Middle East crisis: Supertankers making U-turns near Strait of Hormuz; at least 5 rerouted
At least two supertankers abruptly turned back near the Strait of Hormuz following US military strikes on Iran, according to ship-tracking data, the clearest sign yet that escalating Middle East tensions are beginning to rattle the arteries of global energy supply.
The moves come as the US joins Israel in its military campaign against Iran, raising fears of Iranian retaliation in the form of a partial or full closure of the Strait, the narrow chokepoint between Iran and Oman through which nearly 20% of the world's oil and gas shipments pass.
Shipowners, energy traders, and governments are watching with growing unease as oil markets spasm and vessels stall, reroute, or anchor offshore, waiting out the storm.
Tankers turn back, rates skyrocket
On Sunday, the Coswisdom Lake, a Chinese-chartered Very Large Crude Carrier (VLCC), made a U-turn near the strait before changing course again on Monday, resuming its route toward the UAE port of Zirku, according to data from Kpler and LSEG. The vessel was scheduled to load crude for delivery to China, chartered by Sinopec's trading arm, Unipec. The Chinese firm has not commented publicly.
Another VLCC, the South Loyalty, scheduled to lift crude from Iraq's Basra terminal, also reversed course and remained outside the strait, according to LSEG and Kpler data.
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The rerouting isn't isolated. Over the past week, inbound empty tankers entering the Gulf have fallen 32%, and loaded departures are down 27% compared to early May levels, according to Singapore-based Sentosa Shipbrokers.
Rates for VLCCs, which can carry 2 million barrels of oil, have more than doubled in the past week, crossing $60,000 per day, freight data shows.
Rerouting, delays and anchored vessels
More tankers are now hugging the coast of Oman or halting off ports in the UAE.
MarineTraffic data shows a cluster of tankers rerouting to avoid Iranian waters, while primarily Iranian-flagged vessels remain within domestic zones.
The chemical tanker Kohzan Maru was seen diverting away from the strait, lingering in the Gulf of Oman.
The oil tanker Red Ruby and chemical carrier Marie C, both en route for loading, opted to anchor off Fujairah, UAE, instead of transiting the strait.
"Vessels will only enter the region when it is nearer to their loading time," said KY Lin, spokesperson for Taiwan's Formosa Petrochemical Corp.
The company is among many adopting a wait-and-watch stance, balancing operational deadlines with geopolitical risk.
Oil prices surge, traders brace for supply snags
The uncertainty pushed Brent and WTI crude to five-month highs Monday, with markets swinging on fears that any further escalation or Iranian naval retaliation could pinch already tight global supply. Analysts are now bracing for oil potentially spiking to $100 a barrel.
Some Japanese shippers, including Nippon Yusen and Mitsui O.S.K.
Lines, said their vessels are still transiting the strait but under strict instructions to reduce time spent inside Gulf waters.
Oil traders and analysts told Reuters they have been warned to expect shipping delays as vessels cluster outside the high-risk zone, awaiting instructions or turnarounds.
Iranian threats loom, but closure still unlikely — for now
Iran's Press TV reported that Iran's Parliament on Sunday approved a resolution to close the Strait of Hormuz, a move that, if executed, could send shockwaves through global markets. However, such a drastic action would require approval from the country's Supreme National Security Council.
While Iran has often threatened to close the Strait during periods of tension, it has never followed through. Analysts warn that even the perception of a threat is enough to unsettle trade routes and inflate freight and fuel costs.
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