Tehran recently signaled that an agreement with Oman regarding a secure shipping route through the Strait of Hormuz is nearing completion. Traders view this as a catalyst for increased Persian Gulf supply, though skepticism remains high. Previous efforts to stabilize regional traffic have repeatedly faltered against a backdrop of renewed maritime attacks and persistent volatility.

Saudi exports currently hover near 5 million barrels per day, roughly 70 percent of pre-crisis capacity. CEO Amin Nasser notes that while the Kingdom relies on the Red Sea terminal at Yanbu, Houthi threats near Bab el-Mandeb have rendered that route increasingly precarious. To bypass the danger, Saudi Arabia is exploring the use of Egypt’s SUMED pipeline to load tankers at Sidi Kerir on the Mediterranean. However, Asian refiners continue to pressure the producer for deeper concessions to compensate for the extreme logistical costs of long-haul shipping around the African continent.