Iraq’s 14 million barrels of trapped oil travels through Strait of Hormuz

AI Summary

Around 14 million barrels of Iraqi oil trapped due to ongoing Middle East conflict have recently transited the Strait of Hormuz during a fragile US-Iran ceasefire. The oil cargoes are now en route to buyers in Asia, Europe, and the US, alleviating supply concerns somewhat.

Iraqi oil stranded by the Middle East conflict has escaped the Persian Gulf over the past ten days as transit via the Strait of Hormuz eased during an uneasy US-Iran ceasefire. Vessels carrying about 14 million barrels of Iraqi oil exited the Gulf in the latter part of June and are now carrying crude to buyers in Asia, Europe and the US, according to tanker tracking data compiled by Bloomberg. That is the equivalent of about 1.4 million barrels a day over the 10-day period. All cargoes loaded...