China Urgently Negotiates with Iran to Reopen Strait of Hormuz as Oil Prices Surge Over 15%

Since the U.S.-Israel war on Iran began six days ago, the Strait of Hormuz has been virtually shut. Crude tanker transits collapsed from an average of 24 per day since January to just four vessels on March 1, with around 300 oil tankers now stranded inside the Strait. Crude oil prices have risen more than 15% since the conflict began, as Iran attacks energy facilities across the Gulf and blocks foreign ships. Iran has banned vessels from the U.S., Israel, European countries, and their allies from passing through. China, which gets about 45% of its oil through the Strait, is now pressing Iran to allow safe passage for crude oil and Qatari liquefied natural gas vessels. One vessel, the Iron Maiden, passed through overnight after switching its signal to "China-owner," but far more sailings are needed to stabilize global markets. Sources confirm only Chinese and Iranian-owned ships are currently being permitted through, while others remain blocked.