Traders reported that TotSA, the trading arm of TotalEnergies, is offering Iraqi crude oil for loading outside the Strait of Hormuz. This offer comes as persistent shipping disruptions through the vital waterway deter buyers from collecting shipments from Iraq's Basra
ports. Two traders indicated that TotSA offered Basra Medium crude at a premium of nearly ten dollars per barrel above Dubai prices. Oil transport through the Strait remains largely disrupted since the outbreak of regional tensions in late February. Iraq's State Oil
Marketing Organization (SOMO) had invited clients to take delivery of August volumes from Basra ports within the Strait. However, many buyers remain hesitant to send their vessels into the Gulf due to attack risks. Oil prices fell on Thursday after analysts
lowered their global oil demand forecasts for 2026, citing disruptions caused by the regional conflict. Nevertheless, supply constraints kept prices relatively high. Brent crude futures dropped $1.13 (1.27%) to $87.85 per barrel, while U.S. West Texas Intermediate crude fell $1.13
(1.36%) to $82.14 by 09:25 GMT. The Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for global oil demand growth in 2026 to 580,000 barrels per day in its monthly report, issued yesterday.
