Saudi Aramco resumed oil loadings from inside the Strait of Hormuz last week, Reuters reports

Resumption stories of this kind are the mirror image of the disruption that preceded them: the read-through runs through the same channels the original halt traded on, namely prompt spreads, freight and insurance rates for Gulf liftings, and the physical premiums on grades that substitute for Saudi barrels. The fact that loadings are described as from inside the Strait matters, since the market distinguishes between a producer rerouting around a chokepoint, which caps output at alternative terminal capacity, and one shipping through it again, which restores full export flexibility. Aramco's prior form in episodes of supply interruption has been to draw on storage and prioritise term contract holders, so the details worth watching are whether term allocations are being met in full, where official selling prices are set for the coming month, and how quickly East of Suez refinery nominations normalise. Reuters attribution on Saudi flows has historically been reliable but typically precedes formal confirmation, so a company or ministry statement is the usual follow-on. War-risk premia on tanker rates and the front of the crude curve have tended to lag the headline in past re-openings, which is where any residual dislocation shows up.