31 tankers with 62 million barrels poised to exit Hormuz
Why it matters: The supply wave is already pressuring Middle East crude and diesel prices as Asian refiners weigh storage over new runs.
About 31 supertankers carrying roughly 62 million barrels of crude are poised to leave the Persian Gulf after the United States and Iran reached an interim deal to reopen the Strait of Hormuz, setting up a sharp supply surge into Asia. The cargoes would reach India in about a week and East Asia in roughly three weeks, according to Signal Group data cited by Bloomberg. The influx is hitting a market that had already replaced disrupted Middle East supply, leaving refiners in Asia well covered for June and July. Goldman Sachs now expects Persian Gulf exports to return to pre-war levels by the end of July. Prices have already reacted: Dubai and Murban flipped into contango, Oman traded at a discount to Dubai, and at least one diesel cargo changed hands below its benchmark.