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- WTI declines as surging Middle Eastern oil supply overshadows geopolitical anxieties.
- QatarEnergy issued its first July–August crude tender since the US–Iran conflict began.
- Oil prices initially spiked after a suspected projectile attack on a cargo vessel off Oman.
West Texas Intermediate (WTI) depreciates after registering over 2% gains in the previous day, trading around $70.30 per barrel during the Asian hours on Friday. Crude oil prices ground lower as a massive surge in Middle Eastern supply ultimately overshadowed the geopolitical anxieties sparked by a fresh tanker attack near the Strait of Hormuz.
Crude oil prices lost ground as investors realized that actual shipping traffic through the strait remained highly active and that a wave of fresh crude was hitting the market. In a highly anticipated move, QatarEnergy issued a tender offering al-Shaheen, Qatar Marine, and Qatar Land crude for July-to-August loading, marking its first such move since the US-Iran conflict began. According to tender documents seen by Reuters, the producer is giving buyers the flexibility to load or lift supplies via ship-to-ship transfers between Fujairah and Sohar, adding significant volumes to the market alongside recent July-loading tenders from Iraq’s SOMO and Kuwait Petroleum Corp.
Further compounding the supply surge, refining giant Saudi Aramco officially resumed oil loading at its Ras Tanura terminal in the Gulf following a nearly four-month halt. Tracking data from LSEG showed two Very Large Crude Carriers, each capable of carrying 2 million barrels of oil, actively loading at the terminal while a third waited nearby. Combined with Abu Dhabi National Oil Co selling at least 48 million barrels of crude across three separate tenders this month, this sweeping resumption of regional export activity ultimately convinced traders that the physical supply of oil remains more than secure despite the ongoing military risks.
Oil prices had initially spiked during early Asian trading hours following a suspected projectile attack on a cargo vessel off the coast of Oman, an incident that abruptly halted United Nations (US) evacuation efforts in the vital chokepoint and reignited deep fears over global energy security. The friction intensified after the market closed when US officials reported that Iranian forces had fired on the cargo ship, prompting Iranian authorities to issue a stark warning that they would no longer guarantee the safety of any vessels traveling outside designated shipping lanes.
