Tanker Traffic Resumes Through Strait of Hormuz Amid Iran Conflict, Chinese Vessel Crosses Without Paying Tolls

Tanker traffic through the Strait of Hormuz partially resumed on May 13-14, 2026, with 30 vessels crossing compared to the pre-war daily average of 140, as the strategic waterway has been largely shut since Iran conflict began in late February 2026. A Chinese Cosco supertanker carrying 2 million barrels of Iraqi crude crossed without paying tolls at Larak, coinciding with President Trump's arrival in Beijing for a summit where he and President Xi agreed the strait must remain open for energy flow. Iran's Revolutionary Guards have tightened control, selectively allowing Chinese vessels and cutting deals with Iraq and Pakistan for regional oil shipments. The crisis has driven Brent crude to $105.72 per barrel, while the IMF warns global GDP growth will fall to 2.5% in 2026 and the IEA predicts oil supply shortfalls as inventories drain at unprecedented rates.

Strait of Hormuz vessel transit

• ▪Iran began allowing transit for some Chinese vessels through the Strait of Hormuz
• ▪A Chinese supertanker carrying 2 million barrels of Iraqi crude sailed through the Strait of Hormuz on May 13, 2026, after being stranded in the Gulf for more than two months
• ▪A Panama-flagged crude oil tanker managed by Japanese refining group Eneos passed through the Strait of Hormuz, the second instance of a Japan-linked oil ship making it through
• ▪The Strait of Hormuz has been largely shut since the Iran war broke out at the end of February 2026
• ▪The typical daily total of vessels crossing the Strait of Hormuz before the Iran war was 140
• ▪Tehran has tightened control over the Strait of Hormuz, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region
• ▪Iran's Revolutionary Guards said 30 vessels had crossed the Strait of Hormuz since the evening of May 13, 2026

Trump-Xi diplomatic talks

• ▪U.S. President Donald Trump and Chinese President Xi Jinping agreed the Strait of Hormuz must be open for the free flow of energy
• ▪China has not imported U.S. crude oil since May 2025 due to a 20% import tariff imposed during the trade war
• ▪Chinese President Xi Jinping expressed interest in purchasing more U.S. oil to reduce China's dependence on the Strait of Hormuz

Oil price movements

• ▪Brent crude futures lost more than $2 a barrel on May 13, 2026
• ▪U.S. West Texas Intermediate futures settled at $101.17 on May 14, 2026, up 15 cents or 0.15%
• ▪U.S. crude inventories fell by 4.3 million barrels to 452.9 million barrels for the week ended May 8, 2026, on rising exports
• ▪Brent crude oil futures settled up 9 cents, or 0.09%, at $105.72 a barrel on May 14, 2026

Maritime security incidents

• ▪Unauthorised personnel boarded a ship anchored off the United Arab Emirates port of Fujairah and were steering the ship toward Iran on May 14, 2026
• ▪An Indian cargo vessel carrying livestock from Africa to the United Arab Emirates was sunk on May 14, 2026, off the coast of Oman

Global economic impact

• ▪The International Monetary Fund said the global economy is moving into a middle adverse scenario, which would see global real GDP growth falling to 2.5% in 2026 from 3.4% growth in 2025
• ▪The International Energy Agency said global oil supply will fall short of total demand in 2026 as inventories are drained at an unprecedented pace

Perspective of United States and China (joint diplomatic position)

• ▪Chinese President Xi Jinping proposed purchasing more U.S. crude oil as a strategy to reduce China's reliance on Strait of Hormuz transit routes

Perspective of Iran (regional control position)

• ▪Iran's Revolutionary Guards began selectively permitting transit for some Chinese vessels through the Strait of Hormuz during the May 2026 conflict