Abu Dhabi National Oil Company (ADNOC) has reportedly issued its fourth tender of June, offering Upper Zakum, Umm Lulu and Das crude for June to August loading, a move, which, as per the analysts, would gauge whether buyers are willing to load crude in the Strait of Hormuz following an interim peace deal between the United States and Iran.
As per the reports, under the new contract, buyers can bid for up to two million barrels of crude oil. As per ADNOC, buyers, subject to mutual agreement, can lift cargoes on a free-on-board basis from Zirku or Das Island inside the Strait of Hormuz.
“Buyers can also lift from Fujairah storage, which is outside of the strait, as well as via ship-to-ship transfer between Fujairah and Sohar and around Malaysia,” sources quoted by Reuters added.
ADNOC also offered buyers the option to receive cargoes on a delivered basis.
With the conclusion of the interim peace deal between the Washington and Tehran, hopes have been raised about the trade along Strait of Hormuz returning to the normalcy.
“The cargoes will be priced against the grades’ official selling prices, the Dubai benchmark or other benchmarks,” the sources said. The tender closes on June 23, with offers valid until June 25.
In the first two weeks of June 2026, ADNOC sold at least 30 million barrels of UAE crude for June to August loading, as Asian refiners and global trading houses bought heavily ahead of the peace deal.
ADNOC has also reportedly asked term customers in Asia to send vessels inside the strait to load crude. As per one of the sources quoted by Reuters, Iraqi state oil marketer SOMO has made the same request.
“Fellow producer Kuwait Petroleum Corp has also issued a tender to sell crude for July delivery,” the source concluded.