Three Tankers Carrying 5 Million Barrels Exit Strait of Hormuz
BNO•Three oil tankers carrying 5 million barrels of crude oil are exiting the Strait of Hormuz, with two bound for Asia after an interim US-Iran deal. This release of Gulf supply is weighing on global oil prices.
1. Tanker Movements
Three tankers that had been stranded in the Gulf are now transiting the Strait of Hormuz, collectively transporting 5 million barrels of crude oil. Two of the vessels are destined for refineries in Asia, while the third is en route to undisclosed markets, restoring a portion of trapped capacity.
2. Interim Deal Unlocking Supply
An interim agreement between the US and Iran has facilitated the release of vessels and cargoes previously held up around the Strait. By easing shipping constraints, the deal has begun channeling additional Gulf production back into global distribution networks.
3. BNO Impact and Price Reaction
As BNO tracks Brent crude futures, the sudden influx of 5 million barrels is exerting downward pressure on benchmark prices. Early trading saw Brent slip below key resistance levels, with the ETF’s net asset value adjusting to the renewed supply flow.
