for when the pipeline would restart. Next steps involve assessing the area for other utilities before excavating down to the 30-inch pipeline to make repairs. The US Pipeline and Hazardous Materials Safety Administration (PHMSA) said it has dispatched personnel to the scene to conduct a failure investigation. Today's upset is the latest of several incidents to disrupt the market since it was commissioned in 2010. The pipeline halted flows for more than three weeks in December 2022 after it spilled about 12,937 bl of oil in Washington County, Kansas. A crack in a flawed weld was determined to be the cause. Once fixed, PHMSA allowed the line to operate again, but at a reduced pressure. Only last month did PMHSA give South Bow the green light to increase pressure again . Other US prices affected Louisiana-delivered Mars and Thunder Horse widened their premiums over the Domestic Sweet (DSW) benchmark by over 30¢/bl, trading at 80¢-$1/bl premiums and $1.80-$1.90/bl premiums to the basis, respectively. Texas-delivered Southern Green Canyon (SGC) traded as strong as a 60¢/bl discount against the Cushing basis Tuesday morning, after trading at $1/bl discount for the prior two sessions. April DSW was exchanged for May in the Cushing physical spot market at premiums as high 60-70¢/bl, from roughly 45¢/bl on the final day of the April trade month on 25 March. In the futures market, May Nymex WTI has moved up to end the session at a 48¢/bl premium to June, rising from a 26¢/bl premium at settlement in the prior session. DSW is the assumed grade for delivery into the Nymex contract. It is blended to specifications in Cushing and is comprised of various crudes, including Canadian grades. The appreciating differentials came despite pressure from weak export demand from the US Gulf coast. By Brett Holmes, Mykah Briscoe and Amanda Smith Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more