Not clear where the tanker is headed

A Gibraltar court released the Grace 1 tanker on Saturday and the ship is preparing for departure.

The move came despite US objections and appeals. The US government issued a warrant to seize the ship, saying all oil aboard the ship is subject to forfeiture due to a “scheme to unlawfully access the US financial system to support illicit shipments” of oil in violations of sanctions.

Refinitiv datea shows the status of the ship changed from ‘at anchor’ to ‘underway using engine.’

Iran seized a British oil tanker in the Strait of Hormuz earlier this month, likely in retaliation for the seizure. At the time, the move heightened tensions and boosted oil prices.

WTI closed the week at $54.87 and Brent at $58.64.

In other oil news, a Saudi oil plant in the Shaybah field was attacked by drones Saturday, causing a limited fire. Saudi officials said the fire was contained and operations were not affected.


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