Hormuz Traffic Rises to 30 Vessels as US Clears 90% Iran Mines, Tehran Hijacks Armoury; Futures Flat

Crude futures trade flat as ~30 vessels, including a Chinese supertanker with 2M bbl Iraqi crude, transit the Strait of Hormuz per Iranian media, following US forces destroying 90% of Iran's 8,000 naval mines, though Iran hijacks the floating armoury Hui Chuan and has rebuilt access to 30/33 missile sites. The strait has been effectively closed since US strikes on Bandar Abbas and Qeshm ports on May 7, curtailing ~14.5M bpd (Goldman Sachs) and drawing nearly 1B barrels from global stocks over 75 days. Shell and Aramco CEOs warn recovery may stretch to 2027, with China's teapots cutting runs to 50% and Iranian dark fleet STS surging off Malaysia.