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Oil Tankers Navigate Hormuz Amid US Blockade

Bloomberg Markets •
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Two fuel tankers are attempting to exit the Persian Gulf via the Strait of Hormuz by sailing close to the Iranian coast, the first vessels to try and pass through the waterway since the US announced a blockade. The New Future, which has no clear links to Iran, and the US-sanctioned Auroura, began moving northeast early Monday from waters off the United Arab Emirates, ship-tracking data show.

The medium-range tankers appear to be taking a route just south of Iran's Larak island, a passage that Tehran has in recent days said vessels attempting an eastward transit should follow. This maneuver comes after the US declared the waterway a restricted zone, effectively creating a maritime blockade that has halted most commercial shipping through one of the world's most critical oil chokepoints.

The attempted passage highlights the growing tensions in the region and the risks faced by commercial vessels navigating through the strategically vital strait. With approximately 20% of global oil shipments passing through the Strait of Hormuz, any disruption to traffic could have significant implications for global energy markets and shipping costs.