Middle East oil and LNG producers are pressing ahead with loadings at Gulf ports even as ship attacks in the Strait of Hormuz escalate and US-Iran strikes resume.
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Oil producers push on with loadings despite 2 Hormuz ship attacks
Middle East oil and LNG producers are pressing ahead with loadings at Gulf ports even as ship attacks in the Strait of Hormuz escalate and US-Iran strikes resume.
Saudi Aramco resumed crude loading at its Ras Tanura terminal after a near four-month halt, shipping data show, even as Iran struck a second vessel in the Strait of Hormuz and the US retaliated with airstrikes.
"The predominant view remains one of imminent oversupply," said Tamas Varga, an analyst at PVM Oil Associates.
Brent crude fell $2.61, or 3.47%, to $72.65 a barrel on Friday, heading for a weekly decline of about 9.8%. WTI lost $2.46, or 3.42%, to $69.46. Two very large crude carriers capable of hauling 2 million barrels each were seen loading at Ras Tanura, with a third waiting nearby, according to LSEG shipping data.
The Strait of Hormuz handled about a fifth of the world's daily oil and LNG supplies before the conflict erupted in late February. If the attacks deter tanker traffic, crude prices could spike sharply. If loadings continue unimpeded, the market faces a supply glut — Brent has already lost nearly 10% in a week.
The Panama-flagged VLCC Kiku, a 300,866-deadweight-ton tanker laden with about 2 million barrels of oil, was struck by an unidentified projectile on June 27 while transiting the strait, according to maritime security firm Vanguard. The attack came two days after a Singapore-flagged container ship, the Ever Lovely, was hit by an Iranian drone on June 25 while navigating a UN-backed safe passage route along the Omani coast.
US Central Command said it conducted strikes against Iranian coastal positions on June 26 in what it called a "powerful response" to the Ever Lovely attack. Iran's Islamic Revolutionary Guards Corps responded by striking the Kiku and warning that vessels outside routes it has designated "will not be guaranteed safe passage," according to the Iranian Persian Gulf Strait Authority.
The Joint Maritime Information Centre raised the threat level in the waterway to substantial from moderate. The UN International Maritime Organization paused its evacuation operation — which had moved 57 ships carrying about 1,100 seafarers since June 23 — after the Ever Lovely attack.
Gulf producers test supply channels
Despite the deteriorating security environment, crude shipments through the Strait of Hormuz rose this week to their highest level since the war began in February, buoyed by a June 20 memorandum of understanding between the US and Iran that reopened the waterway. Energy Secretary Chris Wright said at least 20 million barrels of oil exited the strait in the previous 24 hours.
Saudi Aramco's Ras Tanura restart is the clearest signal yet that major producers are betting the reopening holds. Before the conflict, the terminal was a key export hub for Saudi crude. The resumption comes as the Gulf Cooperation Council — comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — issued a joint statement saying any final peace deal must address "the full spectrum of Iran's threats, including its ballistic missiles, drones, and support of proxies."
The last time Iran targeted commercial shipping in the strait with this intensity was during the 2019 tanker attacks, when six vessels were struck over two months near Fujairah. That campaign disrupted insurance markets and pushed tanker rates higher but did not halt oil flows. The current escalation is more severe: the US and Israel launched direct strikes on Iran in late February, and Iran has since taken effective control of the chokepoint, disrupting flows that before the war averaged about 17 million barrels per day.
The next 60 days of negotiations under the US-Iran MOU will determine whether the strait remains open. If Iran continues to target vessels using the southern corridor — which the JMIC has widened to allow simultaneous inbound and outbound traffic — the fragile reopening could collapse. If loadings and transits continue to rise, Brent could test $70 support, Commerzbank analysts said.
This article is for informational purposes only and does not constitute investment advice.
[1] Middle East producers push on with oil, LNG loadings despite ship attacks[2] Tanker hit in Hormuz, threat level raised - Seatrade Maritime News[3] U.N. halts Hormuz ship escorts after vessel comes under attack - Honolulu Star-Advertiser[4] As Iran strikes a ship, Gulf nations say peace deal must go beyond the Strait and nuclear weapons - Washington Examiner[5] As Strait of Hormuz Opens, Oil Falls - Marine News Magazine
