Story perspectives

Lytton Secures $60M Iraqi Crude Deal, Navy Clears Hormuz Transit

5/27/2026

Summary

Story summary

Lytton SA coordinated the Hormuz crossing of Agios Fanourios I carrying Iraqi crude to Vietnam with U.S. Navy clearance.
Lytton bought the oil in Basrah at an $18-per-barrel discount, estimating a $60 million gross profit.
Freight costs of $35-$40 million cut the net gain from the deal.
PetroVietnam Oil appealed to U.S. Naval Forces Central Command, triggering a five-day screening before release, while Vitol offered Iraqi oil via ship-to-ship transfers.

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Story summary

Lytton SA coordinated the Hormuz crossing of Agios Fanourios I carrying Iraqi crude to Vietnam with U.S. Navy clearance.
Lytton bought the oil in Basrah at an $18-per-barrel discount, estimating a $60 million gross profit.
Freight costs of $35-$40 million cut the net gain from the deal.
PetroVietnam Oil appealed to U.S. Naval Forces Central Command, triggering a five-day screening before release, while Vitol offered Iraqi oil via ship-to-ship transfers.