Persian Gulf tankers stay idle as owners avoid Ormuz Strait

A temporary de‑escalation between Washington and Tehran in June allowed most of the more than 110 oil tankers that had been trapped in the Persian Gulf to leave the region. Over 60 vessels have already transited the Strait of Ormuz, and only a single VLCC remains unfinished in the Gulf.

Despite the cease‑fire, ship owners are reluctant to send tankers back through the strait. Recent attacks on commercial ships, a sharp rise in war‑risk insurance premiums and the possibility of renewed US‑Iran tensions make a second passage through Ormuz a costly operational gamble. The heightened risk outweighs the lure of high freight rates, keeping the market cautious even as supply‑demand fundamentals remain tight.

The situation reflects a new balance in global oil transport: while the physical bottleneck has eased, geopolitical insecurity continues to shape fleet deployment decisions and the pricing of maritime insurance.