Overview
- Saudi Aramco resumed crude loadings at its Ras Tanura terminal, with two very large crude carriers observed loading on Friday, June 26, marking the first cargoes from the Gulf terminal since early March.
- During the four‑month halt that began after debris from intercepted projectiles caused a refinery fire on March 2, Aramco rerouted much of its exports through the East‑West pipeline to Yanbu and kept roughly 60–70% of volumes flowing.
- The timing follows a tentative US–Iran de‑escalation and comes as other Gulf producers have also ramped exports, a shift that pushed global oil prices down by more than $1 a barrel as traders priced in added supply.
- Security risks persist: a suspected attack near Oman led UKMTO to pause naval escort operations and US sources reported Iranian fire on a vessel, keeping insurance costs, convoy arrangements and safe‑route guarantees fragile.
- Full normalization will depend on clearing maritime threats, restoring insurance and escort confidence, and working through a loading backlog; the IEA estimates cumulative regional supply losses above 1.3 billion barrels and analysts say full recovery could take weeks to months.