{"id":165816,"date":"2026-06-18T06:16:13","date_gmt":"2026-06-18T06:16:13","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/165816\/"},"modified":"2026-06-18T06:16:13","modified_gmt":"2026-06-18T06:16:13","slug":"asian-refiners-brace-for-surge-in-persian-gulf-oil-after-us-iran-ceasefire-agreement","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/165816\/","title":{"rendered":"Asian refiners brace for surge in Persian Gulf oil after US-Iran ceasefire agreement"},"content":{"rendered":"<p>Published Thu, Jun 18, 2026 \u00b7 01:56 PM<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">[SINGAPORE] An impending wave of oil that\u2019s been trapped inside the Strait of Hormuz is set to be unleashed on Asia, suddenly swamping a region that had managed to make up for lost supply in recent weeks.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Around 31 supertankers, capable of carrying about 62 million barrels of crude, are stuck inside the Persian Gulf and set to sail out once the waterway opens up, according to Signal Group data.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">That could happen soon after <a class=\"text-verticals-btblue underline hover:text-blue-500\" data-testid=\"article-annotation-link-component\" href=\"https:\/\/www.businesstimes.com.sg\/international\/focus-turns-strait-hormuz-after-us-and-iran-presidents-sign-ceasefire-agreement\" target=\"_blank\" rel=\"nofollow noopener\">the US and Iran signed an interim deal that will see the strait reopen<\/a>. The oil would take about one-week to get to India, or three weeks to East Asia.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">The crude, however, is coming at a time when refiners in Asia are already well supplied for this month and next after scrambling to replace Middle Eastern flows, according to traders familiar with the matter, who asked not to be named as they are not authorised to speak publicly. They\u2019d also cut processing rates as high prices curbed demand for fuels.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">It\u2019s a stark reversal from the early stages of the war, when prices were spiking and the oil market was warning of dramatic shortages. Refiners locked in purchases from places such as the US, while China had largely stayed out of the market, and countries such as Japan tapped local storage.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">At the same time, Persian Gulf sellers such as Abu Dhabi National Oil and Kuwait Petroleum have been marketing supply and getting some of their barrels out of Hormuz. These recent offers are adding to the sudden wave of supply.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">The deluge is large enough to prompt refiners to consider putting the barrels into operational storage tanks, or consider an increase in processing rates, the traders said.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">\u201cWe now assume that Persian Gulf exports normalise to pre-war levels by the end of July,\u201d Goldman Sachs analysts, including Daan Struyven, said in a note.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Prices have reacted to the imminent flows of crude. The forward curve for benchmark Middle Eastern crudes such as Dubai and Murban had flipped into a bearish contango pattern for the first time since the beginning of the war.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Oman crude was priced at a discount to its underlying Dubai benchmark this week, a reversal of its usual premiums. And at least one diesel cargo traded at a discount to its benchmark this week, compared with the premiums it had gone for previously.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6 inline-block\" data-testid=\"article-paragraph-component\">At least one South Korean refiner had been offering a larger-than-usual amount of distillate fuel \u2013 a category including diesel and jet fuel \u2013 for sale, traders said. Refiners are trying to bring supply to market ahead of a full reopening of Hormuz, which may tank prices, they added. BLOOMBERG<\/p>\n","protected":false},"excerpt":{"rendered":"Published Thu, Jun 18, 2026 \u00b7 01:56 PM [SINGAPORE] An impending wave of oil that\u2019s been trapped inside&hellip;\n","protected":false},"author":2,"featured_media":165817,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[26],"tags":[178,196,51844,39,101],"class_list":["post-165816","post","type-post","status-publish","format-standard","has-post-thumbnail","category-persian-gulf","tag-asia-pacific","tag-iran-war","tag-oil-refining","tag-persian-gulf","tag-strait-of-hormuz"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116769651600652663","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/165816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=165816"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/165816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/165817"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=165816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=165816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=165816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}