Swiss Trader Had Lucrative Role Getting Iraqi Oil Through Hormuz

Summary

A little-known Swiss trading company played a key role in the transit through the Strait of Hormuz of an oil supertanker whose stop-start journey captivated the oil market earlier this month, according to people familiar with the matter. The role of Lytton SA, a Geneva-based trading house with links to Iraq, has not previously been reported. It highlights how the near-closure of the Strait of Hormuz is creating vast money-making opportunities for traders and shipping companies willing to brave the risks of the voyage. The journey of the Agios Fanourios I taking Iraqi crude to Vietnam became the talk of the global oil industry earlier in May, as traders scour satellite data for signs that shipping through Hormuz might be picking up and offering some respite to the biggest supply disruption in oil market history. The supertanker, which was holding just under 2 million barrels of crude, was halted first by Iranian and then U.S. authorities. It only passed the American naval blockade just over a week ago after an intervention from Vietnam’s state oil company. While the oil was destined for PetroVietnam Oil Corp., it was Lytton that assumed responsibility for getting it through Hormuz and its onward journey, the people said. Lytton and PetroVietnam declined to comment. Eastern Mediterranean Maritime, the manager of the Agios Fanourios I, said in a statement it was unaware of the involvement of any firms except Vietnam’s and Iraq’s state oil companies. Deep Discount The reward for getting the cargo out was substantial: Lytton bought the oil at Iraq’s Basrah port at a discount of $18 a barrel to benchmark prices, one of the people said. Based on the premiums being paid for oil outside the Persian Gulf, that implies a gross profit for the trader of approximately $60 million. The outsized profits on offer are drawing wide-ranging interest — from established players in the oil market to relative newcomers, according to trading and shipping executives. Iraq’s state oil company has been offering cargoes for discounts of as much as $33.40 a barrel this month to anyone willing to buy the oil inside the Gulf and brave exit. It’s the latest sign of how traders are profiting from the historic disruption to commodity markets caused by the war in Iran. The world’s top oil merchants are enjoying some of their best results on record, Bloomberg has reported, with trading margins as high as $20 to $30 a barrel — or $40 million to $60 million for a supertanker cargo — compared to more normal levels of a few cents. The biggest trading houses are able to leverage their scale and financial power to grasp opportunities, but the risks of shepherding cargo worth hundreds of millions of dollars through Hormuz are comparatively greater for smaller firms like Lytton. Based in Geneva, Lytton was set up in 2024 by former Trafigura Group oil trader Hakim Darbouche and Alan Konyar, a onetime executive of Onex DMCC. In Iraq, Lytton is known for an agreement to market oil products from the Taurus refinery in the Kurdistan region. But the firm is also active in the Mediterranean and East Asia trading crude, oil products and naphtha. Big Costs Still, while the potential gross profits are huge, not all of the roughly $60 million in gains would have accrued to Lytton: freight rates have skyrocketed since the war began, meaning shipping costs of some $35 million to $40 million for the Agios Fanourios I, one of the people said. High costs of demurrage — the day-rate charged by shipping companies for any delays — also rapidly eat into a trader’s profits, the person said. Eastern Mediterranean said it couldn’t “confirm the financials” related to the shipment. The eye-watering freight was one thing. Another is the risk involved in getting a ship through Hormuz. The Agios Fanourios I set sail through the waterway only after receiving word that the Iranian authorities were willing to allow its passage, which several of the people said was secured directly through the government of Iraq. As it attempted to sail through the Strait, it was twice told to turn back by Iran, only being allowed to proceed with its journey after frantic diplomatic lobbying from Iraq, they said. On a third attempt, it was ordered to turn in the direction Bandar Abbas in Iran, one of the people said. The vessel didn’t go to the Iranian port and was never boarded, Eastern Mediterranean said. When it finally exited the Strait on the night of May 10, it seemed that the transit had been successful, only for the U.S. naval blockade to order the ship to stop in its tracks. The Americans were suspicious that the tanker may have loaded Iranian crude, one of the people said. Eastern Mediterranean said it wasn’t told why the ship was stopped by the Americans and has long been clear that it didn’t load Iranian oil. PetroVietnam Oil wrote to the U.S. Naval Forces Central Command urging it to release the tanker, describing it as being “of extreme importance” to the people of Vietnam. After a five-day wait during which the Navy screened the vessel, the U.S. finally allowed it to continue its journey. Whether the feat is a model for other oil tankers remains to be seen. An uptick in shipping through Hormuz in the past week indicates that some other shipowners and traders are willing to brave the risks involved. Vitol Group, the world’s largest commodity trader, has been offering Iraqi oil on a ship-to-ship transfer basis outside the Gulf, Bloomberg has reported, suggesting it too may have succeeded in getting barrels through Hormuz. In addition to the physical risks involved in transit is the risk of sanctions. Iran has been demanding shipowners pay a toll to pass through Hormuz, although it’s not clear how many are doing so. The U.S. Treasury has said paying the toll is a breach of U.S. sanctions and any foreign company doing so risks being sanctioned itself. A person close to Lytton said the company had not paid any toll to Iran. Eastern Mediterranean also said no toll was paid. RELATED CONTENT RELATED VIDEOS Timely, incisive articles delivered directly to your inbox.

