Iranian state media reported on May 14 that approximately 30 vessels were permitted to transit the Strait of Hormuz. This group included several Chinese tankers. The move represents the first significant easing of a blockade that previously disrupted global energy flows.
The announcement followed a high-stakes summit in Beijing between U.S. President Donald Trump and Chinese President Xi Jinping. Both leaders confirmed the strait must remain open for the free flow of energy. President Xi expressed interest in increasing U.S. oil purchases to reduce reliance on the region.
Brent crude futures fell more than $2 per barrel following the news. Prices dropped to approximately $105 from recent highs near $108. This partial resumption of shipping eased investor fears regarding a major supply shock.