Saudi Arabia has restarted crude oil loading at the Ras Tanura terminal after nearly four months of suspension. Reuters reported that two massive tankers owned by Bahri are currently loading, with a third vessel awaiting entry. The resumption follows a temporary agreement between the United States and Iran and efforts by Gulf states to restore oil exports.
Earlier on Thursday, a container ship operated by Orgreen collided with an unidentified object while transiting the Strait of Hormuz. Saudi crude exports, which fell from over 7 million barrels per day in February to about 4 million barrels per day over the past three months, are now expected to increase.