Saudi Aramco Resumes Oil Loading at Ras Tanura After Near Four-Month Halt
Saudi Aramco resumed oil loading on Friday, June 26, at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data from LSEG showed, in a sign that Middle Eastern producers are pushing forward with plans to boost exports despite a ship attack in the Strait of Hormuz. 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. mofamofa
Two Very Large Crude Carriers controlled by Saudi’s shipping arm Bahri were seen loading crude at Ras Tanura, the world’s biggest oil port. Saudi Aramco could not be immediately reached for comment outside office hours. mofamofa
Four Months of Disruption
The Saudi energy major last loaded a cargo from the Ras Tanura port for China on March 8, the data showed, and had to divert all its exports to the Red Sea port of Yanbu after an Iranian blockade of the Strait of Hormuz during its war with the US and Israel prevented ships from entering the Gulf. mofa
Ras Tanura sits on Saudi Arabia’s eastern coast on the Gulf and is west of the Strait of Hormuz. It used to export more than 5 million barrels per day of crude before the conflict. The country’s largest domestic 550,000 barrel-per-day refinery is also located at Ras Tanura, which was shut during the war as a precautionary measure. mofa
The war caused Saudi crude exports to slump to about 4 million barrels per day in the past three months, the data showed, from more than 7 million barrels per day in February. mofa
A Fragile Backdrop
The resumption comes despite a fresh security incident in the strait that has reignited concerns about whether the broader US-Iran arrangement will hold. A cargo ship reported a suspected attack as it attempted to pass through the Strait of Hormuz close to the coast of Oman on Thursday, British navy agency UKMTO said. UKMTO paused its operation to escort ships through the strait after the attack, reigniting concerns about whether the preliminary deal to end the Iran war will hold. mofa
Two US officials told Reuters that Iran had fired on the ship, while Iran’s Persian Gulf Strait Authority, which Tehran established to manage requests for ships to travel through the strait, said vessels outside routes it has set will not be guaranteed safe passage. mofa
Global oil prices fell more than $1 a barrel on Friday after edging up on the reports of the attack on the cargo ship. Supply pressure is increasing after crude shipments through the strait rose this week to their highest level since the conflict broke out. mofamofa
A Region-Wide Export Push
Saudi Arabia’s move is part of a broader pattern across Gulf producers. Middle Eastern producers had been ramping up oil and gas output and exports in the lead-up to the interim deal between the United States and Iran to halt the war and reopen the strait, where a fifth of the world’s oil and liquefied natural gas supplies used to pass. Iraq’s SOMO and Qatar issued tenders offering crude following similar moves by Kuwait and the United Arab Emirates. mofamofa
Iran is also rushing its exports after Washington temporarily lifted sanctions, with two empty VLCCs — Natsumi and Halti — entering the Gulf on Friday to load oil, shipping data showed. Consultancy estimates now put shut-in production across the Gulf at 9.6 million barrels per day in mid-June, down from 11.7 million barrels per day just three weeks earlier, with a full supply recovery in the region expected by the end of the year. mofamofa
Regional and Global Impact
The resumption of loading at Ras Tanura, the world’s largest oil export terminal, marks one of the most concrete signals yet that the broader Middle Eastern oil supply disruption triggered by the February 2026 Iran war is beginning to unwind, even as the security situation in the strait itself remains unresolved. The combination of rising Gulf-wide exports and a renewed attack inside the strait illustrates the tension defining the current period: producers are moving quickly to restore lost market share and revenue, while the underlying military and political risk that closed the strait in the first place has not been fully eliminated.
For global oil markets, the resumption of Saudi exports from the Gulf, alongside accelerating shipments from Iraq, Qatar, Kuwait, the UAE, and now Iran itself, signals a meaningful increase in global crude supply at a moment when markets had priced in a prolonged disruption. The fact that oil prices fell despite the attack on a cargo ship near Oman suggests traders are currently weighing the volume of supply coming back online more heavily than the residual security risk in the strait, though that calculus could shift quickly if further attacks occur.
Background
The United States and Israel launched military strikes against Iran on February 28, 2026, prompting Iran to blockade the Strait of Hormuz and severely curtailing oil exports from Gulf producers, including Saudi Arabia, for nearly four months. A satellite-imagery-based Wall Street Journal report has also revealed more extensive damage than previously disclosed at the US Fifth Fleet naval base in Bahrain, prompting US reassessment of its regional military posture. An interim ceasefire and memorandum of understanding between Washington and Tehran has gradually allowed Gulf shipping to resume, though the agreement remains incomplete and contested on several major points, including the long-term administration of the strait and the handling of Iran’s nuclear material. International Atomic Energy Agency chief Rafael Grossi said this week that the memorandum gives inspectors access to Iran, though Tehran has indicated key nuclear sites would remain off-limits until a final deal with Washington is reached and sanctions are lifted. City AMCity AM
What Happens Next
Shipping data is expected to be closely monitored in the coming days for further signs of Saudi and other Gulf producers’ export volumes returning to pre-war levels. UKMTO’s pause on its escort operations through the Strait of Hormuz following Thursday’s attack is likely to remain in place pending further clarity on the security situation, with energy traders watching closely for any additional incidents that could disrupt the fragile recovery in Gulf shipping. Analysts expect a full recovery of shut-in Gulf production by the end of 2026 if the current trajectory holds, though that timeline remains contingent on the durability of the broader US-Iran ceasefire arrangement.
