The crude side starts with VLCCs opening very firm, led by Atlantic strength and tight front‑end lists, with Brazil-East around WS 197 and WAFR-East at WS 207.5, helped by uncertainty around the Strait of Hormuz. In the East, ideas inside the AG were very high but mostly test‑driven rather than repeatable, and owners were cautious. Midweek, sentiment flipped when a reported WS 410 AG fixture failed and was replaced near WS 310, prompting a broader correction and softer tone, even as underlying supply stayed tight. Suezmaxes, by contrast, had another week of firming: TD20 climbed to about WS 230, Brazil-UKCM reached WS 235, and CPC last done was WS 275, with tight lists and strong enquiry. Aframaxes in the Med saw an expanded tonnage list and weak enquiry, pushing X‑Med down to WS 155 and leaving TD19 at WS 155 by Friday, while the North Sea tightened as owners ballasted TA, keeping TD7 around WS 145 with steady sentiment.
On products, AG LR2s started very slowly, with a few Red Sea deals at USD 3.5 Mn Yanbu-UKC and USD 4 Mn Gizan-UKC, seen as respectable versus a softer West market. Hormuz risk and IRGC presence kept the AG highly secretive and transit‑shy, while a long position list capped upside despite hopes of stratospheric rates. AG LR1s had flutters of activity but remained oversupplied, with TC5 slipping to WS 210 ex‑Sikka and only limited short‑haul runs like USD 700,000 Sohar-Pakistan. In the Med, MRs were weak despite a late‑week pickup, with Europe oversupplied and TA/UKC/Med–WAFR rates edging down. Med Handys held around WS 170, supported mainly by high bunker costs, but ongoing inactivity threatens future pressure.