Three commercial supertankers carrying a combined 6 million barrels of Middle East crude oil have successfully exited the Strait of Hormuz, Reuters reports. The vessels departed the strategic waterway on Wednesday, after being stranded inside the Persian Gulf for over two months, lending hope to an end to the closure of the strait.
The crude cargoes were split evenly among three Very Large Crude Carriers (VLCCs) heading to Asian refining hubs. The first was Universal Winner, a South Korean-flagged supertanker carrying 2 million barrels of Kuwaiti crude oil. Shipping data on LSEG and Kpler showed that the vessel is currently en route to Ulsan, South Korea, to discharge at an SK Energy facility by June 9. The second VLCC was Yuan Gui Yang, a Chinese-flagged vessel hauling 2 million barrels of Iraqi Basrah crude. Chartered by Unipec (the trading arm of Sinopec), the supertanker is heading toward Guangdong province with an expected arrival on June 4. Finally there was Ocean Lily, a Hong Kong-flagged tanker loaded with 2 million barrels split evenly between Qatari al-Shaheen and Iraqi Basrah crude. Owned by Sinochem, the vessel is tracking toward Fujian province for a June 5 arrival.
Recent White House briefings indicated potential progress toward an agreement to de-escalate hostilities, giving energy markets hope for a more permanent reopening of the chokepoint. Details on permanent enforcement or full reopening conditions remain sparse despite reports of Washington and Tehran having allegedly engaged in productive conversations via mediators, often with contradictory statements.
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Few ships have so far managed to break through the Strait of Hormuz, with regional oil exports currently well below pre-war baselines.
Energy analysts emphasize that even if the conflict ends immediately, a backlog of structural damages and shuttered upstream infrastructure means market normalization will likely take three to four months and high oil prices are likely to persist. Brent crude for July delivery fell 1.9% to trade at $109.13 per barrel at 6.30 am ET on Wednesday while the corresponding WTI crude contract declined 1.8% to change hands at $102.31/bbl.
By Alex Kimani for Oilprice.com
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