The U.S. has reimposed a naval blockade against Iran and intensified its airstrike campaign following Tehran's attacks on ships attempting to transit the Strait of Hormuz. On Wednesday, U.S. Central Command (CENTCOM) confirmed that a U.S. aircraft disabled the Curacao-flagged oil tanker M/T Belma by firing Hellfire missiles into its smokestack. The vessel had been transiting international waters towards Kharg Island and reportedly ignored multiple warnings to turn away, thus attempting to violate the U.S. blockade. This action comes after the U.S. first implemented a blockade in April, which was temporarily lifted last month under an interim deal.
In addition to the attack on the Belma, the U.S. military stated it intercepted and redirected two other commercial vessels that complied with instructions to turn away from Iranian ports. The American strikes also targeted an Iranian army barracks, reportedly killing at least seven troops and wounding hundreds, according to Iranian officials. The U.S. has described these strikes as targeting Iranian military capabilities used to threaten vessels in the Strait of Hormuz, an international waterway crucial for global commerce.
Adding to the confusion, prior to the blockade's recommencement, President Trump reversed a controversial decision to impose a 20% cargo charge on ships for safe passage through the Strait of Hormuz. He announced that this "United States Reimbursement Fee" would be replaced by "Trade and Investment Deals" from Gulf States into the U.S., though no specific details on these investments were provided. This U-turn on transit fees, which previously caused international concern, was followed by the renewed blockade and further strikes after Iran threatened to block all oil exporting routes in response.
Analysts note that the renewed hostilities have eroded confidence in any potential settlement, marking the third arrangement to break down since February. This instability is making charterers cautious and many owners reluctant to commit tonnage to the Middle East Gulf. For instance, VLCC TD3C earnings, which had fallen to below $290,000 a day, surged 18% in four trading days to around $344,000 as hostilities resumed, indicating that rates are responding more to headlines than to fundamental cargo flows. The key concern for the shipping market is not merely the physical openness of the strait, but its perceived reliability for trade.
