More than 300 oil tankers are stranded in the Strait of Hormuz as of May 27, 2026, with around 1,000 vessels queueing for passage, Iranian authorities said, citing ongoing congestion and clearance delays.

The bottleneck, compounded by heightened Middle East geopolitical tensions, sent Brent crude oil surging 3.58% to $99.58 per barrel, near the $100 threshold. vWTI crude, however, fell 2.81% amid concerns about rising U.S. inventories and export constraints, widening the Brent-WTI spread sharply.
As the world’s most critical oil chokepoint, the Strait of Hormuz carries roughly 30% of global crude flows. Any prolonged disruption risks tightening supply and lifting inflation expectations worldwide.

Goldman Sachs warned that the backlog could keep global energy markets tight through the second half of 2026, supporting elevated oil prices. The firm noted that insurance and shipping costs have also risen, adding upside pressure to refined products.

While diplomatic tensions between the U.S. and Iran have shown tentative signs of easing, military posturing and tit-for-tat actions persist, keeping risk premiums elevated.

For markets, the key near-term variables are the speed of tanker clearance, the outcome of U.S.-Iran negotiations, and U.S. inventory trends. Until the bottleneck eases, oil prices are likely to remain volatile and skewed to the upside.v