Key facts
- Iran has warned tankers to use Tehran-approved routes in the Strait of Hormuz or face forceful response.
- Two Saudi crude-laden tankers are heading for the Strait of Hormuz, carrying 4 million barrels.
- Saudi Arabia has shipped approximately 34 million barrels of crude through the Strait of Hormuz since mid-June.
- Commercial vessel traffic in the Strait of Hormuz remains at about one-third of its pre-war level.
- War-risk insurance premiums for independent tanker operators are roughly eight times higher than before the conflict.
Two very large crude carriers loaded with Saudi crude are heading for the Strait of Hormuz, signaling a recovery in traffic through the vital oil chokepoint. The tankers, owned by Japanese companies Nippon Yusen KK and Kawasaki Kisen Kaisha, loaded Saudi crude on March 1 and are set to transit the waterway. This development follows Iran's warnings to tankers to use Tehran-approved routes or face forceful action. Commercial vessel traffic in the Strait of Hormuz remains significantly below pre-war levels, at about one-third of the roughly 84 daily transits, though Saudi Arabia has exported 34 million barrels since mid-June and the UAE has increased its outflows. War-risk insurance premiums for independent tanker operators are reportedly eight times higher than before the recent conflict.