(April 9): With the Strait of Hormuz still largely blocked and countries globally struggling to get enough oil, there are some 1.2 million barrels of it sitting untouched off the coast of Singapore. The Arman 114, an Iran-flagged supertanker that Indonesia seized in 2023, is moored near Batam, around 15 nautical miles from the wealthy city state. Indonesian authorities seized the Arman almost three years ago after it was found illegally transferring crude to another tanker in the country’s waters. Applying a similar discount at today’s prices would imply an opening bid of almost US$100 million. While 1.2 million barrels would cover less than a day of Indonesia’s demand, with oil prices still elevated, authorities may have fresh reason to revisit the sale.

Source: The Edge Markets April 09, 2026 06:07 UTC