Chinese tanker Rich Starry retreats from Strait of Hormuz amid US blockade

A Chinese oil tanker, Rich Starry, was forced to retreat from the Strait of Hormuz due to a US blockade. Strait of Hormuz traffic returning to normal by April 30 sits at 10% YES, up from 8% a day ago.

The Rich Starry incident shows the blockade enforcement is tightening. The April 30 market holds at 10% YES, while the May 31 market is at 80% YES. The gap between 10% and 80% across those five weeks means traders expect a resolution catalyst sometime in May.

The Trump blockade announcement market for April 19 is at 24%. Traders doubt an imminent lifting, with a 3.8x return for YES if Trump announces a lift.

USDC volume in the Hormuz market was $15,050 over the past 24 hours. The cost to move the April 30 market 5 points is $1,088, indicating moderate liquidity. The largest single move was a 2-point spike at 11:31 AM, likely a reaction to the blockade news.

The Rich Starry retreat signals a firm US stance on the blockade, with no near-term easing priced in. A YES share at 10¢ offers a 10x return if traffic normalizes by April 30, which would require rapid diplomatic resolution. Watch for Trump statements, CENTCOM movements, or allied naval activity in the region. NATO’s next maritime command briefing could provide more clarity on the blockade’s trajectory.

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