Three oil tankers leave Strait of Hormuz as Gulf crude shipments resume

Three oil tankers carrying a combined 5 million barrels of crude and condensate exited the Strait of Hormuz on Wednesday, shipping data showed, as an interim agreement between Iran and the United States helped ease disruptions and allowed previously stranded cargoes to resume their journeys.

The movement of the vessels comes after analysts estimated that nearly 90 million barrels of crude had been trapped inside the Gulf last week amid heightened uncertainty over shipping routes through the strategically important waterway.

According to data from LSEG and Kpler, the South Korean-flagged Very Large Crude Carrier (VLCC) VL Breeze passed through the strait carrying around 2 million barrels of Qatari condensate and Abu Dhabi crude. The vessel, chartered by South Korean refiner Hyundai Oilbank, is bound for Daesan in South Korea.

Two additional tankers were also recorded leaving the strait. The Liberian-flagged VLCC Plata Carrier, chartered by Indian Oil Corp (IOC), is transporting approximately 2 million barrels of Saudi crude, while the Liberian-flagged Suezmax tanker Prudent Warrior is carrying about 1 million barrels of Iraqi Basrah crude to Sohar, Oman.

The release of stranded cargoes has added to expectations of improved crude supply availability, contributing to downward pressure on global oil prices following recent volatility in energy markets.

Hyundai Oilbank and Indian Oil Corp were not immediately available for comment.

Separately, South Korea's maritime ministry said four vessels operated by South Korean shipping companies had successfully exited the Strait of Hormuz and were continuing towards their intended destinations. One vessel was headed to South Korea, while the remaining ships were bound for third-country markets.

Analysts at Kpler and Vortexa estimated last week that close to 90 million barrels of crude oil had accumulated within the Gulf as shipping activity slowed during the period of heightened regional tensions.