Middle East oil and liquefied natural gas (LNG) producers continued loading cargoes despite renewed ship attacks in the Strait of Hormuz and escalating U.S.-Iran military exchanges in recent days, according to shipping data.
Energy shipments through the strategic waterway slowed after a container ship was attacked on Thursday and an oil tanker on Saturday, triggering fresh tit-for-tat strikes and putting renewed strain on the fragile interim peace agreement between Washington and Tehran.
But on Sunday, a U.S. official said the two countries had agreed to halt recent hostilities and renew talks over the strategically important waterway.
On Monday, a fourth Very Large Crude Carrier, capable of carrying 2 million barrels of oil, was seen loading at Saudi Arabia’s Ras Tanura terminal, LSEG data showed, even after a helicopter belonging to the company crashed on Sunday, killing 14 people. The cause of the crash was unknown.
Three other VLCCs have loaded oil and gone dark since leaving the terminal over the weekend, according to the data. Going dark refers to vessels with their transponders switched off to reduce the risk of attack while sailing through the Gulf.
One of these supertankers emerged on Monday, having exited the strait, and is now heading for Japan, the data showed.
Two VLCCs entered the strait on Sunday and have docked at a United Arab Emirates terminal to load crude, LSEG data showed.
Saudi Aramco did not immediately respond to emails seeking comment.
The Abu Dhabi National Oil Co said the company does not comment on the position, movements and routing of its vessels as a matter of policy.
Iran Accelerates Oil Loadings
Iran is also accelerating oil loadings after Washington waived sanctions on its exports for 60 days.
Iran resumed simultaneous loading at both export terminals on Kharg Island on Saturday for the first time in nearly a week, according to Windward. Kpler data showed two Iranian VLCCs entering the Strait of Hormuz, while four tankers carried about 8 million barrels of crude from the UAE and Qatar over the weekend.
Rising Gulf exports, from a region supplying about a third of the world’s oil, helped push Brent crude down 10.6% last week, though fresh weekend strikes lifted prices on Monday.
IG Markets analyst Tony Sycamore said oil prices could remain under pressure if shipping through the Strait continues to normalise, but warned they are “way too cheap” if the latest flare-ups escalate into a broader conflict.
Qatar, UAE Continue LNG Exports
LNG shipments also continued, with two loaded tankers exiting the Strait of Hormuz over the weekend while two ballast vessels reappeared after briefly going dark.
Kpler data showed cargoes from Qatar and the UAE remain en route to destinations including Kuwait, India and China, indicating LNG exports have largely continued despite the renewed tensions.
(With inputs from Reuters)
