Key facts
- Tanker rates have nearly doubled in a week, with some VLCCs commanding up to $470,000 daily.
- Oil tankers are being paid $280,000 per day to enter the Persian Gulf for cargo pickup.
- President Donald Trump claimed a "secret mission" escorted tankers out of the Strait of Hormuz at night with transmitters off.
- The US military has reportedly assisted in "overwatch operations" for "shadow transits" through the strait.
- An interim deal between the U.S. and Iran to end the war was digitally signed.
- Up to 93 million barrels of stranded non-Iranian oil could be released if the Strait of Hormuz reopens.
Tanker rates have surged dramatically, with some Very Large Crude Carriers (VLCCs) commanding nearly $470,000 daily, as oil producers increasingly utilize the Strait of Hormuz for shipments. This reopening follows claims by U.S. President Donald Trump of a "secret mission" to escort tankers through the chokepoint at night with their transmitters off.
According to reports, the U.S. military has been involved in "overwatch operations" to assist these "shadow transits," where vessels transfer cargoes to other tankers in the Gulf of Oman before returning for more oil. This operation aims to bypass Iran's influence over oil flows, which has disrupted global energy markets.
An interim deal between the U.S. and Iran to end the war was digitally signed by President Trump and Iranian President Masoud Pezeshkian. Analysts suggest that the reopening of the Strait of Hormuz could release approximately 93 million barrels of stranded non-Iranian oil, with potentially another 72 million barrels freed up if U.S. sanctions on Iranian crude are lifted. Currently, around 54 supertankers carrying roughly 87 million barrels of crude are estimated to be held up within the Gulf.
Despite the potential influx of supply, demand from Asian refiners may be tempered. Many have already secured cargoes for June to August, and several refineries in China are slated for maintenance in July, which is expected to reduce their throughput.