Saudi Aramco has recommenced oil loading operations from within the strategically vital Strait of Hormuz, following a hiatus induced by escalated U.S.-Iran tensions and related tanker attacks.
The global oil leader, observing heightened demand, is offering Arab Medium and Arab Heavy crude to Asian refiners, utilizing ship-to-ship transfers near Fujairah, UAE. This marks a significant operational shift after several weeks of disrupted sales.
Data from Vortexa and Kpler indicates a notable three-week gap since the last oil movement. Concurrently, exports from Egypt’s Sidi Kerir port are facing challenges, as higher freight costs and longer routes deter eager Asian buyers.
(With inputs from agencies.)