Platts proposes to reflect Gulf of Oman as basis for Middle East Gulf tanker assessments effective July 1

Platts, part of S&P Global Energy, proposes to reflect the Gulf of Oman as the basis for Middle East Gulf tanker assessments, effective July 1, 2026.

This follows extensive market feedback gathered through April 30, 2026, tied to the ongoing conflict in the region that has led to significant shipping disruptions due to the effective closure of the Strait of Hormuz. The consultation note published April 15, 2026, seeking market feedback on Platts Middle East Gulf freight assessments, is available here.

Platts notes that since the onset of the conflict, there has been a decreasing number of repeatable or executable fixtures within the Strait of Hormuz, posing challenges to direct market observation as the conflict has progressed. As a result, Platts proposes to reflect Gulf of Oman fixtures as the basis for its Middle East Gulf freight assessments effective July 1, 2026, until further notice.

Platts will exercise judgment and consider representative related routes loading outside the Strait of Hormuz, when assessing values, normalized to the Gulf of Oman as the basis.

Platts would like to clarify that its tanker assessments for the Middle East Gulf, including but not limited to Clean LR1 Arab Gulf-Japan 55kt (PFAEY10), Clean LR2 AG-Japan 75kt (PFAMT00) and Dirty VLCC Persian Gulf-China 270kt (AASLB00), already reflect all ports in the Persian Gulf up to and including the Gulf of Oman.

Platts previously clarified on March 3, 2026, following immediate shipping disruptions in the Strait of Hormuz that it will consider alternative routes for Middle East freight assessments in the absence of relevant physical fixtures.

The proposed change aims to reflect greater transparency and recent trade flows while it has become increasingly difficult to assess the physical tanker market inside the Strait of Hormuz.

The following Platts clean and dirty tanker assessments after the proposed change would reflect Gulf of Oman as the basis as opposed to loadings inside the Strait of Hormuz:

• Clean LR1 AG–Japan 55kt (PFAEY10)
• Clean LR2 AG–Japan 75kt (PFAMT00)
• Dirty VLCC Persian Gulf–China 270kt (AASLB00)
• Clean LR1 AG–UK Continent 65kt (PFAFA10)
• Clean LR2 AG–UK Continent 90kt (PFANT00)
• Other Middle East Gulf tanker assessments, details can be found in Platts Global Freight Specifications Guide available here.

In response to emerging market dynamics, Platts has also launched a VLCC dirty tanker assessment May 4, 2026 for the Yanbu–Far East route (TDRSC00).

Platts will continue to monitor market developments and reflect observed trading patterns in its freight assessments. In the case of a change to the current market situation in the Middle East Gulf, ahead of the implementation of this proposal, Platts may issue further methodological guidance via subscriber notes.

Please send any feedback or questions to tankers@spglobal.com and pricegroup@spglobal.com by June 17 , 2026. For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.