Hormuz Reopening Shifts Focus to Gulf Oil Storage and Shipping

Shipowners need to regain confidence in the route, insurers need to lower premiums and producers need to load crude quickly enough to avoid bottlenecks

霍尔木兹海峡重新开放，市场焦点转向海湾石油仓储与航运

船东需重拾航线信心，险企须调降保费，产油国得加快装船以防堵港

WSJ | June 19 2026

DOHA, Qatar-With the Strait of Hormuz gradually reopening, Gulf oil producers face a new test: how fast they can clear shipping bottlenecks and turn stockpiled crude into exports.

多哈，卡塔尔——随着霍尔木兹海峡逐步重新开放，海湾产油国正面临一场新考验：能以多快速度疏通航运瓶颈，将囤积的原油转化为出口。

Iran effectively shut the Strait of Hormuz after the war with the U.S. and Israel broke out on Feb. 28, choking an artery that normally carries about a fifth of globally traded oil. Reopening of the waterway has begun under a U.S.-Iran agreement signed earlier this week, shifting the market’s focus to how quickly the export system can recover.

自2月28日与美国和以色列爆发战争后，伊朗实质上关闭了霍尔木兹海峡，扼住这条通常承载全球约五分之一石油贸易量的运输动脉。根据本周早些时候签署的美伊协议，该水道已开始重新开放，市场焦点随之转向出口体系能多快恢复。

The recovery hinges on two separate constraints, said Jorge Leon, head of geopolitical analysis at Rystad Energy, an Oslo-based energy research and business-intelligence firm. The markets will closely watch whether tankers can freely transit through the strait, and if the region’s oil producers can load enough crude once these vessels are ready to sail, he noted.

总部位于奥斯陆的能源研究与商业情报公司睿咨得能源地缘政治分析主管豪尔赫·莱昂表示，恢复速度取决于两项相互独立的制约因素。他指出，市场将密切关注油轮能否自由穿越海峡，以及一旦船舶准备就绪，该地区产油国能否装载足够原油。

Shipping through the strait remains limited, though some vessels have begun crossing again, including three tankers carrying Saudi oil and one French-flagged LNG carrier. Kpler recorded six verified transits on June 17, while average daily crossings so far in June have stayed around 10 ships, far below the more than 100 a day before the war, according to ship-tracking data cited by The Wall Street Journal.

目前海峡通航仍有限，不过已有部分船只恢复穿行，包括三艘装载沙特石油的油轮和一艘悬挂法国国旗的液化天然气运输船。大宗商品数据公司Kpler记录到6月17日有六次经核实的通航，而据《华尔街日报》援引的船舶追踪数据，6月以来日均通航量维持在10艘左右，远低于战前日均逾百艘的水平。

That makes the first stage of the recovery a logistical one. Shipowners need to regain confidence in the route, insurers need to bring premiums down and producers need to load crude quickly enough to avoid bottlenecks at export terminals.

这使得恢复的第一阶段是物流问题。船东需重拾对该航线的信心，保险公司须调降保费，而产油国需要足够快地装运原油，以免在出口码头形成瓶颈。

Traffic through Hormuz could take around four to six months to return to prewar levels, Leon said.

莱昂称，霍尔木兹海峡的通航量可能需要四到六个月才能恢复到战前水平。

The disruption has also drawn attention to storage capacity.

此次中断也令仓储能力受到关注。

Oil giant Saudi Arabia said it is considering expanding capacity worldwide after the Strait of Hormuz disruption underscored the importance of strategic reserves in keeping crude flowing to customers. Saudi Arabian Oil Co., which is known as Aramco and is the world’s top oil exporter, can count on a network of crude storage sites both inside the kingdom and overseas, especially in Asia, one of its biggest markets.

石油巨头沙特阿拉伯表示，霍尔木兹海峡中断事件凸显出战略储备在保障原油持续流向客户方面的关键作用，因此正在考虑扩大全球范围内的仓储能力。全球最大石油出口商沙特阿拉伯国家石油公司（即沙特阿美）可依托其遍布沙特境内及海外、特别是其最大市场之一亚洲的原油仓储网络。

Leon said energy security is likely to become a bigger priority after the crisis. “For oil exporting countries that means putting together mechanisms and infrastructure to ensure exports can reach destination,” he said. “In that sense, infrastructure bypassing Hormuz and storage capacity around the world would be crucial.”

莱昂表示，这场危机后，能源安全很可能成为更优先事项。“对石油出口国而言，这意味着建立相应机制和基础设施，确保出口能抵达目的地，”他说，“从这个意义上讲，绕开霍尔木兹海峡的基础设施以及全球范围内的仓储能力将至关重要。”

Some major Gulf producers already have infrastructure allowing them to bypass Hormuz, including Saudi Arabia’s route to the Red Sea and the U.A.E.’s pipeline access to Fujairah. Those routes helped keep oil flowing, but they were no substitute for Hormuz, the main artery for Gulf crude exports.

部分海湾主要产油国已具备绕开霍尔木兹海峡的基础设施，包括沙特通往红海的管线以及阿联酋通往富查伊拉的管道。这些路线助力维持了石油外运，但无法替代霍尔木兹海峡这一海湾原油出口的主干道。

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重点词汇解析： 

1. bottleneck /ˈbɒtlnek/｜n. 瓶颈、运力堵塞｜例句：Producers must load crude fast to eliminate export bottlenecks

2. stockpile /ˈstɒkpaɪl/｜v./n. 储备、库存原油｜例句：Producers aim to turn stockpiled crude into overseas exports

3. choke /tʃəʊk/｜v. 阻断、堵塞（航运通道）｜例句：Conflict choked the vital Hormuz oil shipping artery

4. artery /ˈɑːtəri/｜n. 命脉、关键运输航道｜例句：The strait acts as the main artery for global crude trade

5. hinge on｜phr. 取决于、核心依托｜例句：Full market recovery hinges on two major operational constraints

6. constraint /kənˈstreɪnt/｜n. 制约因素、限制条件｜例句：Two key constraints slow the restoration of oil exports

7. transit /ˈtrænzɪt/｜v. 通航、过境航行｜例句：Markets monitor tankers allowed to transit the strait freely

8. logistical /ləˈdʒɪstɪkl/｜adj. 物流配套的、运力调度的｜例句：The early recovery phase is entirely a logistical challenge

9. premium /ˈpriːmiəm/｜n. 航运保险保费｜例句：Insurers are expected to lower voyage premiums for Gulf routes

10. disruption /dɪsˈrʌpʃn/｜n. 供应中断、航运受阻事件｜例句：The Hormuz disruption pushed firms to expand global oil storage

11. underscore /ˌʌndəˈskɔː(r)/｜v. 凸显、着重说明｜例句：The crisis underscored the value of strategic oil reserves

12. strategic reserves｜phr. 战略石油储备｜例句：Strategic reserves stabilize supply during shipping blockages

13. bypass /ˈbaɪpɑːs/｜v./n. 绕行、分流管线｜例句：Pipeline infrastructure enables oil to bypass the Hormuz strait

14. substitute /ˈsʌbstɪtjuːt/｜n. 替代方案、替代品｜例句：Red Sea pipelines are no full substitute for the Hormuz waterway

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