- Two supertankers reversed course near the Strait of Hormuz amid rising military tensions.
- Oil prices surged to 5-month highs as fears of a supply disruption mount.
- Supertanker freight rates more than doubled in one week.
- Tanker navigation patterns show rerouting, anchoring, or speeding up to avoid risk zones.
- Iranian parliament signals potential closure of the strait, raising global energy concerns.
At least two supertankers made U-turns near the Strait of Hormuz after U.S. military strikes on Iran, according to shiptracking data. The region has experienced over a week of heightened violence, causing vessels to either speed up, pause, or reroute to avoid potential conflict zones.
The U.S. joined Israel in its attacks on Iran, sparking concerns that Tehran could retaliate by closing the critical waterway — a chokepoint that sees nearly 20% of global oil and gas flow.
Oil Prices and Freight Rates Surge
Following these developments, oil prices rallied sharply. Both Brent and West Texas Intermediate (WTI) crude futures touched fresh five-month highs in volatile trade as markets reacted to potential supply disruptions. Some analysts now warn of oil prices possibly hitting $100 per barrel if the situation worsens.
Meanwhile, supertanker freight rates have surged, doubling within a week to exceed $60,000 per day, highlighting both the risk premium and rising logistical constraints in the region.
Tankers Turning Back
The Coswisdom Lake, a Very Large Crude Carrier (VLCC), approached the Strait on Sunday but made a U-turn before eventually resuming its journey toward the UAE’s Zirku port, according to data from Kpler and LSEG. The vessel was chartered by Unipec, the trading arm of China’s Sinopec, and was scheduled to load crude for delivery to China.
Similarly, the South Loyalty, another VLCC, turned back near the strait and remained outside on Monday. It was due to load oil from Iraq’s Basra terminal, sources confirmed.
Singapore-based Sentosa Shipbrokers reported a sharp decline in tanker activity: inbound empty tankers into the Gulf dropped 32%, while loaded outbound tankers fell 27% compared to early May levels.
Strategic Navigation and Pauses
Tanker traffic patterns reveal a cautious approach. A cluster of vessels is navigating closer to Oman, while Iranian-flagged ships stick to Iran’s territorial waters. According to MarineTraffic data, some tankers like Kohzan Maru, Red Ruby, and Marie C altered course or dropped anchor near the UAE’s Fujairah port instead of entering the strait.
Shipowners are increasingly minimizing the time spent inside the Strait of Hormuz. Taiwan’s Formosa Petrochemical spokesperson KY Lin stated that vessels now enter the area only when their loading window nears.
Japanese firms Nippon Yusen and Mitsui O.S.K. Lines confirmed their vessels are still transiting the strait but are under strict instructions to reduce time spent in the Gulf.
Delays and Strategic Risk Management
Several oil traders and shipping analysts told Reuters they were advised to expect possible loading delays as tankers queue outside the volatile region. Legal experts, like Leon Alexander from Clyde & Co., emphasized the importance of diversifying both oil sources and shipping routes to avoid potential bottlenecks.
Iran Hints at Strait Closure
Iran’s parliament reportedly approved a motion to close the Strait of Hormuz, though any implementation would require sign-off from the Supreme National Security Council. While Iran has often issued such threats in the past, it has never followed through.
Still, the geopolitical uncertainty adds a significant layer of risk for global energy markets, and shippers are clearly adjusting course — both literally and strategically — in response.
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Source: Reuters
