Stranded Kuwaiti crude oil tanker leaves Hormuz, heading to South Korea with 2 mln barrels of oil
Gulf oil shipments resume slowly amid Hormuz crisis and volatile crude prices
Global oil markets remained on edge Wednesday as several supertankers carrying Middle Eastern crude oil began leaving the Strait of Hormuz after remaining stranded in the Gulf for more than two months amid escalating regional tensions.
Shipping data from the London Stock Exchange Group and Kpler showed that three supertankers carrying nearly six million barrels of crude oil departed the Gulf through a transit route reportedly ordered by Iran.
The development comes as shipping traffic through the strategically vital Strait of Hormuz continues to decline due to the ongoing conflict involving the United States, Israel, and Iran.
Among the vessels was the South Korean-flagged supertanker “Universal Winner,” carrying two million barrels of Kuwaiti crude oil loaded in early March. According to shipping data, the tanker is now heading to Ulsan in South Korea, where it is expected to unload its cargo by June 9.
Two Chinese supertankers also crossed the strait earlier Wednesday. One of them, the “Yuan Guiyang,” carrying two million barrels of Iraqi Basra crude and is expected to arrive at Shuidong Port in southern China on June 4. The vessel was reportedly chartered by Unipec, the trading arm of Sinopec.
Another tanker, the Hong Kong-flagged “Ocean Lily,” carried a combined cargo of Qatari Shaheen crude and Iraqi Basra crude. The vessel is expected to dock in Quanzhou Port in eastern China by June 5.
Last week, another giant tanker carrying Iraqi crude departed the strait for eastern China, while separate data indicated that the Cypriot-flagged tanker “Grand Lady” entered the Gulf without activated transponders and was later seen near Iran’s Larak Island.
Oil prices, however, fell sharply Wednesday after US President Donald Trump said the conflict with Iran could end “very quickly.”
Brent crude dropped 2.7 percent to $108.31 per barrel, while US West Texas Intermediate crude fell 2.6 percent to $101.46.
Despite the decline, analysts warned that prices could remain elevated due to ongoing uncertainty over Middle East supplies.
Analysts at Citibank projected Brent crude could rise to $120 per barrel in the near term, while consultancy Wood Mackenzie warned prices could approach $200 if the Strait of Hormuz remains largely closed for an extended period.
Meanwhile, the International Monetary Fund warned that the Middle East conflict is increasing pressure on the global economy through rising energy and food prices and growing inflation risks.
The IMF urged governments to avoid broad subsidy programs and instead adopt targeted and temporary support measures to protect vulnerable households without destabilizing public finances.
