According to reports, on May 25th, a super tanker carrying approximately 2 million barrels of Iraqi crude oil, the "Agios Fanourios II," successfully crossed the Strait of Hormuz blockade. The Swiss trading company Lytton SA attracted attention for profiting about $60 million from a single transaction. According to reports, the oil tanker was originally scheduled to be transported to Vietnam, but was intercepted multiple times by Iran and the US on the way. Eventually, the transportation was completed after the intervention of Petro Vietnam Oil Corp. Lytton SA purchased crude oil at a price $18 per barrel below the international benchmark oil price and sold it at a high premium outside the Gulf, creating arbitrage space. The transportation cost is as high as $35 million to $40 million. The ship was once required to sail to the port of Abbas in Iran, but was intercepted and investigated by the US military after leaving the strait, and was eventually released. It is reported that some crude oil trading spreads have widened to $20 to $30 per barrel, attracting more traders to venture into the Strait of Hormuz.
