Shipowners weigh Hormuz risks as U.S.-Iran deal collapses

Global oil shipping faces fresh turmoil after President Donald Trump declared the U.S. ceasefire with Iran “over” on July 8, 2026, prompting shipowners to reassess transit risks through the Strait of Hormuz. A Bloomberg survey of five tanker operators whose vessels recently used the critical chokepoint revealed a split response: three are evaluating safety conditions while two have yet to alter their policies. The decisions of these operators will heavily influence crude flows and global oil prices, especially given Sinokor Group’s outsized role as the world’s largest supertanker owner and a key player in Hormuz traffic since the conflict began. One of Sinokor’s vessels was attacked on July 7, and shipbrokers report no updates on the company’s current stance regarding Hormuz transits. Escalating tensions saw Trump warn of probable further U.S. strikes on Iran and a potential blockade of Iranian ports, raising the specter of all-out war. Despite the risks, two owners continued sending ships through Hormuz under cover of darkness following the resumption of U.S. strikes, according to Bloomberg vessel-tracking data. Traffic on the Omani side of Hormuz—a primary alternative to Iranian-controlled waters—appeared subdued on July 8, with some tankers likely opting to transit without broadcasting their locations. Convoy formations have also introduced volatility in daily traffic totals. Benchmark tanker earnings surged to over $340,000 per day on July 8, a $50,000 increase from the previous week, reflecting the soaring cost of entering the Persian Gulf. The earnings marker has been highly illiquid since the Iran war began, prone to sharp swings. Higher shipping costs add pressure on Gulf producers already struggling with vessel availability; Iraq was forced to reduce output at some fields last month due to insufficient ships willing to enter Hormuz.