Global Tanker Traffic Inches Up at Hormuz; Pakistan Pays LNG Premium

Tanker traffic through the critical Strait of Hormuz showed tentative signs of recovery Monday, rising for the first time since attacks on commercial vessels late last week spooked the market, according to ship-tracking data reviewed by Bloomberg and reported by OilPrice.com. A total of 24 commodity vessels transited the strait, though traffic remains 90% lower than the pre-war average of over 130 vessels daily.

The movement included several supertankers entering the Persian Gulf to load, a signal that some producers and shipowners are growing more optimistic that vessels will later exit fully laden with crude. The traffic had stalled over the weekend following U.S. retaliatory strikes on Iran in response to the vessel attacks, testing both a fragile ceasefire and shipping industry resolve. Despite the tensions, Gulf producers including Saudi Arabia, the United Arab Emirates, and Qatar continued loading oil and LNG at their ports.

In a related sign of ongoing market disruption, Pakistan was forced to pay a significant premium for an urgent LNG cargo this week, according to a separate OilPrice.com report. State-owned Pakistan LNG Ltd. purchased a prompt-delivery cargo from BP at $16.74 per million British thermal units, a premium of around $1 over regional spot prices. The country's usual term supply from Qatar has been shut down due to the Middle East conflict, triggering an energy crisis.

Pakistan's struggle highlights the global supply chain pressures that can indirectly support prices for U.S. producers, including those in the Bakken. The country had received its first LNG cargo in two months back in May, sourced from the United States at a price of $18.40 per mmBtu. Between April and June, Pakistan launched four tenders for prompt LNG, with some failing due to high offers, contributing to domestic inflation that soared 11.7% year-on-year in May.

Meanwhile, the Energy Institute's latest annual statistical review of world energy has been released, providing a definitive look at global production standings. Rigzone reported on the review's findings, which confirm the United States as the world's top oil producer. This sustained output leadership underscores the importance of stable production from key basins like the Bakken, even as global chokepoint volatility creates price uncertainty.

For Bakken operators, the incremental rebound at Hormuz is a watch item. The strait is a vital passage for Middle Eastern crude, and prolonged closures or sustained high-risk premiums would tighten global supply, supporting the price floor for North Dakota light sweet crude. The immediate price reaction may be muted as traffic remains severely depressed, but the direction of shipping activity is a key leading indicator for global crude flow reliability.