Three oil tankers carrying a combined 5 million barrels of crude and condensate have successfully exited the Strait of Hormuz, providing an early sign that energy exports from the Gulf are beginning to normalise following recent Middle East tensions.
Shipping data showed that the South Korean-flagged VL Breeze, carrying around 2 million barrels of Qatari condensate and Abu Dhabi crude, has passed through the strait and is en route to Daesan in South Korea. The vessel is chartered by Hyundai Oilbank.
A second Very Large Crude Carrier, Plata Carrier, chartered by Indian Oil Corporation, is transporting 2 million barrels of Saudi crude and is also heading out of the Gulf. Meanwhile, the Liberian-flagged Suezmax tanker Prudent Warrior departed with approximately 1 million barrels of Iraqi Basrah crude destined for Sohar, Oman.
The movements are significant because analysts estimated that around 90 million barrels of crude oil had become trapped inside the Gulf during the recent conflict and uncertainty surrounding access to the Strait of Hormuz.
Despite the progress, disruption remains substantial. South Korea’s Ministry of Oceans and Fisheries reported that four vessels operated by South Korean shipping companies have now exited the strait, but 18 of the 26 vessels stranded since the start of the conflict remain inside the Gulf.
The gradual release of tankers has helped ease immediate concerns over global oil supply disruptions and has contributed to the recent decline in crude prices. Brent crude has fallen from recent highs as markets increasingly price in the prospect of a lasting diplomatic solution between the United States and Iran.
However, with a significant number of vessels still awaiting passage and ongoing disagreements over future administration of the Strait of Hormuz, traders remain alert to the possibility of further volatility in energy markets. The waterway remains one of the world’s most important oil transit routes, handling roughly a fifth of global petroleum shipments.
