With the easing of tensions between the US and Iran, shipowners and trading companies have once again begun intensively utilizing the Strait of Hormuz, the most critical transit region for global oil trade.
According to sea-news.az referencing foreign media, the temporary peace agreement reached between the US and Iran last week has facilitated the restoration of shipping traffic in the Strait of Hormuz, and the logistical crisis in the waterway is rapidly dissipating.
It is reported that 7 large tankers passed through the strait today. Among those vessels are two supertankers sailing from the Gulf fully loaded, as well as three product tankers. On the other side of the strait, two Suezmax vessels sailing under the Iranian flag were spotted.
Turkey’s Minister of Transport and Infrastructure, Abdulkadir Uraloglu, stated that since the beginning of the US-Iran war, 11 Turkish-owned vessels have safely passed through the Strait of Hormuz and left the Gulf, while 7 vessels are still waiting for additional measures. The fact that vessels are openly broadcasting signals without the need to hide their routes is considered the most concrete indicator that maritime trade security has been restored. In recent days, millions of barrels of crude oil, as well as LNG tankers entering the region, have been observed safely passing through this strategic waterway that connects the Gulf with global buyers.
Furthermore, following the US decision on a temporary sanctions waiver applied to Iranian petroleum products, the Tehran administration has turned to Asia’s largest importers to return to the global market and utilize millions of barrels of its oil accumulated at sea. According to information obtained by Bloomberg from its sources, representatives of the National Iranian Oil Company, as well as intermediaries, have contacted refineries in countries such as India, Japan, and the Republic of Korea. Iran, which has been almost completely dependent on the Chinese market for a long time due to sanctions, aims to use this opportunity both to expand its buyer base and to quickly sell its oil stocks that have remained on tankers at sea for months.
According to Vortexa figures and Bloomberg calculations, roughly 68 million barrels of crude oil and condensate were waiting on tankers by the date the temporary sanctions waiver decision was issued. At least 80 percent of this massive volume does not yet have a precise destination, which makes the oil directly accessible to new buyers. However, despite this vital step and Tehran’s urgency, a quiet and cautious expectation prevails among Asian oil buyers. Asian refineries are in no rush because they have already secured their supplies and remain wary of fluctuations in Washington’s policy. Regional countries, unwilling to jeopardize supply security due to the months-long blockades in the Strait of Hormuz, have already replenished their stocks through purchases from alternative sources.
According to analysts, major importers, particularly India, have planned and secured all their oil needs until August; therefore, they feel no economic urgency to turn to Iranian oil in the short term. Logistical and financial anxieties also play a significant role in this market hesitation. Sudden shifts in policy and indecisiveness regarding sanctions by the Trump administration make it difficult for Asian companies to formulate long-term plans.
In addition, the continuation of European Union and UK sanctions creates a deadlock in vital processes such as trade financing and tanker insurance. The refusal of many Asian ports to accept unverified tankers that continue to carry Iranian oil is also considered one of the biggest obstacles preventing Tehran from fully taking advantage of this 60-day period.
Against the backdrop of positive developments in the Strait of Hormuz and diplomatic talks aimed at achieving lasting peace between Washington and Tehran, oil sales in global energy markets have surged sharply. This has led to a drop in the price of “black gold.” A barrel of Brent crude oil is currently selling for $77, while Light crude is trading at $73.
