A single crude carrier breached Iran’s Strait of Hormuz closure, delivering Iraqi oil to Asia while most shipments remain trapped.
A very large crude carrier exited the Gulf of Oman into the Arabian Sea carrying 2 million barrels of Iraqi crude destined for China. The vessel is one of the few to bypass Iran’s late-February closure of the Strait of Hormuz, which has left the majority of Persian Gulf tankers stranded.
Iran effectively sealed the critical chokepoint in late February, halting nearly all crude transits. Prior to the blockade, roughly 21 million barrels per day of oil passed through the strait, accounting for about one-fifth of global supply.
Market participants are monitoring the situation as negotiations for a potential deal remain unresolved, with signing still days away.