Kuwait Offers Oil to Asian Buyers for First Time Since Iran War Began
In a significant sign that Gulf crude is once again finding its way to market, Kuwait is offering at least 4 million barrels of its main export-grade crude to Asian refiners—the first such sales to the region since the Iran war erupted in late February 2026. The volumes are loaded onto two very large crude carriers (VLCCs) and targeted at buyers in China and South Korea, according to traders familiar with the matter.
The move comes as the Strait of Hormuz—the world’s most critical energy chokepoint—has been under effective blockade and heavy risk since early March. Yet the Kuwait tender is the latest evidence that oil and LNG are quietly slipping through the strait in greater volumes than headline disruption numbers suggest. Markets appear to be pricing exactly that reality: Brent crude hovered near $92–93 per barrel on June 9, 2026, well off its April peaks above $130 but still elevated, with analysts increasingly forecasting stabilization in the $90 range rather than a fresh spike.
The Hormuz Reality: “Sneaking” Tankers and Stealth Tactics
Pre-crisis, the strait carried roughly 20 million barrels per day of oil and products—about 20% of global seaborne oil trade—and roughly 20% of global LNG, almost all of it from Qatar and the UAE. Since the conflict escalated, daily transits plunged from 125–140 vessels to a trickle, with many days seeing single-digit or low-double-digit passages.
Yet the numbers tell a story of persistent, if risky, flow. Maritime intelligence firm Kpler tracked nearly 900 outbound tankers that “went dark” (turned off AIS transponders) and squeezed through the strait between March 1 and May 19 alone. In May, roughly two-thirds of outbound oil tankers used shadow-fleet tactics to evade detection.
Recent weeks have seen incremental increases: supertankers carrying Saudi, UAE, and now Kuwaiti crude have exited, often with transponders off, bound for Asia. Qatar’s LNG exports—historically the largest single source through Hormuz—have followed the same playbook. Energy News Beat has documented QatarEnergy successfully moving at least its ninth known LNG tanker (the Al Daayen) through the strait over the weekend of June 7–8, bound for China after going dark in the Gulf.
Asia in the Crosshairs
Asia, which imports roughly 60% of its crude from the Middle East and relies heavily on Qatari LNG, sits squarely in the eye of the storm. As OilPrice.com noted in its June 9 analysis, the effective closure of Hormuz has already cost the region the equivalent of 15 million barrels per day in lost Middle East output. Iraq’s production has collapsed from over 4 million bpd to 1.4 million bpd, and regional suppliers such as Saudi Arabia, Iraq, and the UAE have seen sharp export drops.
Yet the quiet resumption of Kuwaiti and Qatari cargoes—plus stealth tanker runs—suggests Asia is not facing a total cutoff. Chinese and South Korean refiners are once again able to bid on Kuwait crude, and Qatari LNG is reaching Tianjin and other terminals. The market’s muted reaction (no fresh surge past $100 this month) reflects that partial supply relief.
Will Prices Spike Again—or Hold the $90 Line?
The oil market’s pricing mechanism has proven remarkably resilient. Early-war fears of $130–$150 Brent proved overstated once inventories began drawing and alternative supply plus stealth flows kicked in. As of June 9, Brent sits around $92–93, down sharply from May peaks.
Original Article: Kuwait Offers Oil to Asian Buyers for First Time Since Iran War Began — Energynewsbeat