Over 160 oil tankers stuck in Gulf as Iran tightens grip on Hormuz
More than 160 oil tankers are stranded in the Gulf of Oman and the Strait of Hormuz because of intensified inspections by Iran's Revolutionary Guards. More than half of all shipments bound for Asian refineries are delayed; oil-market premiums are climbing rapidly.
According to a Nikkei Asia report based on maritime tracking data, the number of tankers waiting at the Strait of Hormuz exit has tripled the normal level over the past three days. Iran's Revolutionary Guards are holding vessels suspected of flag-of-convenience operation for 8 to 18 hours under 'routine inspection'; tankers flying the Liberian flag face the longest delays.
Japanese trading house Mitsubishi Corp projects that Asian refineries will struggle to receive 60% of their targeted June crude supply. China's Sinopec, India's Reliance and South Korea's SK Innovation have requested additional volumes from Saudi Arabia and the UAE, pushing East–West freight costs sharply higher.
Brent crude closed at $99.82 per barrel in London, while assessments from Hong Kong trading desks said the 'Hormuz risk premium' had risen $5.20 over the past week to reach $10.80. The US navy maintains that freedom of navigation in the area is 'unimpeded', but Asian trading houses interviewed by Nikkei said the practical situation does not match that claim.
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