Thick smoke was observed near Qeshm Island on Saturday, initially thought to originate from a vehicle-carrying landing craft, but later clarified by a local ports official to be from a vessel’s engine without disrupting maritime traffic. In a separate incident, the United Kingdom Maritime Trade Operations (UKMTO) reported that a tanker was damaged by a projectile in the Strait of Hormuz. The incident occurs amid ongoing military tensions in the region, where the 2026 Strait of Hormuz crisis has seen increased military activity between Iran and the United States, including active US airstrikes on Iranian targets and retaliatory Iranian actions.
The market for average ships transiting the Strait of Hormuz by the end of June has seen a significant shift. The probability of low transit rates has increased, reflecting concerns over potential disruptions. The market for Iran successfully targeting shipping has also surged, with market participants seemingly interpreting the projectile incident as indicative of Iranian military actions against shipping. Meanwhile, the likelihood of traffic normalization through the Strait of Hormuz by the end of June has decreased, suggesting market participants are factoring in continued tensions and disruptions.
