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Saudi Arabia restarts oil loading in the Strait
Saudi Aramco resumed oil shipments through the Strait of Hormuz last week after a weeks-long halt following attacks on its fleet of tankers and escalating tensions between the United States and Iran. The shipments involved three supertankers carrying two million barrels each from the Al-Juaymah and Ras Tanura terminals, with expectations of additional tankers continuing to load throughout the month. The resumption of Saudi exports, particularly heavier grades, strengthens the global oil market and alleviates supply shortages. It is also anticipated to boost the production of higher-quality fuels in refineries.
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