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Home»Business»Oil Prices Ease as Shipping Resumes in Hormuz Strait
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Oil Prices Ease as Shipping Resumes in Hormuz Strait

meridianspyBy meridianspyMay 15, 2026No Comments3 Mins Read
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While the United States and Iran have yet to agree on terms to reopen the strategic Strait of

Hormuz, about 30 Chinese ships reportedly transited the waterway on Wednesday.

 

The semi-official Fars news agency in Iran reported on Thursday that it became possible from Wednesday night for a number of Chinese ships to pass through the Strait of Hormuz in compliance with Iranian management protocols.

 

Citing an informed source, the news agency reported that a senior official of the Navy of Iran’s Islamic Revolutionary Guard Corps disclosed that “30 vessels have passed through the Strait of Hormuz since Wednesday night”.

 

The official added that different countries have accepted the Iran-designated route for passage through the strait.

 

Iran’s Foreign Minister, Seyed Abbas Araghchi, was quoted as saying that the Strait of Hormuz is open to all commercial vessels, provided they cooperate with Iranian naval forces to pass through the waterway.

 

“Iran has not posed any obstacle to shipping through the strait,” he said, stressing that it is the United States that has enforced the blockade.

 

Araghchi expressed hope that the situation could be resolved with the removal of the US blockade.

 

Iran tightened its grip on the Strait of Hormuz beginning February 28, when it barred passage to vessels belonging to or affiliated with Israel and the United States following their joint strikes on Iranian territory.

READ ALSO  CBN Revokes Licences of 46 Microfinance Banks

 

Reuters reported that the White House, speaking on US President Donald Trump’s meeting with Chinese President Xi Jinping, said both leaders agreed that the Strait of Hormuz must remain open for the free flow of energy.

 

The Chinese president reportedly said that the “rejuvenation of China” and “Make America Great Again” can go hand in hand without rivalry.

 

Oil prices eased on Thursday following the report. From an earlier high of $107.13 per barrel, Brent crude futures fell to $105.03 per barrel.

 

Xi also expressed interest in purchasing more US oil to reduce China’s dependence on the Strait of Hormuz, according to the White House. China, never a major buyer of US crude, has not imported any since May 2025 due to a 20 per cent import tariff imposed during the trade war.

 

It was reported that three tankers carrying crude exited the Strait of Hormuz last week and on Sunday, with trackers switched off to avoid Iranian attacks, shipping data from Kpler and LSEG showed on Monday, underscoring a rising trend affecting Middle East oil exports.

 

Two very large crude carriers, the Agios Fanourios I and the Kiara M, carrying 2 million barrels of Iraqi crude each, passed through the strait on Sunday, the data showed.

 

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