Supertanker Idemitsu Maru, carrying 2 million barrels of Saudi crude, is set to arrive in Nagoya on May 25 — the first successful Strait of Hormuz passage since Iran's war began February 28, 2026. Japan's Middle East crude imports had collapsed 67.2% year-over-year in April as the strait was blocked.
G7 finance ministers are meeting in Paris on May 18–19 as the prolonged Strait of Hormuz closure drives global oil inventories toward all-time lows by the end of May, according to UBS. The gathering comes as long-term borrowing costs surge across G7 economies and Eurogroup head Pascal Donohoe called opening the Strait 'of utmost importance.'
Iran's Army spokesperson warned on May 10 that ships from countries joining U.S. Iran sanctions will be barred from the Strait of Hormuz. Brent crude closed Friday at $101.29 per barrel, up 95% in Q1, with cumulative supply losses approaching one billion barrels.
HMM (011200.KS), South Korea's largest container shipping company, reported its vessel Namwoo was hit by an unidentified flying object while anchored in the Strait of Hormuz. Seoul's presidential office immediately convened an emergency NSC working-level meeting. Iran's military simultaneously warned that ships from nations joining U.S. sanctions would be barred from Hormuz transit.
Brent crude fell 9.1% to $90.38 on April 17 after Iran said the Strait of Hormuz was open, while the S&P 500 rose 1.2% to a record. On April 18, Iran said control of the strait had reverted to strict military management, and AP reported that UKMTO said IRGC gunboats fired on a tanker.