Oil & Gas

Middle East producers are continuing to load oil and liquefied natural gas despite fresh attacks on ships in the Strait of Hormuz and renewed strikes between the United States and Iran. Shipping data shows activity slowed briefly after attacks on a container ship and an oil tanker triggered new tit-for-tat strikes and heightened tensions in the region.

However, a U.S. official said on Sunday that both countries had agreed to pause hostilities and restart talks over the strategic waterway. At the same time, a fourth very large crude carrier (VLCC) was seen loading at Saudi Arabia’s Ras Tanura terminal on Monday, even after a company helicopter crash there killed 14 people.

Iran has also increased oil loadings following a temporary easing of sanctions on its exports. Data shows Tehran resumed simultaneous loading at its Kharg Island terminals, while several VLCCs carrying crude from Iran, the UAE and Qatar moved through or out of the Strait over the weekend.

In the LNG market, shipments from Qatar and the UAE continued, with several vessels resuming movement after going dark and others delivering cargoes to Asia and the Middle East. Despite ongoing risks, rising exports from the Gulf are influencing global prices, though uncertainty remains over whether tensions could escalate again.