Chinese supertankers exit Hormuz as Trump, Vance talk up Iran deal
Summary
Two Chinese oil tankers have left the Strait of Hormuz after staying there for over two months, carrying about 4 million barrels of crude oil. At the same time, President Trump and Vice President Vance said a deal to end the US-Israel war on Iran could happen soon, with negotiations making good progress.Key Facts
- The Chinese-flagged tankers Yuan Gui Yang and Hong Kong-flagged Ocean Lily exited the Strait of Hormuz carrying crude oil.
- Yuan Gui Yang loaded 2 million barrels of Iraqi crude on February 27, before the US-Israel war on Iran began.
- Ocean Lily carried 1 million barrels each of Qatari and Iraqi crude oil.
- South Korea’s Foreign Minister reported a Korean crude vessel also passed through the Strait on Wednesday.
- President Trump said the Iran war could end quickly and hoped it would end peacefully.
- Vice President Vance said talks between the US and Iran are progressing well, with ongoing negotiations.
- President Trump had previously threatened military action against Iran if a deal was not reached.
- Oil prices briefly dropped after these comments but remain high due to uncertain supply and geopolitical tensions.
- The United Nations lowered global growth predictions, citing higher energy prices and their impact on poor families.
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