ERBIL, Kurdistan Region - Oil tankers carrying Iraqi and Saudi crude transited the Strait of Hormuz on Saturday amid limited traffic through the strategic waterway despite a ceasefire between the US and Iran.
The Liberia-flagged Very Large Crude Carrier (VLCC) Serifos and China-flagged VLCCs Cospearl Lake and He Rong Hai entered and exited the Strait on Saturday, London Stock Exchange Group (LSEG) data showed. Each vessel is capable of carrying 2 million barrels of oil. Cospearl Lake, carrying Iraqi crude, is expected to arrive at eastern China’s Zhoushan port on May 1, LSEG data showed. It was not immediately clear where He Rong Hai will discharge the Saudi crude.
After the US and Israel launched a campaign against Iran on February 28, Tehran tightened control over the chokepoint and effectively limited commercial access. The Strait handles roughly 20 percent of global seaborne oil trade, and its disruption pushed global oil prices up by 40 to 50 percent.
Despite a ceasefire between the United States and Iran announced early Wednesday, traffic through the waterway has yet to return to normal.
Meanwhile, the Malta-flagged VLCC Agios Fanourios I signaled it is heading to Iraq to load Basrah crude for Vietnam, according to LSEG data.
Iraq’s oil ministry said Thursday that no ship carrying Iraqi oil had passed through the Strait of Hormuz despite the ceasefire, adding that Baghdad is awaiting further clarity on the security situation, as guarantees are not solely dependent on Iraq.