QCP said vessel transits through the Strait of Hormuz have fallen to 3, well below the normal average of 26. According to NS3.AI, United States-Iran negotiations over transit arrangements have reached a deadlock, while Qatar's mediation channel remains open.

QCP said crude oil shipping costs from West Africa to China are $27.22 per barrel, up 319% from the year-to-date average. It added that tighter tanker supply could keep delivery costs elevated and said crypto market positioning is becoming more fragile.