Global Oil and Gas "Hormuz tracker: day 109" Patricot

Research evidence excerpt

Global Oil and Gas "Hormuz tracker: day 109" Patricot

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Global Oil and Gas Equities

GlobalHormuz tracker: day 109

Oil Companies, Major

Henri Patricot, CFA

Iranian tankers move past US blockade ahead of formal deal signing Analyst

Press reports indicate that at least three Iranian oil tankers carrying 5Mbbls have moved henri.patricot@ubs.com

past the US blockade this week while another one has moved into the Gulf of Oman +33-14-888 3033

(link). US Vice-President JD Vance said President Donald Trump may decide to release a Nayoung Kim

preliminary deal before Friday after the president said the agreement was already signed Analyst

(link). The MoU is still set to be formally signed Friday, though President Trump said today nayoung.kim@ubs.com

it is not final and warned a return to strikes if Iran doesn’t “behave”(link). The text of the +44-20-7568 4010

MoU has yet to be officially released but a copy of it reportedly obtained from a US Joshua Stone

official has been published. It mentions the lifting of the US blockade upon signing and Analyst

lifting of sanctions on Iranian oil for the 60-day negotiation period (link). joshua.stone@ubs.com

+44-20-7901 5588

Uptick in tankers going into the Gulf Josh Silverstein

The latest UBS Evidence Lab data (> Access Dataset) shows an uptick in Gulf traffic, with Analyst

four oil tankers (1 crude, 2 products, 1 LPG) all entering on Tuesday (Figure 1Oil&gastankerspasingthroughtheStraitofHormuz,innumberofshipsenteringandexitingtheGulf). The June josh.silverstein@ubs.com

+1-212-713 3513

average stands at 2.5, below the April-May average of ~3, and significantly lower than

February's daily average of ~50 crossings. June’s average exports are now under 1Mboe/ Tom Allen