Two crude carriers reverse course toward Fujairah after reports of a potential US-Iran agreement ease Hormuz transit risks.
Two oil tankers, including a Suezmax and a very large crude carrier, have reversed course toward the UAE’s Fujairah port after initially heading to Africa. The shift follows reports of a potential US-Iran peace deal, which market participants view as reducing the risk of disruptions in the Strait of Hormuz, a critical chokepoint for global oil flows.
The Suezmax was originally bound for Gabon, while the VLCC was en route to South Africa before both vessels updated their destinations to Fujairah. The Strait of Hormuz handles about one-fifth of the world’s oil supply, and tensions in the region have previously led to sharp price swings and rerouting of shipments.
Oil prices showed muted reaction in early trading, as traders await confirmation of the reported diplomatic progress.