More supply came out than expected: Asian economies tapped stockpiles, China cut crude purchases for cleaner energy, and tankers sneaked through Hormuz. Brent futures are trading on headline expectations, giving up wartime gains.

Ship owners and traders are concerned about Hormuz status beyond 60 days. Iran and Oman seeking fees is not acceptable to the shipping community as Hormuz is an international waterway. This will linger in shippers' minds.

For now, ships are going in and out with AIS signals on, helping markets understand the situation.