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Hormuz transits tick up, but Gulf crude exports remain constrained
Kpler data cited by OilPrice shows 14 commodity vessels crossed Hormuz in both directions Wednesday, up from single digits the prior week, while export clearances stayed near recent lows and loading fell by more than half.
Shipping through the Strait of Hormuz saw a modest improvement, with US-Iran negotiations ongoing as efforts to restore peace continued after a memorandum of understanding collapsed amid tit-for-tat strikes, according to Pakistan's Foreign Ministry spokesperson Tahir Andrabi, as cited by OilPrice.
Even with the slight increase in traffic, OilPrice said the broader Gulf security situation deteriorated after the US launched another wave of strikes on Iran following attacks on US forces in Jordan, and reports emerged that a US-owned LNG vessel was hit at an Egyptian port.
OilPrice cited Bloomberg and Kpler data indicating 14 commodity vessels transited the Hormuz chokepoint in both directions on Wednesday, up from single digits the previous week. A four-day pause in US strikes did little to restore Middle East Gulf crude exports, with confirmed clearance near recent lows and Gulf loading activity falling by more than half for the first time in six weeks.
The crude backlog, OilPrice said, shifted between the Gulf and the Gulf of Oman rather than disappearing. Persistent maritime security risks, war risk insurance costs, and Iranian interdiction were described as the main barriers to expanded export capacity, while offshore ship to ship transfers helped manage inventories without increasing export capability.
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