Why is Totsa offering Iraqi crude for loading outside the Strait of Hormuz?

Totsa is offering Iraqi crude for loading outside the Strait of Hormuz because continued disruption to shipping through the waterway—stemming from the U.S.-Israeli war with Iran since late February—has deterred buyers from lifting cargoes at Iraq's Basrah terminals, and many buyers remain reluctant to send vessels into the Gulf due to the risk of attacks.

What specific Iraqi crude grade and pricing did Totsa offer, and where was it offered?

Totsa offered Basrah Medium crude at a premium of close to $10 a barrel to Dubai quotes, for loading outside the Strait of Hormuz.

TotalEnergies' Totsa offers Iraqi crude outside Strait of Hormuz, traders say

Aug 13, 2026

TotalEnergies' Totsa offers Iraqi crude outside the Strait of Hormuz amid security risks blocking Basrah terminal lifts. Buyers pay a $10-per-barrel premium over Dubai quotes to avoid the Gulf region.

reuters

2026-08-13

TotalEnergies' Totsa offers Iraqi crude outside Strait of Hormuz, traders say

TotalEnergies' Totsa offers Iraqi crude outside Strait of Hormuz, traders say

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