The transits are happening in daylight now. For months, the world’s most critical choke point for energy went dark as oil tankers cut their satellite tracking systems to slip past Iranian coastal batteries unnoticed. By Thursday, the transits had not only resumed, but they had also doubled in a 24-hour window, hitting their highest frequency since the outbreak of the conflict in late February. 

A substantial backlog of stranded vessels has finally begun to clear. While over 150 ships had anchored outside the choke point during the peak of the blockade, the signing of the US-Iran interim accord has rapidly unlocked traffic.

Ship tracking data shows a significant wave of departures, including three major stranded tankers carrying 5 million barrels of crude oil that successfully exited the passage in a single afternoon, signaling a massive relief to global supply constraints. 

At least 20 stranded oil tankers, holding a combined 35 million barrels of crude, have successfully cleared the Strait of Hormuz since the US and Iran brokered an agreement to reopen the strategic sea lane, according to data from Kpler.

The diplomatic breakthrough has pushed confirmed oil shipments through the gateway up to roughly 4.8 million barrels per day (bpd). While current June flows mark the highest export volume recorded since the US-Israeli airstrikes on Iran on February 28.

Much of the current momentum is driven by a backlog of inventory loaded since late April, which accounted for 51 million barrels exiting the strait this month alone, Kpler analysts noted. Reflecting the easing friction on the water, the Joint Maritime Information Center has officially downgraded its threat assessment for vessels transiting the corridor to "moderate."

Sharp recalibration of global energy markets 

The immediate result is a sharp recalibration of global energy markets. Brent crude fell to a low of $72.24 a barrel, sliding below the pricing threshold recorded on February 27 — the day before joint US and Israel missile strikes on Tehran plunged the region into war. The sudden influx of supply, combined with a broader collapse in demand from China, has wiped out more than 20% of crude’s value this month alone. 

Around 20 million barrels of crude oil flooded out of the gateway in just 24 hours. According to energy officials, overall crude flows through the passage have rapidly rebounded to levels closely mirroring the pre-war baseline, as commercial fleets take advantage of the temporary diplomatic reprieve. 

Precarious reality on the water 

Yet, the relief on trading floors contrasts sharply with the precarious reality on the water. While a Liberian-registered tanker, the Stoic Warrior, successfully cleared the Strait on Thursday, it did so under the shadow of explicit threats from Iran’s Revolutionary Guards.

The vessel navigated an alternative passage close to Omani territorial waters — a new maritime corridor mapped out by Oman and a UN agency to safeguard commercial shipping. It functions less as a permanent resolution and more as a temporary bypass while formal diplomacy stalls.

Short-term surplus 

The structural drivers behind the price collapse reflect a market pricing in a pause in hostilities rather than a definitive peace. Market analysts note that Brent crude for August delivery is currently trading lower than September contracts, a classic market signal known as backwardation that indicates an immediate, short-term surplus. This glut has been exacerbated by aggressive strategic inventory releases by Western governments during the peak of the crisis. 

However, full normaliaation remains hampered by physical remnants of the conflict. A return to completely fluid navigation faces delays due to naval mines laid by Iran throughout the corridor, requiring careful mine-sweeping operations and continued military escort vigilance. 

The macro picture is further complicated by severe environmental strains in Europe, where a historic heatwave is driving electricity demand to multi-year highs. The cooling energy required to keep public infrastructure and commercial offices functioning has created a secondary energy crunch, blunting the economic optimism typically triggered by falling fuel costs.

Published on: Jun 25, 2026 4:23 PM IST