There is no sign that Iran is relinquishing control of the Strait of Hormuz with the ceasefire, and the logjam is expected to continue for weeks.
Shippers seeking to resume tanker traffic in the Strait of Hormuz sought clarity on cargo on Wednesday, while regulators asked about new loadings, in response to a ceasefire agreement between the US and Iran.
Most oil and gas tankers remain in the Gulf, LSEG shipping data said, hours after US President Donald Trump announced a two-week ceasefire and said the US would help build vehicles.
Iran's foreign minister, Abbas Araqchi, said that if the attacks on his country stop, Tehran will stop the attacks and provide a safe zone in cooperation with its armed forces “and the consideration of technical restrictions.”
Ship operator Kpler said 187 tankers carrying barrels of crude oil and refined products estimated at 172 million were floating inside the road as of Tuesday.
With more than 1,000 ocean-going vessels stranded in the Persian Gulf, it could take more than two weeks to clear the backlog even under normal conditions, said Daejin Lee, head of global research at Fertmax FZCO.
“The 14-day window is too short to restore the level of confidence needed to fully relieve the uncertainty charged – especially in the Arabian Gulf loading routes,” he said.
Lee said details remain unclear, including what steps ships and charterers must take to get through.
“Many blue-chip shipowners may wait a few days to ensure the ceasefire is in place before taking on ships,” he said.
In Canada, some promise to guarantee 'freedom of movement'
Iran has blocked the strain in response to US and Israeli attacks that began on Feb. 28, all but closing the waterway through which one-third of the world's fertilizer trade and one-fifth of the world's oil and liquefied natural gas passes, sending energy prices soaring and shaking economies and markets.
Iran later said it would allow ships to sail without US or Israeli connections, although reports surfaced that it was charging up to $2 million US to sail. In recent days, tankers or container ships owned or operated by Oman, India, Malaysia, Japan and France have been among those that have crossed the tide.
Asian economies are major consumers of deep sea oil and have been hit hard by the disruption.
China's Foreign Ministry said it hopes all sides make joint efforts to resume normal trade over the crisis, while Japanese Prime Minister Sanae Takaichi held talks with Iran's president.
The president of South Korea, Blue House, on Wednesday said that the government will do everything possible to ensure that the country's ships pass through this port as soon as possible. While the authorities have maintained an advisory to avoid sailing near the sea due to ongoing dangers in the region, they will provide full supporthe 26 South Korean-flagged ships stranded there, said the Ministry of Marine.
Trump and US officials have given mixed signals about the importance of the difficulty in calculating when to stop attacking Iran.
“We're not getting our forces out of this problem, just a fraction,” US Defense Secretary Pete Hegseth said on Wednesday. “It's time for the rest of the world to step up and make sure that remains open after President Trump and the Department of Defense have brought Iran to where it is willingly open right now.”
Prime Minister Mark Carney joined the leaders of Great Britain, Germany, France, Italy and the European Union in welcoming Trump's announcement.
“Our governments will contribute to ensuring freedom of navigation in the Strait of Hormuz,” their joint statement said, without giving details.
Military patrols alongside commercial ships have been among the ideas discussed since the ban.
“TThe logical assumption is that Iran has established control over the Strait of Hormuz, perhaps forever. A strong military alone is unlikely to change that reality,” Mark P. Nevitt, a law professor at Emory University in Georgia, wrote Wednesday for Just Security, a nonpartisan journal at New York University School of Law.
“What is needed is both a sustained international effort to keep the Strait open and a diplomatic solution to restore rights of passage and freedom of navigation,” added Nevitt, a retired US Navy admiral.
The Danish shipping giant is not ready to go yet
Iran will approach peace talks with the US with greater caution than previous talks because of the huge trust gap, and the war will affect the future legal regime of the Strait of Hormuz, Ali Bahreini, Iran's ambassador to the UN in Geneva, told Reuters on Wednesday.
Tehran has sometimes hinted at future control of the strait, and has said it is drafting a protocol with neighboring Oman that would require ships to obtain permits and licenses.
Global oil prices continue to rise amid the US-Israel war with Iran, and the closure of the Strait of Hormuz is a major reason. But there are reports that Iran is allowing some ships to pass through – for a price. Andrew Chang breaks down how this Tehran 'toll booth' can make millions by shipping it while breaking international law. Images provided by Canadian Press, Adobe Stock, Reuters and Getty Images
Jakob Larsen, chief safety and security officer at shipping group Bimco, said the industry was waiting for technical information from the US and Iran.
“Leaving … the Gulf without prior communication with the US and Iran will be very risky and will not be good,” he said.
Anoop Singh, global head of shipping research at Oil Brokerage, said it is expected that “tankers and oil flowing to countries friendly to Iran will be the first to pass through” this road after the ceasefire.
Danish shipping group Maersk said it is not making any changes yet.
“Any decision to pass through the Strait of Hormuz will be based on ongoing risk assessments, careful monitoring of the security situation, and available guidance from relevant authorities and partners,” the company said in a statement.
Oil prices fell on Wednesday after Trump's announcement. But Tim Waterer, senior market analyst at KCM Trade, told The Associated Press that the situation was “more of a good note than a celebration.”
“The ceasefire only lasted two weeks, and markets will be watching closely to see if transit through the Strait of Hormuz changes as promised and if the fragile deal could pave the way for a long-term peace deal,” he said.
