Saudi Aramco restarted crude oil loadings at the Ras Tanura terminal after nearly four months, according to Reuters. Shipping data records two Very Large Crude Carriers (VLCCs) of its subsidiary Bahri, each with a capacity of two million barrels, loading at the world’s largest oil port, with a third waiting.
This development follows the interim US-Iran agreement on the reopening of the Strait of Hormuz, a maritime artery through which historically 20% of global oil and LNG cargoes pass. However, the security environment remains extremely fragile. A recent attack on an Evergreen Marine vessel led the UKMTO to suspend convoys in the area. At the same time, the Iranian Strait Authority warns that it does not guarantee safe passage for vessels sailing outside its approved corridors.
Despite geopolitical risks, the increase in transits is pushing international oil prices lower by $1 per barrel. Maritime traffic through Hormuz is at a period high. Laden VLCCs with crude from the UAE are already exiting the Strait, while empty tankers, such as the “Natsumi” and “Halti”, are arriving for Iranian loadings. According to Rystad Energy, stranded production in the Gulf fell to 9.6 million barrels per day, signaling the gradual restoration of the global supply chain.
