According to Adnoc's offer, the oil should be picked up at the port of Fujairah, part of the United Arab Emirates located outside the Strait of Hormuz.
As a result of the Iran war, shipping traffic through the Strait of Hormuz has been exposed to great risks, has been shelled and has occasionally come to a complete halt for periods.
According to price lists seen by Bloomberg, Adnoc will add a premium of $0.80-$1.00 per barrel to the price of oil delivered outside the Strait of Hormuz.
Ship-to-ship deliveries at Fujairah have previously been made during the Iran war, but then on the spot market.
