TradingKey – Vessel transit has resumed through the Strait of Hormuz, significantly cooling concerns over crude oil supply disruptions in the Persian Gulf. Catalyzed by the easing of geopolitical risks, international oil prices have retreated to a four-month low, with the previously accumulated geopolitical risk premium rapidly unwinding. The latest reports indicate that Saudi Arabia is increasing its crude oil shipments while boosting loading volumes at its Red Sea ports. Reportedly, the Port of Ras Tanura, which was shut down due to conflict, has restarted crude oil loading operations, with Very Large Crude Carriers (VLCCs) docking to load cargo—marking the port’s first return to normal operations since March. Meanwhile, the Port of Yanbu on the Red Sea remains highly active, with all seven of its crude oil berths operating at full capacity for the first time, driving a continuous month-on-month increase in export volumes.

Source: tradingkey.com