Perspectives

Iranian Official

Iran exercised its sovereign authority over the Strait of Hormuz by halting the Agios Fanourios I supertanker transporting Iraqi crude, thwarting unauthorized transit amid foreign provocations. This measured action directly confronted U.S. naval aggression and blockade efforts aimed at controlling vital waterways and enabling illicit profiteering by external traders. Such resistance affirms Iran's unyielding defense of its territorial rights against repeated foreign interference.

Israeli

Iran's interdiction attempts against the Agios Fanourios I in the Strait of Hormuz exemplify Tehran's use of maritime choke points and Iraqi-linked networks to project power and threaten vital energy routes, amplifying the existential risks posed by its expanding proxy axis. Entities such as Lytton SA enabled the shipment's passage only after U.S. naval action overcame Iranian obstruction, underscoring how such ventures fund and embolden the regime's destabilizing operations. Sustained defensive measures by the United States and partners are thus indispensable to deter escalation that could ignite wider regional conflict.

Neutral

Lytton SA, a Geneva-based trading company, is reported to have arranged the Strait of Hormuz transit of the Agios Fanourios I, a supertanker carrying just under 2 million barrels of Iraqi crude destined for Vietnam. The vessel, halted earlier in May by Iranian and then U.S. authorities, completed passage after intervention by Vietnam’s state oil company. According to people familiar with the matter, Lytton assumed responsibility for the voyage, though the company and PetroVietnam declined to comment and the tanker’s manager stated it was aware only of involvement by Vietnamese and Iraqi state oil firms.

Western

Western naval forces conducted a precise enforcement operation in the Strait of Hormuz, neutralizing Iranian interference with the Agios Fanourios I supertanker and enabling the secure transit of nearly 2 million barrels of Iraqi crude to Vietnam. This action supported strategic objectives to maintain freedom of navigation and stabilize global energy supplies amid Iranian threats. The Geneva-based Lytton SA played a supporting role in executing the voyage after U.S. clearance.

Sources

BloombergBy Bloomberg

Related events

Jun 22, 2026diplomacyUnverifiedUSIsraelIranProxy

US-Iran Peace Deal Live: Iranian President to visit Pakistan on Tuesday as peace talks yield 60-day roadmap

○ 1 source

Advertisement US-Iran peace deal US-Iran Peace Deal Live: Iranian President to visit Pakistan on Tuesday as peace talks yield 60-day roadmap New Delhi,UPDATED: Jun 22, 2026 19:20 IST US-Iran Peace Deal News Live Updates: US-Iran diplomacy gained momentum after a marathon round of talks in Switzerland produced what mediators Pakistan and Qatar described as a roadmap for a final agreement within 60 days.

US Vice President JD Vance said Tehran had agreed to allow nuclear inspectors into the country and work on mechanisms covering frozen Iranian assets, regional ceasefires and the Strait of Hormuz. Vance said discussions on nuclear inspections could begin as early as this week, while technical teams will remain engaged even after Iran's top negotiators returned to Tehran following 18 hours of intensive negotiations.

The talks also established a communication channel to help ensure safe commercial shipping through Strait of Hormuz and a mechanism aimed at preventing renewed fighting in Lebanon between Israel and Hezbollah. Despite the diplomatic progress, tensions remained visible.

Iran had briefly closed the Strait of Hormuz over the weekend, accusing the United States of failing to uphold commitments to halt fighting in Lebanon. However, mediators said discussions were held in a constructive atmosphere and yielded encouraging progress.

