Oil down 2% amid resumption of Hormuz shipments even as v…

On June 26, 2026, crude prices fell by about 2% as easing supply concerns arose due to the resumption of oil shipments through the Strait of Hormuz, despite a cargo vessel being hit near Oman. Saudi Aramco restarted oil loading at its Ras Tanura terminal, which had been halted for almost four months. Crude shipments through the strait reached the highest levels since the onset of the U.S.-Israeli conflict with Iran, although overall traffic remains low. Market analysts attribute the price drop to increased vessel flows and reduced crude demand from China, indicating potential declines in future shipments.

Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv

A view of storage tanks and oil refineries in Jurong Island, Singapore

Ships and boats in the Strait of Hormuz, Musandam

Vessels at the Strait of Hormuz, as seen from Musandam

Item 3 of 3 Vessels at the Strait of Hormuz, as seen from Musandam,Oman, June 25, 2026. REUTERS/Stringer

[3/3] Vessels at the Strait of Hormuz, as seen from Musandam,Oman, June 25, 2026. REUTERS/Stringer Purchase Licensing Rights, opens new tab

Summary
Companies
Aramco resumes Ras Tanura oil loadings after 4-month halt
Strait of Hormuz loadings at their highest level since war began
Overall traffic remains a fraction of the daily average

NEW DELHI, June 26 (Reuters) - Crude prices sank 2% on Friday and were headed for steep ‌weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.

Brent crude futures fell $1.47, or 1.95%, to $73.79 a barrel as of 0421 GMT, while U.S. West Texas Intermediate fell $1.44, or 2%, to $70.48 a barrel.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Refining giant Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data from LSEG showed. Two Very Large ⁠Crude Carriers were seen loading crude at the terminal, while another waited nearby, the data showed. Each VLCC is capable of loading 2 million barrels of oil.

"There is a general selloff as the market reacts to the increased flows exiting the Strait of Hormuz and China not yet picking up crude demand," said June Goh, senior oil market analyst at Sparta Commodities.

Both benchmark contracts jumped more than 2% on Thursday after a cargo vessel was hit by an unknown projectile near Oman, prompting the U.N.'s shipping agency to suspend its voluntary evacuation scheme.

Two U.S. officials told Reuters that Iran fired on the cargo ship as it attempted to pass through the strait. Iranian authorities said the security of vessels passing outside designated Hormuz routes is ‌not guaranteed.

Brent ⁠oil and WTI crude are both headed for losses of around 8% this week.

Data showed on Thursday that crude shipments through the Strait of Hormuz rose this week to their highest level since the U.S.-Israeli conflict with Iran began in February after a ceasefire deal reopened the waterway, while concerns about how long the strait would stay open also boosted trade.

However, overall traffic remain a fraction of the ⁠daily average of 125 ships passing through the strait before the February 28 conflict began.

"Much of the increase reflects previously stranded vessels leaving the Persian Gulf. Vessel flows into the Gulf remain much more modest. It suggests that once stranded vessels have moved out, we could see ⁠a pullback in flows," ING analysts wrote in a note.

Meanwhile, earthquakes in Venezuela that happened on Thursday also raised supply concerns.

Preliminary assessments by workers of Venezuela's vast oil, gas and refining infrastructure so far showed limited damage, as most of the country's ⁠largest output regions, refineries, pipelines and terminals are far from the hardest-hit areas.

Still, a lack of power has cast doubt on whether oil output can be sustained at its pre-earthquake level of close to 1.2 million barrels per day, sources said.

Reporting by Mohi Narayan in New Delhi, Sam Li and Lewis Jackson in Beijing; Editing by Kevin Buckland

Our Standards: The Thomson Reuters Trust Principles., opens new tab

X
Facebook
Linkedin
Email
Link

Purchase Licensing Rights

Mohi Narayan

Thomson Reuters

As Asia Energy Correspondent for Reuters, Mohi covers oil products markets and tracks shifts in global trade flows driven by sanctions on Russia and tit-for-tat tariff actions. She follows shipping markets closely and writes on emerging trends in naphtha and gasoline flows worldwide. Her coverage also explores oil companies’ climate strategies, energy policy transitions in emerging economies, and the evolving fuel market structure in major EV hubs such as China.

Business

Kioxia shares slump 12% as AI-related stocks fall

Autos & Transportationcategory · June 26, 2026 · 1:44 AM EDT · 45 mins ago

Shares of Japanese chipmaker Kioxia slid 12% on Friday after a report that ChatGPT maker OpenAI was considering delaying its initial public offering sparked a selloff ‌in AI-related shares.

Financecategory Germany plans to ease pension burden, but young still face an uphill climb

1:01 AM EDT

category Morning Bid: Chipflation

12:41 AM EDT

Media & Telecomcategory Musk's SpaceX targets US consumers with Starlink mobile service push, FT reports

12:15 AM EDT

ANALYSIS Dollar rides into second half of 2026 on a 'winner takes it all' wave

12:10 AM EDT

Read Original at Reuters →

Oil down 2% amid resumption of Hormuz shipments even as vessel hit near Oman

Read Next

Business

Kioxia shares slump 12% as AI-related stocks fall