Strait of Hormuz Tankers Exit with 5 Million Barrels of Crude

Three oil tankers carrying 5 million barrels of crude have exited the Strait of Hormuz, according to shipping data. This comes as an interim deal between Iran and the U.S. has unlocked more supply stuck in the Gulf, leading to a decrease in global prices.

The VL Breeze, a Very Large Crude Carrier, carried 2 million barrels of Qatari condensate and Abu Dhabi crude, and is now heading to Daesan. The VLCC Plata Carrier, chartered by Indian Oil Corp, is carrying 2 million barrels of Saudi crude alongside the Suezmax tanker Prudent Warrior, which has 1 million barrels of Iraqi Basrah crude.

Kpler and Vortexa analysts estimated that close to 90 million barrels of crude were stuck inside the Gulf. The South Korean maritime ministry reported that four vessels operated by South Korean shippers have exited the strait and are sailing to their destinations, with one heading to South Korea and the others to third countries.

Oman has designated two temporary routes north and south of the existing shipping lane to facilitate safe passage for vessels departing the region. The country also said it would keep the Strait of Hormuz open without imposing tolls. Qatar's Prime Minister has announced that the Gulf state will resume normal LNG production within a few weeks.