Two Chinese supertankers have left the Strait of Hormuz after waiting in the Gulf for more than two months, as US President Donald Trump and Vice President JD Vance declared a deal to end the US-Israel war with Iran is imminent. Shipping data from LSEG and Kpler show the two supertankers — the Chinese-flagged Yuan Gui Yang and the Hong Kong-flagged Ocean Lily — moved out of the waterway carrying about 4 million barrels of crude oil. On the same day, South Korean Foreign Minister Cho Hyun said during a parliamentary hearing in Seoul that a South Korean oil tanker was also passing through the strait.
According to the data, the Yuan Gui Yang loaded 2 million barrels of Iraq's Basrah crude on February 27, one day before the US-Israel war on Iran began, while the Ocean Lily loaded 1 million barrels each of Qatar's al-Shaheen and Iraq's Basrah crude between late February and early March. The departure of these two ships came as President Trump told US lawmakers that the war with Iran would end "very quickly" and "hopefully... in a very pleasant manner."
US Vice President JD Vance, at a White House press conference, said negotiations between Tehran and Washington were "in a pretty good place." Vance said: "There's a lot of back and forth, a lot of good progress being made, but we'll continue to work." Earlier, President Trump had threatened military action against Iran, giving the country "two to three days" to reach a deal and stating he was just an hour away from ordering an attack before holding off. The US leader has repeatedly signaled that a deal is near and threatened severe military action if Iran does not comply with Washington's demands.
Oil prices eased slightly after the positive comments from the White House, but experts warned prices could remain high even if Washington and Tehran reach a deal. International benchmark Brent crude fell to a low of $110.16 a barrel. Emril Jamil, senior oil research analyst at LSEG, told Reuters: "Prices are still likely to rise even if a deal is signed, because supply will not return to pre-war levels immediately."
The economic and political impact of the US blockade of the Strait of Hormuz has sent shockwaves globally, with Brent crude hitting its highest level since June 2022 last month. The United Nations has cut its global growth forecast to 2.5% this year, down from an estimated 3% last year, due to higher energy costs and weaker trade. The agency warned in its latest World Economic Situation and Prospects report that low-income families in developing countries are bearing the heaviest burden "as higher food and energy prices take up a larger share of their consumption, and costs rise faster than wages."
