Three Saudi-flagged supertankers, each carrying around 2 million barrels of crude, have transited the Strait of Hormuz following an interim peace deal between the U.S. and Iran. These vessels, identified as Shaden, Jaham, and Awtad, were previously stuck inside the Persian Gulf and are among the first large volumes of Saudi oil to cross the strait since the conflict began. In total, these three tankers account for approximately 6 million barrels of crude now moving through the critical waterway.
The transit of these tankers, along with a Qatari liquefied natural gas carrier and a Chinese fuel tanker, signals growing confidence in the reopening of the Strait of Hormuz, which was largely closed or restricted for over three months. Before the agreement, more than 100 oil tankers, including about 30 supertankers capable of hauling 2 million barrels each, were trapped inside the Persian Gulf. Maritime intelligence data from Windward also noted at least seven previously immobilized ships resuming transit, including five with Chinese affiliations and European-flagged vessels.
The re-opening of the Strait of Hormuz and the anticipated release of trapped oil have caused oil prices to ease. Benchmark Brent crude futures prices fell by another 2% to below $78 a barrel, marking the lowest price since the fighting began. Analysts at Goldman Sachs Group, including Daan Struyven, now assume that Persian Gulf exports will normalize to pre-war levels by the end of July. The forward curve for benchmark Middle Eastern crudes like Dubai and Murban has flipped into a bearish contango pattern for the first time since the war started, and Oman crude was priced at a discount to its underlying Dubai benchmark this week. This influx of crude is significant enough that Asian refiners are considering putting barrels into operational storage or increasing processing rates.
