Argus Introduces Gulf of Oman Ship-to-Ship Pricing for Abu Dhabi Crude — Argus Media Limited

Event summary

Argus Media launched daily assessed prices for Abu Dhabi offshore crude exports loaded via ship-to-ship transfers in the Gulf of Oman on August 12, 2026.
The new assessments cover Upper Zakum, Das and Umm Lulu crude cargoes transferred outside the Strait of Hormuz due to its closure disrupting traditional loading routes.
Prices reflect crude delivered from terminals inside the Mideast Gulf and transferred to tankers in the Gulf of Oman where trading activity has concentrated.
The assessments complement existing Argus pricing tools for Murban and Oman crude, providing additional transparency for Middle East crude exports.

The big picture

Argus Media's move to introduce Gulf of Oman ship-to-ship pricing reflects the broader industry adaptation to geopolitical disruptions in key oil transit routes. The closure of the Strait of Hormuz has forced Middle East producers to reroute exports, creating new trading hubs and necessitating transparent pricing mechanisms. This development underscores how geopolitical tensions can rapidly reshape commodity markets and pricing structures.

What we're watching

Geopolitical Risk: How the on-off closure of the Strait of Hormuz will continue to impact crude oil trading routes and pricing dynamics in the region.
Market Adaptation: Whether the shift to ship-to-ship transfers in the Gulf of Oman represents a permanent structural change or temporary measure.
Pricing Transparency: The pace at which Argus's new assessments will be adopted as industry benchmarks for Abu Dhabi crude trading outside traditional routes.