Saudi Arabia Offers Rare Spot Crude as Strait of Hormuz Traffic Collapses

Saudi Arabia is offering crude oil on the spot market in an unusual move prompted by the almost complete freeze on tanker traffic in the Strait of Hormuz, Bloomberg has reported, citing unnamed trading sources. So far, the kingdom has offered about 4.6 million barrels of Arab Extra Light, Arab Heavy, and Arab Light, the flagship grade, the sources told Bloomberg. Several hundred tankers remain stranded in the Persian Gulf because of the disruption. According to marine traffic tracking firm Windward, only three vessels passed the Strait of Hormuz…