Yet another tanker has passed through the Strait of Hormuz in the latest sign of a modest restoration of oil flows via the chokepoint. The tanker is operated by Malaysia’s Petronas and carries Iraqi crude, Bloomberg reported, citing the Malaysian oil company.
“The vessel is loaded with Iraqi crude and is headed to our refinery in Pengerang,” Petronas told the publication. Malaysian media, meanwhile, reported that the vessel, Ocean Thunder, is one of a total of seven tankers that Iran has allowed to pass through the Strait of Hormuz after negotiations with the Malaysian government.
Earlier in the week, two tankers carrying LPG for India were also allowed to pass the strait after Iran began making individual passage deals with foreign governments. The past few days have also seen three Oman-operated vessels clear the chokepoint, as well as a French container ship and a Japanese gas carrier, the New Straits Times reported. China, Russia, Turkey, and Pakistan are also among the countries that Iran is allowing to send ships via the Strait of Hormuz.
Windward on Tuesday reported that a total of 11 vessels had traversed the strait on April 5, along two corridors, one under the control of the Iranian Revolutionary Guard Corps and another along the coast of Oman, which, although farther from the Iranian coast and the IRGC, is nevertheless a potential target for strikes from Iran.
“Vessels primarily moved through the Iranian-controlled corridor north of Larak Island, hugging Iranian territorial waters rather than using the standard commercial lanes,” the Israel-based traffic tracking firm reported, adding that the southern corridor along the strait had seen the recent passage of three Omani vessels, including an LNG carrier, which was the first to traverse Hormuz since the start of the war.
Meanwhile, U.S. President Donald Trump announced a two-week ceasefire with Iran, hours before a deadline he had set before he “rained hell” on the country. The ceasefire is contingent on Iran’s agreement to stop blocking tanker traffic via Hormuz. Iran’s foreign minister, Abbas Aragchi, said Iran would ensure safe passage through the strait.
Markets will now be watching tanker flows closely to see if there is a notable increase with the ceasefire in place.
By Irina Slav for Oilprice.com
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