Latest News Updates From Weilun Soon

It remains unclear what prompted the advisory. The U.S. military last publicly issued a similar notice in mid-July, when it began its blockade of Iranian shipping.

If approved, the Office of the United States Trade Representative’s proposal will prolong a bilateral truce that was set to expire in early November until Jan. 9.

Freight analysis from data intelligence firm Kpler suggests daily earnings for VLCCs will stay above $100,000 a day into next year, more than double historical levels.

The shuttling tankers have helped the OPEC producer sustain flows and keep global markets supplied, emulating a similar move by the UAE to transport oil out of the Persian Gulf through the Strait of Hormuz.

Vessels carrying non-Iranian crude started turning off their transponders to avoid detection in the weeks following the start of the conflict in late February.

Shipowners and traders have zeroed in on maritime activity through Hormuz and the Bab el-Mandeb strait in the Red Sea for signs of how vessels are navigating a shifting security environment.

Iran’s oil exports were sharply curtailed in May as a U.S. Navy blockade prevented any crude shipments, leaving about 80 million barrels stranded offshore, a nonprofit reported.

Tehran could be using retired ships to keep loading oil. The U.S. blockade means tankers carrying Iranian oil remain stuck in the Persian Gulf or the Gulf of Oman. 

Last week’s speculations about escalating tensions between Iran and the U.S. prompted a rush from charterers to secure vessels ahead of any potential supply disruption, shipbrokers said.

The global oil industry is working through the consequences of Washington’s move. For shipowners, that means higher rates on some routes as current and future oil flows are redirected.