finance
Tanker Rates for Saudi Crude to China Drop 44 Percent While Hormuz Transits Remain Below Normal After Attack
Rates on the Saudi Arabia-to-China route dropped to $287,000 on June 26 from more than $514,000 three days earlier. Persian Gulf exports reached 75 percent of pre-war levels after an interim U.S.-Iran peace deal, with 75 million barrels shipped since the agreement.
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Tanker rates for the route carrying 2 million barrels of Saudi crude to China fell to about $287,000 on Friday, June 26, 2026, down 44 percent from more than $514,000 on Tuesday, according to data from the Baltic Exchange reported by ZeroHedge. Forty-eight vessels transited the Strait of Hormuz that day.
Brent crude closed the week below $72 per barrel and WTI traded near $69, levels close to those recorded before recent disruptions.
ZeroHedge reported that 75 million barrels have moved out of the Persian Gulf via tankers since the U.S. and Iran signed an interim peace deal, lifting exports to roughly 75 percent of pre-war volumes. Loadings resumed at Saudi Arabia's Ras Tanura terminal.
Rebecca Babin, senior energy trader at CIBC Private Wealth Group, said crude remains under significant pressure as the bearish narrative centers on improving flows through the Strait of Hormuz. She added that transit numbers appear somewhat lower following an attack on a vessel the previous day, yet traffic has not stopped entirely.
HSBC analyst Kim Fustier stated that the reopening of the waterway has created a near-term supply overhang because Gulf exports are rebounding faster than the market can absorb them.
Fustier noted that China remains the key swing buyer and that the next inflection point could come when the backlog of stranded vessels clears and SPR releases end in July.
