Nine oil tankers transit Strait of Hormuz despite US naval blockade

At least nine oil tankers transited the Strait of Hormuz this week, suggesting gaps in the US naval blockade. The Strait of Hormuz traffic normalization by April 30 market sits at 15% YES.

The transits, including the Chinese-owned VLCC RHN, point to some normalization despite the ongoing US-Iran-Israel conflict. The Strait of Hormuz traffic normalization market has seen no recent trading activity, with odds at 15% YES. Traders remain skeptical about full normalization within 15 days, even with these tanker movements.

The US naval blockade, now in its early days, appears to have enforcement gaps. These transits could reflect difficulty controlling the chokepoint, which carries about 20% of global oil flow. The US escorts through Hormuz market is at 22% YES, unchanged from 24 hours ago. The largest recent move was a 1-point spike, showing limited trader reaction so far.

The Strait of Hormuz normalization market has zero trading volume, which points to low conviction or outright uncertainty among traders. The US escort market, by comparison, trades $2,792 in USDC daily, with $3,640 needed to move the price 5 points, meaning it has meaningfully more liquidity and engagement.

These transits may be early signs of easing tensions or strategic maneuvering around the blockade. With no active trading in the normalization market, the odds reflect theoretical pricing rather than active bets. A YES share at 15¢ pays $1 if traffic normalizes by April 30, a 6.7x return. To justify buying at that price, traders would need to expect significant developments like a ceasefire extension or a diplomatic deal.

Watch for announcements from the IRGC or Maersk about shipping policies, or White House statements on traffic normalization. Any of these could shift market sentiment quickly.

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