Shippers were seeking clarification on logistics on Wednesday to resume the passage of tankers through the Strait of Hormuz following a ceasefire agreement between the U.S. and Iran. Most oil and gas tankers were still located within the Gulf, according to LSEG shipping data, even after U.S. President Donald Trump announced the two-week ceasefire. Iran’s foreign minister mentioned that if attacks against the country stopped, Tehran would halt counter-attacks and facilitate safe passage in coordination with its armed forces.
Ship tracker Kpler reported that about 187 tankers carrying 172 million barrels of crude oil and refined products were floating inside the strait as of Tuesday. Daejin Lee, global head of research at Fertmax FZCO, estimated that with over 1,000 vessels stuck in the Persian Gulf, clearing the backlog could take more than two weeks even under normal circumstances. Lee emphasized that a 14-day timeframe might not be sufficient to restore enough confidence to fully address the uncertainty premium, especially for Arabian Gulf loading routes.
Details surrounding the actions required for ships and charterers to gain passage remained unclear, with many top-tier shipowners potentially waiting several days to ensure the ceasefire stability before committing vessels. Several countries, including Canada, pledged to ensure the ‘freedom of navigation’ in the strait, which had been blocked by Iran in response to U.S. and Israeli attacks, disrupting global trade in fertilizer and energy markets.
Asian economies heavily reliant on oil shipment through the strait have been significantly impacted by the disruptions. Countries like China and Japan expressed hopes for the early resumption of normal trade routes through the strait. South Korea’s government promised to support its stranded vessels in the region while advising caution due to potential risks.
The importance of the strait in global energy supply chains has been a subject of debate, with calls for sustained multinational efforts to keep the waterway open and ensure freedom of navigation. While discussions about military patrols accompanying commercial ships have surfaced, uncertainties remain on the long-term strategy to address the strait’s security challenges.
Meanwhile, Danish shipping giant Maersk indicated it was not yet ready to transit through the strait, emphasizing the need for continuous risk assessments and security monitoring before any decision. Oil prices experienced a decline following the ceasefire announcement, with market analysts cautiously optimistic about the potential for normalized shipping through the strait and the prospects for a lasting peace agreement.