Oil traders in the Middle East are preparing for the eventual reopening of the Strait of Hormuz.

Middle East Producers Ask Buyers to Prepare for Strait Reopening

Middle Eastern oil producers have asked Asian refiners to submit loading schedules for April and May, preparing for the eventual reopening of the Strait of Hormuz, according to people familiar with the matter.

There's no sign yet that Tehran is lifting its near-total blockade of the strategic waterway, which has sent energy prices soaring. Still, a two-week US-Iran ceasefire announced earlier has raised hopes that the strait could reopen. Two of the sources said Saudi Aramco, the world's largest exporter, has asked customers to submit requests for May loadings from the ports of Yanbu and Ras Tanura. One of them noted that this depends on the resumption of exports from Ras Tanura in the east, which requires tankers to transit the Strait of Hormuz.