SINGAPORE, May 21, 2026, 00:20 SGT
Supertanker traffic picked up in the Strait of Hormuz on Wednesday, with three ships carrying a total of 6 million barrels of Middle East crude leaving the Gulf en route to Asia after more than two months of waiting, according to shipping data from LSEG and Kpler. A fourth tanker was on its way into the strait, Reuters said.
Small moves like this are still unusual. The U.S.-Israeli war on Iran, which started Feb. 28, has already reduced shipping through Hormuz. That route typically moves about one-fifth of the world’s oil and energy.
Brent crude dropped more than 4% to $106.52 a barrel in a market swinging between diplomacy and fear. Prices slipped after President Donald Trump said talks with Iran were in their “final stages.” But some analysts said supply risks might stick around. Reuters
Three Very Large Crude Carriers, or VLCCs, have been moving crude out of the region, according to Reuters. Universal Winner is loaded with Kuwaiti crude and bound for Ulsan, South Korea. Yuan Gui Yang is set for Shuidong in southern China. Ocean Lily is heading to Quanzhou.
The Financial Times said three ships took the northern route through the Strait of Hormuz, an area marked out by Iran. “It is most likely that there was a deal done” with Tehran, Matthew Wright, lead shipping analyst at Kpler, told the FT. Financial Times
Asian refiners and traders are getting the barrels. Unipec, Sinopec’s trading arm, chartered Yuan Gui Yang. Sinochem owns Ocean Lily. SK Energy, the largest refiner in South Korea, is in Ulsan, where Universal Winner will unload.
At least 19 non-Iranian oil and LPG tankers that went into Hormuz since March 1 have made it out with cargo, Bloomberg said Monday. But around 100 tankers that entered before fighting are still stuck, leaving only a handful of shipowners taking on the risk.
But risk hasn’t gone away with the cargoes. The U.S. Navy-led Joint Maritime Information Center said the area is still “high risk” after recent ship attacks, pointing to “aggressive hailing and assertive action by Iranian units” in the last 48 hours. Shipping groups flagged drones, mines, growing traffic, and less military oversight. Reuters
Iran has tightened its hold on transit through the area, Reuters reported Wednesday, with new systems of route approvals, inspections and what some sources called alleged fees. “Some will get through because of political alliances, others will have to pay, others will be turned back. This is the new norm,” said Danny Citrinowicz, senior Iran researcher at Israel’s Institute for National Security Studies, in the Reuters report. Reuters
Diplomatic signals were mixed. Trump told reporters the U.S. would give negotiations “one shot,” saying more strikes could follow if talks failed. Tehran accused Trump of planning to resume the war, while the Revolutionary Guards warned of strikes outside the region if Iran was attacked again. Reuters
“Investors want to see if Washington and Tehran actually come to terms and agree on peace, with the U.S. position changing day by day,” said Toshitaka Tazawa, analyst at Fujitomi Securities. Citi analysts see Brent possibly hitting $120 soon. Wood Mackenzie has prices nearing $200 if the Hormuz chokepoint stays mostly closed through year-end. Reuters
Hormuz isn’t open in its usual way. Shipments are happening case by case, and the tankers that got through just show how much oil, how many crews, and how much risk is still stuck.
