Swiss Lytton SA earns $60 million from transporting oil through the Strait of Hormuz

On May 25, the supertanker Agios Fanourios II, carrying approximately 2 million barrels of Iraqi crude oil, successfully navigated through the Strait of Hormuz blockade, drawing attention as Swiss trading firm Lytton SA reportedly earned around $60 million from a single transaction. According to reports, the vessel was originally destined for Vietnam but faced multiple intercepts by both Iranian and U.S. forces en route, ultimately completing its journey after intervention by Petro Vietnam Oil Corp. Lytton SA purchased the crude at $18 per barrel below the international benchmark price and sold it at a significant premium outside the Gulf, creating an arbitrage opportunity. Transportation costs reached $35 to $40 million; the ship was initially ordered to proceed to Iran’s Bandar Abbas port and was later intercepted and investigated by U.S. forces after exiting the strait, before being cleared to continue. Reports indicate that price differentials for some crude transactions have widened to $20–$30 per barrel, attracting more traders to risk transit through the Strait of Hormuz.