Saudi Aramco Resumes Oil Shipments through Strait of Hormuz

Saudi Aramco, the world's largest oil exporter, has resumed oil shipments from terminals within the Strait of Hormuz after a three-week hiatus. The company suspended oil sales for several weeks following attacks on its tanker fleet in the Strait of Hormuz during the escalation of the conflict between the U.S. and Iran last month.

The resumption of Saudi oil exports could alleviate the shortage of heavier grades, which are used to produce fuel for refueling ships or can be further processed at refineries to produce gasoline and diesel fuel.

Last week, three supertankers, each loaded 2 million barrels of oil at the Juayma and Ras Tanura terminals. The ships were loaded between August 12 and 16.