March 05, 2026 [Reuters]- Exxon Mobil is set to ship at least 300,000 barrels of gasoline from the U.S. Gulf Coast to cover its own import requirements in Australia, the first such shipments by the oil major, said four sources with ​knowledge of the matter.

The planned shipments, on a route rarely used for refined products, show how severely the ​global oil trade has been affected by the near-complete halt of shipping in the Strait of Hormuz ⁠after Iran began striking vessels in the waterway this week following U.S. and Israeli attacks on the country.

Exxon has booked ​medium-range vessels Largo Eagle and Nord Ventura for the shipments, loading from Houston between March 13 and 16, and between March ​15 and 18, two of the four sources said. The total shipment is expected at 600,000 barrels, mostly gasoline but also including other fuel products.

The Largo Eagle and Nord Ventura are under charter by commodities trading house Vitol, which has effectively rented them to Exxon for ​the deliveries to Australia, sources said.

Exxon did not immediately respond to requests for comment. Vitol declined to comment.

The charter ​costs for one medium-range vessel capable of carrying 300,000 barrels of refined products on the route are estimated at around $6 million in total ‌or $20 ⁠a barrel, two of the four sources said.

DISRUPTION IN STRAIT OF HORMUZ

Asian refiners have been grappling with a shortage of crude supplies due to the Strait of Hormuz disruptions, forcing those dependent on Middle Eastern crude oil to cut runs and fuel production.

ExxonMobil operates three fuel terminals in Australia that receive refined products from Asian countries and elsewhere for distribution in local markets, ​and has a subsidiary, Mobil ​Oil, that supplies fuel ⁠to Australian retailers.

The ExxonMobil cargoes are the first fuel deliveries from the U.S. Gulf Coast to Australia since refiner Marathon Petroleum’s Garyville plant in Texas exported gasoline to Australia in December ​2023, Kpler shiptracking data showed.

Traders and shippers remain sceptical about whether such shipments are sustainable ​even if ⁠Asia desperately needs to replenish fuel supplies, given the high freight costs and limited vessel availability.

The arbitrage to ship fuel from the U.S. to Asia will depend heavily on the magnitude and duration of the conflict in the Middle East, said James Noel-Beswick, an ⁠analyst at ​Sparta Commodities analyst.

It will take some time for trade flows to return ​to normal even after the crisis is over, as Asian refiners have been cutting run rates and port infrastructure in the Middle East has sustained ​damage, he added.