Arctic: Credit Daily - Oil Markets, Tankers, Klövern

Research evidence excerpt

Arctic: Credit Daily - Oil Markets, Tankers, Klövern

Credit Daily

23 June 2026 | 08:24

Oil Markets, Tankers, Klövern Key figures & indices Arctic HY Index

Oil markets: US-Iran progress keeps prices under pressure

Crude prices began the week on a down note Monday, extending last week’s losses, following

signs of progress in the US-Iran talks in Switzerland. Brent 1 mth fell -$2.67 to $77.90 and is

holding near the $77.50 level overnight. VP Vance, leading the US delegation, spoke of “great

progress” having been made on Day #1 of the talks and, importantly, his comments were echoed

by the Iranian side. Prices fell further after US announced it had given Iran a 60-day waiver from oil

sanctions. Reports of more vessels moving through Hormuz helped to cement the impression that

the Middle East supply situation is normalizing. The market will continue to watch headlines from

Switzerland. On the fundamental front, the API will report on US inventories, which will include a

+9 mbls transfer from the SPR, the third largest on record.

Tankers: Rates jump as market prepares for Hormuz rush

News of US-Iran diplomatic progress, combined with reports of more vessels moving through

Hormuz, provided additional momentum for a market already starting to gear up for what could

become the biggest cargo rush on record. VLs are in the driver's seat. Rates on the benchmark

MEG-China route were marked up +4%, and while this trade is still notional due to the lack of

cargoes, the sky-high levels involved, more than USD 500k/d, is having a spillover effect on

other routes. The USG-China route also added some 5%, taking the TCE level to USD 155k/d.

Suezmaxes are also moving higher on the back of the strength in VLs, and are approaching the

triple digit TCE level again.