Oil and gas tankers remained stranded in the Strait of Hormuz on Wednesday (8 April), as shipping firms sought clarity on vessel passage despite a ceasefire agreement between the U.S. and Iran.
LSEG shipping data showed that most tankers had not left the Gulf since U.S. President Donald Trump announced a two-week cessation of hostilities and said the U.S. would assist with managing traffic in the strait.
Iran’s Foreign Minister, Abbas Araqchi, said that provided attacks against it ceased, Tehran would allow safe passage of vessels through the 104-mile waterway in coordination with its armed forces “and with due consideration of technical limitations.”
Ship tracker Kpler said 187 tankers carrying 172 million barrels of crude oil and refined products were afloat inside the strait as of Tuesday.
Daejin Lee, Global Research Head at logistics firm Fertmax FZCO, said it would take more than two weeks to clear the backlog of ships in the strait under normal circumstances.
"A 14-day window is simply too short to restore the level of confidence needed to fully unwind the embedded uncertainty premium, particularly for Arabian Gulf loading routes," he said.
Lee said details about what actions ships and charterers must take to gain passage remained unclear.
"Many blue-chip shipowners may wait several days to ensure the ceasefire holds before committing vessels," he added.
Jakob Larsen, Chief Safety and Security Officer at shipping association Bimco, said the industry was awaiting technical details from the U.S. and Iran.
"Leaving the ... gulf without prior coordination with the U.S. and Iran would entail heightened risk and would not be advisable," he said.
Iran effectively blocked the Strait of Hormuz in response to U.S. and Israeli attacks that began on 28 February.
The closure of the waterway, through which 20% of the world’s oil and liquefied natural gas passes, resulted in energy prices soaring.
The ceasefire, announced about 90 minutes before Trump’s deadline for Iran to reopen the strait, triggered a plunge in oil prices.
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