• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
PoliticsOil

Oil tankers U-turn in Hormuz as U.S.-Iran talks break down

By
Weilun Soon
Weilun Soon
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Weilun Soon
Weilun Soon
and
Bloomberg
Bloomberg
Down Arrow Button Icon
April 12, 2026, 11:04 AM ET
A view of the vessels heading towards the Strait of Hormuz following the two-week temporary ceasefire reached between the United States and Iran on the condition that the strait be reopened, seen in Oman on April 8, 2026.
A view of the vessels heading towards the Strait of Hormuz following the two-week temporary ceasefire reached between the United States and Iran on the condition that the strait be reopened, seen in Oman on April 8, 2026.Shady Alassar/Anadolu via Getty Images

Two empty crude tankers attempted to make their way through the Strait of Hormuz and into the Persian Gulf on Sunday, only to make last-minute U-turns just as peace negotiations between the US and Iran broke down, threatening a fragile ceasefire.

Recommended Video

Two very large crude carriers and one Aframax-class vessel — all without direct links to Iran — began to approach the narrow waterway from the Gulf of Oman late on Saturday, ship-tracking data show, arriving near Iran’s Larak island early on Sunday. At that effective checkpoint, Iraq-bound Agios Fanourios I and Pakistan-flagged Shalamar, destined for Das island in the United Arab Emirates, turned back. 

The first VLCC, Mombasa B, sailed ahead and successfully made its way between Larak and Qeshm islands, an Iran-approved route into the Persian Gulf. It is not currently signaling a clear destination.

Meanwhile, the Khairpur, a Pakistani oil product tanker, was transiting through the Iranian corridor toward the Gulf after earlier changing course twice on Sunday. The vessel originally performed a U-turn near Larak and Qeshm islands before executing a second about-face to resume its inbound course.

The specific reasons behind the about-turns are not clear, as both Iraq and Pakistan had earlier received approvals from Iran to transit the strait. But their change of heart came just as negotiators in Islamabad announced they had failed to reach a deal.

The Strait of Hormuz is one of the world’s most important energy thoroughfares and its effective closure since the US and Israel began strikes on Iran six weeks ago has resulted in unprecedented supply disruption. Its reopening has been a crucial point of discussion during weekend negotiations, but remains an area of disagreement.

In recent weeks, several ships have attempted to transit the strait only to abort their efforts, reflecting a constantly changing security situation and persistently high risks. The vast majority have been attempting to leave the Persian Gulf, but empty tankers are also needed inside, to be loaded with new cargoes.

Two Chinese container ships U-turned late last month before finally successfully exiting, while a liquefied natural gas carrier turned back last week.

A successful transit by all three crude tankers on Sunday would have continued a positive uptick in movement through the waterway, controlled by Iran and dominated by Iran-linked vessels since the end of February. On Saturday, two Chinese supertankers and a Greek vessel exited the gulf via Hormuz, laden with crude.

Agios Fanourios I is managed by Eastern Mediterranean Maritime in Greece, while Pakistan National Shipping Corp. owns Shalamar. The two companies did not immediately respond to emailed requests sent outside of working hours.

Mombasa B had recently switched its name from Front Forth. It is now owned by Haut Brion 8 SA that shares the same address as its South Korea-based manager, Sinokor Maritime Co. Sinokor did not respond to a request for comment outside of regular business hours. 

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Weilun Soon
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Digital sovereignty isn’t the same thing as digital isolation. Asia’s governments should be careful
Commentarydata sovereignty
Digital sovereignty isn’t the same thing as digital isolation. Asia’s governments should be careful
By Leonard LimJune 10, 2026
3 hours ago
The curse of Trump watching sports in person: the home team seems to always lose
Arts & EntertainmentDonald Trump
The curse of Trump watching sports in person: the home team seems to always lose
By The Associated Press and Will WeissertJune 10, 2026
3 hours ago
‘I love the inflation’: Trump is ‘not concerned’ about inflation hitting 4% for the first time since 2023. ‘The numbers were great’
EconomyDonald Trump
‘I love the inflation’: Trump is ‘not concerned’ about inflation hitting 4% for the first time since 2023. ‘The numbers were great’
By The Associated Press and Christopher RugaberJune 10, 2026
5 hours ago
A 5-week course and a guaranteed job: Meta commits $115 million to solve the skilled-trades shortage stalling its AI buildout
Future of WorkMeta
A 5-week course and a guaranteed job: Meta commits $115 million to solve the skilled-trades shortage stalling its AI buildout
By Jacqueline MunisJune 10, 2026
6 hours ago
platner
PoliticsElections
Graham Platner easily prevails over attempts to derail progressive Senate candidacy in Maine
By Patrick Whittle, Kimberlee Kruesi and The Associated PressJune 10, 2026
10 hours ago
swiss
EuropeImmigration
Switzerland to cast world’s first ever vote on whether to cap population
By Jamey Keaten and The Associated PressJune 10, 2026
10 hours ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
1 day ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
Investing
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
By Eva RoytburgJune 9, 2026
1 day ago
A ‘MAGA Warrior’ Texas ag chief is publicly blasting the USDA over a flesh-eating pest threatening America's beef supply
North America
A ‘MAGA Warrior’ Texas ag chief is publicly blasting the USDA over a flesh-eating pest threatening America's beef supply
By Marco Quiroz-GutierrezJune 10, 2026
14 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.