Singapore Jet Fuel Swaps Flip Discount

Asia and Middle Eastern Jet Daily Market Analysis / Iran says ‘non-hostile vessels’ may transit Hormuz / M1 swap regrade falls to discount

Jun 02, 2026

Backwardation in the Asian jet fuel/kerosene complex eased further on March 25 as Iran told the UN that “non-hostile vessels” may transit the Strait of Hormuz in coordination with Iranian authorities. “Non-hostile vessels, including those belonging to or associated with other States, may — provided that they neither participate in nor support acts of aggression against Iran and fully comply with the declared safety and security regulations — benefit from safe passage through the Strait of Hormuz in coordination with the competent Iranian authorities,” according to the communique sent to UN Secretary General Antonio Guterres posted March 25 on the website of Iran’s permanent mission to the UN. “It is further underscored that vessels, equipment, and any assets belonging to the aggressor parties — namely, the United States and the...

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