Kuwait Petroleum Corp. is offering a tender of 4 million barrels of oil — two very large crude carriers worth — to Asian refiners, Kuwait's first such tender since Israeli-U.S. strikes on Iran began in February, Bloomberg reported on June 9. It follows tenders concluded in recent days by the Abu Dhabi National Oil Co. of more than 14 million barrels — seven VLCCs worth — of crude grades originating from inside the Strait of Hormuz.

Companies are shipping oil through the Strait of Hormuz by instructing tankers to use ship-to-ship transfers, hug the coast of Oman and turn off their location transponders. So far, oil markets still appear to be shrugging off concerns from oil companies that inventory levels may soon reach dire lows.