Oil Falls Strait of Hormuz as Tanker Flows Resume
Oil Falls Strait of Hormuz after tanker transits resumed post an attack near Oman, shifting traders toward supply normalization and easing price pressure.
KEY TAKEAWAYS
- Resumed tanker transits eased immediate supply fears and pressured oil prices lower.
- Kpler counted 13 transits on Friday versus 24 on Thursday and 27 on Wednesday.
- The IMO paused its evacuation plan and Iran's routing claim leaves corridor governance fragile.
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Oil prices fell after tanker traffic resumed on June 25 through the Strait of Hormuz following an attack near Oman. Brent crude settled at $72.75 and WTI at $69.60 as traders shifted focus to improving supply access, easing immediate price pressure.
Tanker Traffic Improves but Remains Below Normal
Kpler data showed 13 tanker transits on Friday, down from 24 on Thursday and 27 on Wednesday, reflecting improved movement compared with conditions before the recent resumption effort. AXSMarine recorded 62 total transits on June 24 but described traffic as not yet fully normalized. Since the reopening agreement, Kpler counted more than 20 tankers carrying about 35 million barrels, though these cargoes are still working through delayed arrivals into August.
The market’s focus shifted to restored tanker traffic through the strait rather than broader escalation risk, helping to ease price pressure despite the incomplete recovery in flow levels.
Attack Prompts Evacuation Pause and Governance Dispute
On June 25, the United Kingdom Maritime Trade Operations reported a cargo vessel was struck by an unknown projectile near Oman while transiting the Strait of Hormuz. U.S. officials attributed the attack to Iran. In response, the International Maritime Organization temporarily paused its voluntary evacuation program for stranded ships and seafarers pending reconfirmation of necessary safety guarantees.
Iran’s naval force asserted that only routes it declared are authorized and warned that passage outside those routes is dangerous. This claim complicates coordination, as evacuation and routing plans depend on channels coordinated through Omani and U.N. authorities.
The partial resumption of tanker flows helped ease immediate supply fears and pressured crude prices lower for the week. However, the incomplete recovery and the IMO’s pause leave the Gulf corridor vulnerable to renewed disruption, keeping the supply outlook central to market attention.
