5M barrels of oil passed through Hormuz Strait towards global markets

Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the US unlocks more supply stuck in the Gulf, bringing down global prices.

South Korean-flagged VL Breeze, a Very Large Crude Carrier carrying 2 million barrels of Qatari condensate and Abu Dhabi crude, passed the strait and is heading to Daesan, data from LSEG and Kpler showed. The supertanker is chartered by South Korean refiner Hyundai Oilbank, according to Reuters.

The Liberian-flagged tanker Plata Carrier, chartered by Indian Oil Corporation, also departed the strait carrying approximately two million barrels of Saudi crude oil.

It was accompanied on its departure by the tanker Prudent Warrior, bound for the port of Sohar in Oman, loaded with one million barrels of Iraqi Basra crude.

Regarding liquefied natural gas (LNG) supplies, tracking systems detected two empty tankers, the Shandong Redwood and the Milaha Qatar, entering the western strait to load gas from Qatar. This brings the total number of LNG tankers heading there to nine, the highest number since the start of the war.