Trade sources said on Wednesday Abu Dhabi National Oil Company (ADNOC) sold at at least 12 million barrels of spot crude at a premium to Asian refiners and trading houses in its seventh tender. Renewed US–Iran tensions have disrupted supply and spark

2026-07-29

Trade sources said on Wednesday Abu Dhabi National Oil Company (ADNOC) sold at at least 12 million barrels of spot crude at a premium to Asian refiners and trading houses in its seventh tender. Renewed US–Iran tensions have disrupted supply and sparked a buying scramble after shipments via the Strait of Hormuz fell earlier this month. ADNOC has been using shuttle tankers to transship cargoes to other vessels in the Gulf of Oman to sustain exports, and Asian refiners, facing shipping delays and tighter supply, have increased purchases of alternative grades and ADNOC cargoes.