The US and Iran may be holding fire, but costly cargo diversions are already underway as shipping upheaval suggests the oil selloff won't last. Tankers are rerouting away from the Strait of Hormuz, adding days to voyages and pushing up freight rates.

Insurers have raised war-risk premiums for the region, reflecting heightened anxiety over potential conflict. Major oil traders are adjusting supply chains, with some diverting cargoes to alternative ports in anticipation of prolonged disruption.

Analysts say the physical market tightness from logistics snarls could offset bearish sentiment driven by demand concerns. Brent crude has pared losses as traders price in a risk premium for Middle East supply routes.

Shipping data shows a measurable decline in vessel transits through the critical chokepoint over the past week. Meanwhile, OPEC+ producers are monitoring the situation closely, though no formal output changes have been announced.