The flow appears to be selective

Rudaw reported that Iran was allowing vessels not considered to belong to enemies to pass through the Strait of Hormuz . If that reflects how the route is being managed in practice, it helps explain why some ships can still transit while overall traffic drops sharply.

In other words, the risk is not being shared evenly by every flag state, owner, charterer or cargo.

For Iraq, the disruption is especially clear. Rudaw said the number of vessels carrying Iraqi oil from Basra and Umm Qasr through Hormuz had fallen to about one-third of normal levels . So Kin A’s passage should not be taken as proof that Iraqi oil, or regional oil flows more broadly, are out of danger. It only shows that a corridor still exists — narrower, more uncertain and more exposed to political and military risk.

Why some reports say tanker traffic hit zero

The reports are not necessarily contradictory. They may simply be measuring different time windows.

ChemAnalyst reported that no oil tankers passed through the strait on a Wednesday, describing tanker movement as having come to a complete standstill that day . CBS News said traffic through the strait had been dramatically curtailed and that the passage of oil tankers and other commercial ships had all but halted .

By contrast, Kpler’s figures point to a roughly 90% drop rather than a total stop, while Rudaw counted 111 vessels over the broader wartime period . The most reasonable reading is this: there may have been individual days with almost no tanker movement, but across the wider period some vessels still got through.

Commercial risk remains extremely high

The challenge is not only whether a ship is allowed to pass. Tanker movements also depend on insurance, freight rates, waiting times, crew risk and the possibility of inspection or control.

Anoop Singh of Oil Brokerage said in an interview that transit had been badly affected, freight rates had become difficult to price, war-risk insurance was almost impossible to access, and at least 100 tankers were caught in the area by his count .

That is why a single passage such as Kin A’s cannot be treated as evidence of normalisation. In oil shipping, a route is not truly functioning if each voyage depends on exceptional risk calculations and hard-to-secure insurance.

What it means for oil prices

Because Hormuz is tied to about one-fifth of global crude oil supply, markets can react sharply even if the strait is not fully closed . CBS News reported that crude prices rose from below $70 a barrel before military operations began to above $100 a barrel, the highest level since 2022, amid fears that a prolonged conflict could restrict supply .

That price move reflects the market’s concern with probability, not just certainty. A complete closure would be the most severe outcome, but a partial, unpredictable and selective disruption can still be enough to lift costs and unsettle buyers.

The bottom line

Kin A’s passage through Hormuz is a sign of a narrow opening, not a return to normal.

The available evidence suggests oil can still move through the strait in some cases. But the flow has been sharply reduced, appears selective, and remains vulnerable to war risk, insurance constraints and maritime control decisions .

The flow appears to be selective

Rudaw reported that Iran was allowing vessels not considered to belong to enemies to pass through the Strait of Hormuz . If that reflects how the route is being managed in practice, it helps explain why some ships can still transit while overall traffic drops sharply.

In other words, the risk is not being shared evenly by every flag state, owner, charterer or cargo.

For Iraq, the disruption is especially clear. Rudaw said the number of vessels carrying Iraqi oil from Basra and Umm Qasr through Hormuz had fallen to about one-third of normal levels . So Kin A’s passage should not be taken as proof that Iraqi oil, or regional oil flows more broadly, are out of danger. It only shows that a corridor still exists — narrower, more uncertain and more exposed to political and military risk.

Why some reports say tanker traffic hit zero

The reports are not necessarily contradictory. They may simply be measuring different time windows.

ChemAnalyst reported that no oil tankers passed through the strait on a Wednesday, describing tanker movement as having come to a complete standstill that day . CBS News said traffic through the strait had been dramatically curtailed and that the passage of oil tankers and other commercial ships had all but halted .

By contrast, Kpler’s figures point to a roughly 90% drop rather than a total stop, while Rudaw counted 111 vessels over the broader wartime period . The most reasonable reading is this: there may have been individual days with almost no tanker movement, but across the wider period some vessels still got through.

Commercial risk remains extremely high

The challenge is not only whether a ship is allowed to pass. Tanker movements also depend on insurance, freight rates, waiting times, crew risk and the possibility of inspection or control.

Anoop Singh of Oil Brokerage said in an interview that transit had been badly affected, freight rates had become difficult to price, war-risk insurance was almost impossible to access, and at least 100 tankers were caught in the area by his count .

That is why a single passage such as Kin A’s cannot be treated as evidence of normalisation. In oil shipping, a route is not truly functioning if each voyage depends on exceptional risk calculations and hard-to-secure insurance.

What it means for oil prices

Because Hormuz is tied to about one-fifth of global crude oil supply, markets can react sharply even if the strait is not fully closed . CBS News reported that crude prices rose from below $70 a barrel before military operations began to above $100 a barrel, the highest level since 2022, amid fears that a prolonged conflict could restrict supply .

That price move reflects the market’s concern with probability, not just certainty. A complete closure would be the most severe outcome, but a partial, unpredictable and selective disruption can still be enough to lift costs and unsettle buyers.

The bottom line

Kin A’s passage through Hormuz is a sign of a narrow opening, not a return to normal.

The available evidence suggests oil can still move through the strait in some cases. But the flow has been sharply reduced, appears selective, and remains vulnerable to war risk, insurance constraints and maritime control decisions .