Is Hormuz Half-Open or Half-Closed? Tanker Rates on the Mend

The Strait of Hormuz remains only partially navigable following a conflict that began on February 28, with tanker transits still well below pre-crisis levels of 90–110 vessels per day and cargo throughput at roughly half of pre-conflict crude levels. While empty tankers are repositioning into the Gulf in anticipation of resumed exports, persistent security risks, war-risk insurance costs, and a massive vessel backlog are keeping the global tanker market in a fragile, volatile state with significant route disruptions and rate swings.