Iraqi crude that had been stranded during the Middle East conflict is moving again through the Strait of Hormuz, after transit conditions in the Persian Gulf ease. Multiple reports, citing tanker tracking data, say vessels carrying roughly 14 million barrels of Iraqi oil have exited the Gulf over the past 10 days, with the movement occurring in the latter part of June.
The cargoes are reported to be traveling to buyers in Asia, Europe and the United States. Aggregated across the 10-day period, the volume is described as about 1.4 million barrels per day. The reports attribute the renewed ability to transport oil to improved transit via the Strait of Hormuz during an “uneasy” US-Iran ceasefire.
While the reporting indicates that these particular shipments have resumed movement, it does not provide details on the earlier cause of the oil being trapped, the duration of the improved transit conditions, or specific destinations for individual tankers. The information is presented as derived from vessel movement tracking rather than from direct statements by the oil sellers or governments involved.
