40 Supertankers Hold 80 Million Barrels Ready to Cross Hormuz
Updated
Updated · Bloomberg · Jun 19
40 Supertankers Hold 80 Million Barrels Ready to Cross Hormuz
3 articles · Updated · Bloomberg · Jun 19
Summary
Almost 80 million barrels of non-sanctioned crude are sitting on 40 very large crude carriers in the Persian Gulf, ready to transit the Strait of Hormuz once traders and shipowners approve sailings.
Vortexa data compiled by Bloomberg cover cargoes from Gulf producers excluding Iran, and the total volume in the area is likely higher when smaller tankers are included.
About 15 million barrels a day from the region was delivered to Asia last year, underscoring how much seaborne oil trade depends on uninterrupted passage through Hormuz.
Is this crisis the final push for Asia to break its massive dependency on Middle Eastern oil?
With insider trading suspected, who is profiting from the chaos in the world's most critical oil chokepoint?
Can a fragile truce and a naval mission permanently secure the world’s most vital oil artery from future threats?
Strait of Hormuz Reopens: 90% Shipping Drop, Oil Prices Stabilize, and Global Energy Security at Risk
Overview
The report details how the US/Israel-Iran war, which began on February 28, led to Iran shutting down the Strait of Hormuz after military strikes, causing a drastic drop in global oil and gas supply and a sharp spike in prices. With daily shipping traffic through the Strait plummeting by over 90%, markets faced severe disruptions. After failed negotiations and a US naval blockade, a US-Iran framework agreement was finally reached. This deal led to a partial reopening of the Strait, with Iran allowing commercial vessels safe passage for 60 days, marking a fragile but crucial step toward restoring global energy flows.