Tankers Entering Hormuz During War Are Making Their Way Out

Why It Matters

The limited re‑opening of Hormuz signals a cautious revival of oil flow, yet the large backlog threatens supply stability and raises insurance costs for shippers.

Key Takeaways

• 19 non‑Iranian tankers crossed Hormuz since March 1
• About 100 tankers remain stuck fearing Iranian attacks
• Dynacom Tankers linked to seven of the successful crossings
• Cargoes mainly from UAE, Iraq, and Saudi Arabia
• Tracking may undercount due to disabled satellite signals

Pulse Analysis

The Strait of Hormuz, a 21‑mile waterway linking the Persian Gulf to the Arabian Sea, traditionally carries roughly one‑fifth of the world’s oil supply. After the February U.S.–Israeli strikes on Iranian facilities, Tehran tightened control, prompting a near‑shutdown of commercial traffic. Shipping firms responded by anchoring vessels, turning off AIS transponders, and rerouting through longer, costlier routes. This abrupt disruption sent ripples through global oil markets, pushing Brent crude above $90 per barrel and heightening concerns over energy security.

Bloomberg’s vessel‑tracking data reveal that, between March 1 and May 18, 19 non‑Iranian tankers—carrying crude oil or liquefied petroleum gas—successfully entered and exited Hormuz. Seven of those ships are tied to Greece’s Dynacom Tankers Management, highlighting the firm’s willingness to navigate heightened geopolitical risk. The cargoes originated mainly from the United Arab Emirates, Iraq, and Saudi Arabia, underscoring the continued demand for Gulf exports despite the conflict. Operators are employing covert measures, such as disabling satellite signals, to reduce the likelihood of being targeted by Iranian forces.

The lingering fleet of roughly 100 stranded tankers illustrates the broader hesitation among shippers to resume normal routes. Insurance premiums for Hormuz transits have surged, and charter rates now reflect a risk premium that could linger for months. If diplomatic channels ease and Iran signals a de‑escalation, we may see a gradual uptick in crossings, easing price pressure on crude. Conversely, any escalation could cement the bottleneck, prompting refiners to secure alternative supplies and further entrench higher freight costs across the global supply chain.