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If the Strait of Hormuz is blocked for a few more weeks, will Vietnam face the risk of fuel shortages and sharp increases in gasoline prices?
On the afternoon of May 31, the super ship AGIOS FANOURIOS I brought nearly 2 million barrels of Basrah Medium crude oil from Iraq to Nghi Son port after a journey considered one of the most notable oil transports of 2026. The ship passed through the Strait of Hormuz amid continuous military and maritime risks in the Middle East.
What interests the energy market is not only the huge volume of oil but also the timing of the shipment's arrival. This is when the global oil supply chain is under great pressure from tensions in Iran, the US and fluctuations in the Persian Gulf region.
SHIPMENT INFORMATION SHEET
Data Category
Basrah Medium Iraq oil source
Volume Nearly 2 million barrels
Transport ship AGIOS FANOURIOS I
Destination Nghi Son Refinery and Petrochemical Factory
Arranger PVOIL Singapore
Route Iraq → Hormuz → Malacca → Vietnam
According to international shipping data, tanker traffic through Hormuz has dropped sharply during many tense periods. There was a time when there were only about 10 trains per day passing through this area, much lower than the normal level of 125 to 140 trains per day.
PRACTICAL IMPLICATIONS FOR VIETNAM
Nghi Son Refinery and Petrochemical Plant is currently one of the important oil refining facilitiesbest in the country.
A continuously maintained source of crude oil will have a direct impact
Domestic petroleum supply
Logistics and transportation activities
Fuel prices for businesses
Industrial production chain
National energy security
Petrovietnam and PVOIL assess that successfully bringing the oil block to Vietnam during a period of instability has great strategic significance for the economy.
ESTIMATED VALUE OF THE OIL LOT
If calculated based on Brent oil level around the region
️ +2,300,000,000,000 VND to +2,500,000,000,000 VND
That means more than 2.3 trillion to 2.5 trillion VND worth of goods are on a train.
This number shows why all parties must closely monitor every development in Hormuz.
HOW IMPORTANT IS HORMUZ
About 20% of global oil trade passes through the Strait of Hormuz.
When this area appears risky
Oil prices increased
Marine insurance premiums increase
Train fares increased sharply
Risk of supply shortage in Asia
The global energy market is volatile
That's why every train crossing Hormuz is now closely monitored by the energy world.
QUICK COMPARE
Maritime route Level of influence
Hormuz Very high
High Suez Canal
Malacca High Waist
The South China Sea is important to Asia
It is worth noting that many oil tankers from China, South Korea and other Asian countries are also looking to send goods beyond Hormuz during the same period to ensure supply for oil refineries.
In the context of constantly fluctuating world oil prices, nearly 2 million barrels of Iraqi oil arriving at Nghi Son portIt is not just a simple shipping story but also a signal that Vietnam is trying to stabilize energy supply amid one of the most unpredictable periods in the global oil and gas market.
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