Hormuz tankers, oil bets

Tanker seizures in the Strait of Hormuz disrupted oil markets, with reports flagging $1 billion in suspicious bets tied to vessels Tifani and Touska. (bloomberg.com) Iranian forces seized the Tifani, a Liberian-flagged tanker, on April 20 near Hormuz, followed by the Touska two days later. Both carried 2 million barrels of crude bound for Asia. (reuters.com) Regulators including the U.S. Commodity Futures Trading Commission launched probes into the $1 billion in unusual options trades placed hours before the seizures. Traders bet heavily on oil price spikes above $90 per barrel. (wsj.com) Kuwait declared force majeure on April 21 for some crude exports, citing risks to its 2.5 million barrels-per-day shipments through the strait. Force majeure releases sellers from delivery obligations during disruptions. (reuters.com) The Strait of Hormuz, a 21-mile-wide chokepoint between Iran and Oman, handles 20% of global oil flows, or 21 million barrels daily. Any blockade could send prices above $100 per barrel. (eia.gov) Brent crude jumped 5% to $88.50 per barrel by midday April 22, while U.S. West Texas Intermediate hit $84.20. Traders now price in a 15% risk premium for supply interruptions. (bloomberg.com) Tensions stem from stalled U.S.-Iran nuclear talks and Houthi attacks on Red Sea shipping since 2023. Iran has seized over 20 tankers since 2019 in tit-for-tat with Western sanctions. (cnn.com) U.S. officials blame Iran directly; Tehran claims the seizures target "sanction violators." No crew injuries reported, but vessels remain held at Bandar Abbas. (apnews.com) Markets await U.S. Navy escorts or diplomatic releases, as seen in prior incidents. A prolonged closure could add $10-20 per barrel long-term. (ft.com)