Vietnam Firm Asks U.S. Navy to Allow Tanker Through Hormuz

Vietnam’s state oil trading arm PVOIL requested in a letter dated Tuesday that the U.S. Navy permit a crude oil tanker carrying Iraqi crude to transit a blockade in the Strait of Hormuz so the cargo can reach a refinery in Vietnam. The letter was made public by PVOIL.

PVOIL identified the shipment as needed to supply the refinery. The request targets a passage through waters where U.S. military measures have limited the movement of some commercial vessels. The company asked for an exception to allow the contracted cargo to be delivered.

A prediction market snapshot linked to the report showed falling odds that maritime traffic through the strait would return quickly. The market for whether at least 20 ships would transit the Strait of Hormuz by May 31 was priced at 44.5% YES, down from 45% a day earlier. A separate contract on whether former President Donald Trump would announce a blockade lift by May 31 was priced at 22.5% YES, down from 26% the previous day. Contracts estimating traffic returning to normal were priced at 0.2% for May 15 and 7.5% for the end of May.

The market snapshot noted continued U.S. Navy enforcement of the blockade and low expectations for an imminent policy change. The report accompanying the market data described the impact of the blockade as moderate.

Authorities and market watchers are monitoring any statements from the U.S. Navy and any public comment from former President Trump. Changes in U.S.-Iran relations and operational reports from maritime organizations such as BIMCO and IMF Portwatch could affect transit levels and commercial access through the strait.