Oil prices rose more than 1 percent on Tuesday, with investors largely dismissing comments from Pakistan suggesting progress toward a peace deal between the United States and Iran, according to Ship & Bunker.
Pakistan’s defense minister, Khawaja Asif, told media that “things are shaping up again in favour of a peace arrangement or a deal,” Ship & Bunker reported. However, the optimistic tone was undercut by conflicting positions from the parties involved. Mohsen Rezaei, secretary of Iran’s supreme national security council, demanded that the U.S. unfreeze Iranian funds held overseas as a condition for reopening the Strait of Hormuz, while U.S. President Donald Trump countered by calling for Iran to pay reparations for decades of alleged violence against Western interests and its own citizens, Ship & Bunker noted.
Mixed Signals on Hormuz Transit
Conflicting narratives also emerged regarding shipping traffic through the Strait of Hormuz. While much of the media continues to report that very few vessels are crossing the strait, U.S. Energy Secretary Chris Wright said Tuesday that oil exports have hit a seven-day moving average of 9 million barrels per day (bpd), crediting the U.S. military for the flow, according to Ship & Bunker. Wright added that when pipeline transport is included, total oil flows from the Gulf region average around 15 million bpd.
Russian Exports Slip, OPEC Output Climbs
Elsewhere in oil markets, vessel tracking data compiled by Bloomberg and cited by Ship & Bunker showed Russia shipped 3.7 million bpd over the four weeks through August 9 — the lowest level since May — as Ukrainian drone attacks disrupted loading at key export terminals. Weekly shipments averaged 3.2 million bpd, down from 3.5 million bpd the previous week, with Novorossiysk, one of Russia’s principal Black Sea export hubs, reportedly operating at half its normal crude-loading rate following tanker attacks near the port.
Separately, ship tracking data and OPEC sources indicated the producer group’s output rose to 19.8 million bpd in July, marking a second consecutive monthly increase as several Gulf producers restored output despite the Hormuz closure, Ship & Bunker reported. Iraq led the increase, posting the largest monthly production rise, followed by Kuwait.
Does This Matter to You?
The conflicting signals on Hormuz transit volumes and the broader U.S.-Iran standoff carry direct relevance for anyone monitoring crude supply risk, freight routing, or bunker fuel costs in the Gulf region. Diverging figures — such as Wright’s claim of 15 million bpd in total Gulf flows versus reports of minimal strait crossings — highlight the difficulty of assessing real-time conditions for vessels transiting the area. Disruptions to Russian loadings at Novorossiysk and shifting OPEC output levels also factor into global crude availability, which can influence bunker pricing trends over time.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
