Skip to content
Welcome, thoughtbot's Giant Robots listeners!Start here
Russia-Ukraine War 2026
16APR

Hormuz crossings fell 78% on GL X's first day

3 min read
14:27UTC

Hormuz transits collapsed from 55 ships on 20 June to 12 on 22 June, the day General License X authorised Iranian oil to move, with five of eight inbound vessels running dark.

ConflictDeveloping
Key takeaway

General License X authorises a trade the mined, uninsured strait cannot yet carry.

Hormuz transits collapsed from 55 ships on 20 June to 12 on 22 June, a 78 per cent drop between those two days, with five of eight inbound vessels running with their automatic identification systems switched off⁠1. AIS transponders broadcast a ship's identity and position; switching them off hides the vessel. The maritime intelligence firm Windward called the pattern a "late-blockade baseline," closer to wartime dark-fleet running than a functioning open strait⁠2. The collapse fell on the very day General License X authorised the oil to move.

The larger 20 June traffic had run through Oman's territorial waters, the bypass route that has carried Gulf crude since the closure, and markets have consistently priced that Oman route over Iran's words. Brent Crude fell to about $78 a barrel on 22 June, its lowest since early March, pricing the 60-day relief rather than delivery: a permit to sell oil that only 12 ships actually moved.

The freight and spread economics of a dark, fee-charged corridor are the European oil desk's beat. A 78 per cent fall on the exact day the licence issued is the cleanest evidence that the bottleneck is mines and war-risk, not sanctions, so lifting the sanctions moved nothing on the water. GL X authorised a trade the strait cannot physically carry yet.

Deep Analysis

In plain English

Before the conflict, around 55 ships crossed the strait of Hormuz every day, carrying roughly a fifth of the world's oil. On 22 June, the same day the US gave Iran special permission to sell oil again, only 12 ships crossed, and five of them had turned off their GPS trackers, a sign that their crews were trying to avoid being noticed in a war zone. The oil market noticed the mismatch. Brent Crude, the global oil price benchmark, settled around $78 a barrel, lower than before the conflict, but still elevated. Traders were pricing in the hope that the 60-day permission slip would eventually help reopen the strait fully, rather than treating it as done. A permission to sell oil is not the same as a safe route to ship it.

First Reported In

Update #136 · Trump's first Iran paper is an oil licence

Al Jazeera· 23 Jun 2026
Read original →
Different Perspectives
Bulgarian government
Bulgarian government
Bulgaria's Prime Minister, Rumen Radev, said the sinking of HS Dignity "benefits the Russian Federation" while saying Bulgaria lacked solid evidence to accuse anyone, and Defence Minister Dimitar Stoyanov asked NATO for air defence on 16 October. The request comes from a government that stopped state military aid to Ukraine in June.
Radoslaw Sikorski
Radoslaw Sikorski
Poland's foreign minister challenged Elon Musk on X after SpaceX capped Ukraine's Starshield terminals on 14 October. Poland pays about $50m a year for Ukraine's Starlink subscriptions, so Warsaw speaks as the paying customer as well as the ally.
Andy Burnham
Andy Burnham
Burnham fast-tracked £10m of a £45m air-defence missile delivery when Zelenskyy visited London on 14 October, and his ministers are lobbying allies to ban maritime services for Russian liquefied natural gas. The measure targets insurers and shipowners, many of them in London, rather than the gas itself.
Ministry of External Affairs (India)
Ministry of External Affairs (India)
India's foreign ministry said after the 16 September House vote that New Delhi would take all necessary measures to protect its trade.
European Council
European Council
EU leaders on 15-16 October rejected a US idea to hand Washington the roughly €200bn of frozen Russian assets held in Europe, and Kaja Kallas said the decision belongs to Europeans. The same summit put off a decision on financing Ukraine, saying leaders "will revert to the issue in a timely manner".
Donald Trump
Donald Trump
Trump signed the 16 October order that sets the Graham Act's duties and waives them under section 115(a), with a certification sent to Congress. He says the United States has not stopped sharing intelligence with Ukraine, and on 11 October he said both sides had agreed to halt attacks on energy infrastructure.

Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Editorial standards.