FINWIRES · TerminalLIVE
FINWIRES

Supertanker Seen at Iran Export Terminal for 1st Time Since Early May, Bloomberg Analysis Says

By

A crude oil supertanker has been observed moored at Iran's main export terminal for the first time in nearly a month, signaling a potential resumption of loading activity despite a US-led maritime blockade aimed at restricting Tehran's oil exports, according to a Bloomberg analysis on Wednesday.

It said an image captured by the European Union's Sentinel-1 satellite on Tuesday morning showed a vessel matching the dimensions of a very large crude carrier alongside a jetty west of Kharg Island, Iran's principal crude-export facility in the northern Persian Gulf.

No similarly sized tanker had been observed at the island since May 6.

The sharp decline in loading activity in recent weeks suggests Tehran may have exhausted the supply of tankers available to transport its crude under the blockade, which began in mid-April.

Alternatively, Bloomberg said, Iranian authorities may have opted against loading vessels without assurances that cargoes could reach international buyers.

Before the restrictions were imposed, VLCC loadings at Kharg Island occurred almost daily.

Whether the newly arrived tanker will be able to leave the Persian Gulf remains uncertain as the US maintains a blockade of all ships originating from or destined for Iranian ports.

US Central Command said Tuesday that the US Navy had enforced blockade measures against a tanker as it sailed toward Kharg Island through international waters.

According to a social media post, US forces fired a missile into the vessel's engine room.

The US Navy imposed a blockade on maritime traffic entering and leaving Iranian ports on April 13.

Since then, six commercial vessels have been disabled and 122 others redirected, according to CENTCOM.

Related Articles

Oil & Energy

Hormuz Conflict Could Reshape Global LNG Markets Under 3 Scenarios, Wood Mackenzie Says

Wood Mackenzie outlined three scenarios for global LNG markets after the Strait of Hormuz closure removed over 80 million metric tons per annum of LNG, equivalent to 20% of global supply, the firm said Tuesday.Wood Mackenzie said the disruption has created significant uncertainty across global gas markets as buyers, investors and policymakers assess how different conflict outcomes could reshape supply, demand and pricing trends."The Strait of Hormuz closure has done more than remove LNG from the market. It has removed certainty," Kateryna Filippenko, Research Director at Wood Mackenzie, said.She added that volatility is the new baseline, noting that the key question for buyers, investors and policymakers is whether their portfolios and supply strategies are resilient enough to absorb any of the potential scenarios.Under the scenario of a quick peace deal, undamaged Gulf LNG facilities are expected to resume operations in June 2026 and return to full capacity by 2027, Wood Mackenzie said.In the scenario where a settlement is expected by summer, delays restarts until September 2026, while producers recover full output only by 2028, extending supply tightness across global LNG markets.Wood Mackenzie said the scenario of an extended disruption assumes recurring conflict flare-ups and infrastructure damage, preventing Gulf LNG output from returning to pre-war growth expectations.In that scenario, Qatar's North Field West project remains postponed indefinitely, major developments face multi-year delays, and companies advance no additional pre-final investment decision projects.Despite risks in the Middle East, LNG supply growth continues elsewhere, with over 150 mtpa under construction outside the Persian Gulf, largely in the United States, Wood Mackenzie said.Wood Mackenzie said LNG expansion outside the Persian Gulf remains robust, with over 150 mtpa under development and an additional 30 mtpa expected to reach final investment decision by the end of 2027.LNG demand increases across all three scenarios as Europe and South and Southeast Asia offset declines in domestic production and pipeline imports, though efforts by major importing nations to curb reliance on LNG could yield widely varying demand outcomes over the next decade.Under the quick-peace scenario, markets start easing in 2028, increasing the risk of US LNG cargo cancellations between 2031 and 2033, while the summer-settlement scenario delays a similar imbalance until 2032 and could extend it through 2034, Wood Mackenzie said.The extended-disruption scenario keeps markets volatile and supply tight through 2030 before rising LNG output creates oversupply risks, while recovering supply weighs on European and Asian gas prices and pushes US gas prices higher as low-cost associated gas supplies decline.

Oil & Energy

US Oil Update: Oil Extends Rally to Third Session Amid US-Iran Impasse

Global crude oil prices advanced for a third consecutive session on Wednesday as energy markets continued to price in the growing risk premiums of an unresolved US-Iran diplomatic impasse.Front-month West Texas Intermediate crude futures advanced by 1.3% to $94.86 per barrel, while Brent futures rose 1.3% to $97.25/bbl.Market participants noted that renewed maritime and geopolitical friction in the Middle East has reinforced anxieties that global energy disruptions could persist into the medium term, especially as a lasting diplomatic resolution remains stubbornly elusive.Beneath the volatile, headline-driven pricing, the physical crude market continues to contract sharply.Commercial transit through the Strait of Hormuz remains heavily restricted, keeping a significant volume of Middle Eastern crude cut off from global supply networks and forcing international buyers to scramble for alternative barrels.Data released late Tuesday by the American Petroleum Institute showed that US crude oil inventories plummeted by a massive 6.75 million barrels for the week ended May 29.The energy market is now awaiting the US Energy Information Administration petroleum inventory report, scheduled for release later on Wednesday."While ongoing disruptions continue to support prices, any credible breakthrough and the return to normal export conditions from the Middle East could gradually drive crude prices to the downside," said Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade.

Oil & Energy

EMEA Natural Gas Update: Futures Rally Over 2% as Tensions Cloud US-Iran Peace Talks

European natural gas futures rallied on Wednesday as tensions intensified in the Middle East, casting a cloud over peace negotiations between the US and Iran.The Dutch TTF front-month contract rose 2.27% to 48.690 euros ($56.50) per megawatt-hour, while the UK NBP front-month contract rose 2.45% to 117.60 British pence ($1.58) per therm.On Wednesday, US Centcom said on X that it had intercepted "multiple Iranian ballistic missiles and drones," aimed at Iran's neighbors. The US also conducted another round of self-defense strikes against Iran's Qeshm Island in retaliation over Iran reportedly firing missiles at Kuwait and Bahrain.Iranian drones and missiles struck a terminal in Kuwait's international airport, killing one person and wounding several others, according to Al Jazeera, marking a major escalation in the conflict.Iran's Revolutionary Guards warned that their barrage of strikes against neighbors "should serve as a lesson" for the US.Meanwhile, the strategically crucial Strait of Hormuz remained effectively shut for the 14th week running, with just 4 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Daniel Hynes, senior commodity strategist at ANZ, said this is set to put added pressure on European buyers, as they "struggle to refill storage facilities," as Asian imports rise.Hynes warned that Asia's supply constraints could worsen with Australian workers at the Ichthys LNG facility commencing strikes after talks stalled between the union and the company.European gas inventories stood at 40.76% of capacity, compared to 48.88% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 54.7%, according to the Swiss Federal Office of Energy.All of this comes during a heatwave across Europe, which has "obliterated historical temperature records," according to Severe-Weather EU, leading to increased air conditioning use and gas-fired power generation.