In this special briefing, we track record-high Iranian crude on water, as both buyers and sellers hasten supply amid recent mounting risks. Despite media reports of disruptions, overall Strait of Hormuz flows remain steady, with recent VLCC hesitation likely tied to typical monthly cycles.

Clean tanker volumes through the Strait have eased slightly, but LR freight rates out of the MEG have spiked since conflict escalation and are likely to remain volatile even as the conflict aims to find dissolution.

Recorded: 24 June 2025