Shippers were seeking clarification on logistics following a ceasefire agreement between the U.S. and Iran to resume tanker traffic through the Strait of Hormuz. According to LSEG shipping data, most oil and gas tankers remained within the Gulf, waiting for further instructions after President Trump’s announcement of the two-week ceasefire.
Iran’s foreign minister stated that Tehran would allow safe passage through the strait if attacks against the country ceased. Ship tracker Kpler reported that nearly 187 tankers carrying 172 million barrels of crude oil and refined products were currently floating inside the strait.
With over 1,000 vessels trapped in the Persian Gulf, clearing the backlog would likely take more than two weeks even under normal circumstances, as mentioned by Daejin Lee, global head of research at Fertmax FZCO. Lee emphasized that restoring confidence and resolving uncertainties, especially for Arabian Gulf loading routes, would require more time than the proposed 14-day window.
Various countries, including Canada, pledged to ensure freedom of navigation through the strait, which had been blockaded in response to previous attacks. The disruption severely impacted Asian economies, major buyers of oil shipped through the strait, prompting calls for swift restoration of normal trade routes.
While some vessels have crossed the strait, uncertainties persist regarding the actions required for safe passage. Discussions on military patrols for commercial ships have also been ongoing. Danish shipping giant Maersk expressed caution and stated that decisions on transiting the strait would be based on continuous risk assessments and security monitoring.
Following the ceasefire announcement, oil prices saw a temporary drop, leading to cautious optimism in markets. Analysts highlighted the need for sustained efforts to normalize shipping through the strait and establish a lasting peace agreement amid the fragile truce.