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Market Chatter: Supertankers Carrying 80 Million Crude Barrels Await Transit Through Hormuz

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Forty supertankers carrying nearly 80 million barrels of crude are idling in the Persian Gulf and on standby to pass through the Strait of Hormuz at short notice, Bloomberg reported Friday, citing ship tracking data from Vortexa.

The very large crude carriers, loaded with sanctions-free oil from Persian Gulf producers, are awaiting clearance from traders and shipowners. Including smaller tankers, the amount of oil trapped in the Gulf is likely to be higher, the report said.

About 21 of the vessels are likely Asia-bound, with indications that five are headed to China and five towards transshipment hubs off Malaysia and Singapore, the report said.

Meanwhile, vessel movement through the Hormuz waterway looked slower early Friday, a day after a brief surge in oil shipments after the US-Iran peace deal came into effect, according to another Bloomberg report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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