Philippines Receives First Iranian Crude Cargo Since Hormuz Blockade

The Philippines received its first cargo of Iranian crude in mid-May, Reuters reported on Friday, citing tanker-tracking data from Kpler and Vortexa. A Suezmax vessel that left Iran's Kharg Island in late March transferred up to one million barrels of crude offshore Singapore. A second tanker then delivered the oil to the Bataan refinery.

The delivery follows a March 20 general license issued by the Treasury Department's Office of Foreign Assets Control that authorized imports of Iranian crude loaded on vessels by April 19. Southeast Asian economies including the Philippines, Indonesia, Malaysia, and Vietnam experienced fuel shortages after the blocked Strait of Hormuz cut off most Middle East crude and fuel supplies.

The Philippines is listed among the Asian countries most affected by the supply disruption.