Overview Following the U.S.-Israel strikes on Iran on 28 February 2026 and Iran’s retaliatory actions, the Strait of Hormuz has become a flashpoint. Iran announced that only a limited set of ‘friendly’ countries may transit the waterway, while denying passage to the United States, Israel and several Gulf states. This selective allowance aims to keep oil flows moving while exerting pressure on adversaries. Key Developments India – Included in Iran’s friendly list; four Indian‑flagged vessels (Jag Vasant, Pine Gas, Shivalik, Nanda Devi) have already crossed. China – Accounts for roughly 10% of the recent transits, based on flag or ownership data. Thailand – A Bangchak‑owned tanker crossed on 25 March 2026 after diplomatic talks; no payment was demanded. Russia – Received explicit permission for commercial shipping, though overall traffic has fallen by 95% since late February. Pakistan – A Pakistan‑bound tanker succeeded on 14‑15 March; a subsequent vessel was turned away for procedural lapses, but Pakistan remains on the friendly list. Iraq – Designated a friendly nation after negotiations; Iraqi‑owned ships now enjoy safe passage. Important Facts Only about 150 vessels have transited since 1 March 2026, roughly one day’s normal traffic (Lloyd’s List Intelligence). Iran’s Kharg Island terminal loaded 1.6 million barrels in March, similar to pre‑war levels. Customers are largely small private refineries in China, which are less constrained by US sanctions. Global oil and LNG prices surged after Iran’s near‑blockade. Data on shipment volumes are tracked by Kpler, conf