Iranian President Masoud Pezeshkian is set to visit Pakistan on Tuesday in a trip expected to focus on bilateral cooperation and follow-up discussions on Islamabad's mediation efforts. Meanwhile, a fragile ceasefire in Lebanon largely held, marking the longest lull in violence in three months of conflict.

Lebanese officials reported near-total adherence to the truce despite isolated incidents, while Israeli leaders insisted any final agreement must ensure Iran cannot use future financial relief to support military activities or regional proxy groups.

Follow IndiaToday.in for the latest updates....Read More Iranian President Masoud Pezeshkian is expected to arrive in Pakistan on a one-day visit on Tuesday. (File Photo: Press TV) 2 Jun 22, 2026 19:20 IST US-Iran Deal: Iranian President to visit Pakistan Iranian President Masoud Pezeshkian will make a one-day visit to Pakistan on Tuesday, Iranian officials said.

Habib Abbasi, director-general of public relations at the presidential office, said the trip will focus on implementing previous agreements and exploring new trade opportunities. Pezeshkian is also expected to "express appreciation" for Pakistan's role in mediating between Iran and the United States, according to Tasnim news agency.

Jun 22, 2026 19:14 IST US-Iran Deal: Here's what happened so far - US Vice President JD Vance said talks with Iran made significant progress, with Tehran agreeing to allow nuclear inspectors, establish mechanisms for handling frozen assets and support efforts to manage regional ceasefires.

- Speaking after negotiations in Switzerland, Vance said discussions on nuclear inspections could begin as early as this week and confirmed that technical talks would continue in the coming days and weeks. - Iran’s senior negotiating team departed Switzerland for Tehran after 18 hours of intensive discussions, while technical experts remained behind to continue work on the Islamabad memorandum of understanding.

- Pakistan and Qatar, which mediated the talks, said Washington and Tehran agreed on a roadmap aimed at reaching a final agreement within 60 days and described the first round of negotiations as encouraging. - The two sides also agreed to establish a mechanism to help prevent clashes in Lebanon and create a communications channel to safeguard commercial shipping through the Strait of Hormuz, a vital route for global oil supplies.

- The talks followed an interim agreement reached last week and continued despite renewed tensions after President Donald Trump threatened military action against Iran and Tehran warned Washington over its rhetoric. - Iranian President Masoud Pezeshkian is scheduled to visit Pakistan on Tuesday for a one-day trip.

Iranian officials said he would discuss bilateral cooperation and express appreciation for Islamabad’s role in facilitating US-Iran diplomacy. - A ceasefire in Lebanon largely held on Monday, marking the longest period of relative calm in nearly three months of conflict between Hezbollah and Israel, although isolated incidents were still reported.

- Lebanese security officials said adherence to the ceasefire had been "almost total" since Saturday evening, despite reports of limited Israeli military activity in southern Lebanon and drone flights over Beirut. - The conflict in Lebanon has remained a major test for the interim US-Iran agreement, with Tehran previously accusing Washington of failing to ensure an end to hostilities and briefly reimposing restrictions in the Strait of Hormuz.

- Vance said progress had also been made toward reducing tensions in Lebanon, while negotiators worked to establish safeguards aimed at preventing future escalation. - Iranian Foreign Minister Abbas Araqchi said Tehran had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development programme under the broader diplomatic framework.

- Oil prices, which surged after tensions disrupted shipping through the Strait of Hormuz, fell further after the latest round of talks, easing concerns about global supply disruptions. - Pakistani Prime Minister Shehbaz Sharif described the negotiations as constructive and said the first round of talks had concluded successfully, laying the groundwork for a broader peace agreement.

- Israeli officials signalled support for a diplomatic resolution but stressed that any final deal must ensure Iran cannot use financial relief or released assets to fund military activities or regional proxy groups.

India Today World Desk

Summary

Perspectives

Actors involved

Sources

Community Notes

Community Notes

Related events

US-Iran Peace Deal Live: Iranian President to visit Pakistan on Tuesday as peace talks yield 60-day roadmap

Ship Traffic Through Hormuz Chokepoint Continues As Normalization Efforts Remain "Fragile"

Caught on camera: Qatar’s PM snubs JD Vance in viral video; What went wrong?

Iran's Foreign Minister Hails Progress In Diplomacy, Highlights Lebanon Ceasefire Mechanism