Hormuz Shipping Activity Accelerates

An uptick in Hormuz shipping activity signals a tentative reopening of the Strait of Hormuz as the US-Iran interim peace deal spurs traffic. Four supertankers carrying about 8 million barrels have either emerged outside the strait or are sailing through, including the first Saudi-owned vessels since the war began. Qatar sent a LNG cargo through the waterway and another LNG carrier appeared at a Qatari berth. Five Iran-linked vessels also entered the waterway, according to Bloomberg data. Markets spiked earlier due to the risk of closure, but trades have since softened as China curbed imports and US exports rose.

Looking ahead, the coming days will test how traffic is managed, how mines are cleared, and whether new cargoes are booked as Gulf producers seek to restart output. The memorandum promises full opening without tolls for 60 days, but Tehran has signaled continued management of the strait, creating a cautious outlook for traders. While exits on laden ships are increasing, there is skepticism about scheduling and safety protocols, and more than 100 stranded tankers add to the uncertainty surrounding the reopened Gulf.