Strait Back To Normal

8 May 2026: What happens after the Strait of Hormuz reopens? It has been 69 days since the U.S. and Israeli military campaign against Iran started.  This led immediately to the effective closure of the Strait of Hormuz, blocking some 20 million barrels per day (Mb/d) of crude, condensate, and petroleum products from reaching world markets.  This is equal to roughly 20% of global petroleum liquids consumption and more than one-quarter of global seaborne oil trade.  After a 40-day combat campaign, a ceasefire was concluded on April 8.  However, one month after the fighting (mostly) stopped, negotiations between the U.S. and Iran have not yet led to a breakthrough and the Strait of Hormuz remains closed.  It is impossible to predict when a deal will be concluded and under what terms.  However, at some point, the Strait of Hormuz will reopen and in this Tanker Opinion we will brainstorm about some possible scenarios for the oil and tanker market when that happens.