The Strait of Hormuz will reopen to international traffic under a new regime of transit fees, according to Kazem Jalali, Iran’s Ambassador to Russia. Jalali indicated that Tehran and Muscat intend to charge vessels for services provided in the critical waterway, signaling a potential shift in maritime transit policies.
China’s crude oil imports plummeted to 7.8 million barrels per day in May, marking the lowest intake since October 2017. While this sharp contraction in global demand exerts downward pressure on international oil prices, the shift is driven by a massive domestic inventory cushion rather than a collapse in consumption.
A sharp pivot in energy policy is underway as Russian crude exports from western ports prepare to plummet from 2.5 million barrels per day in May to roughly 1.7 million this month, a decline driven by the urgent need to stabilize domestic fuel supplies under the pressure of persistent Ukrainian drone strikes.
Former IEA chief Nobuo Tanaka warns that the unfolding Middle East conflict has triggered a third oil shock, placing Asia at its epicenter. With the Strait of Hormuz effectively paralyzed, the region faces a daily shortfall of 15 million barrels, threatening an economy heavily reliant on Middle Eastern crude imports.
Five Qatari-loaded LNG carriers have successfully transited the Strait of Hormuz since the onset of regional conflict, according to Kpler and LSEG data. Despite heightened tensions and the imposition of illicit tolls by Tehran, these vessels are joined by a growing number of commercial tankers braving the critical chokepoint.
