Iran permitted approximately 30 vessels, including Chinese ships, to transit the Strait of Hormuz. [9] This marks the first passage since the waterway's closure during the recent conflict. [9] Iranian state media and Reuters reported the move as a potential de-escalation of the energy crisis. [9]
The development occurred during a Beijing meeting between U.S. President Donald Trump and Chinese President Xi Jinping. [9] Both leaders publicly agreed the strait must remain open for global energy flows. [9]
The IEA previously labeled the shutdown an unprecedented supply shock that removed 14 million barrels per day from the market. [2] Global inventories have depleted at a record pace during this period. [2] WTI crude futures dropped below $100 per barrel following the news. [9] Brent crude prices also declined as geopolitical risk premiums began to erode. [9, 3]