China is negotiating with Iran to allow crude oil and Qatari liquefied natural gas (LNG) vessels safe passage through the Strait of Hormuz, according to multiple diplomatic sources.
This comes as the U.S.-Israeli military campaign against Tehran intensifies, disrupting global energy supplies.
The conflict, now in its sixth day, has nearly shut down the critical shipping lane, which carries roughly 20% of global oil and LNG supplies. China, heavily dependent on Middle Eastern energy (about 45% of its oil imports pass through the Strait), is pressing Iran to permit safe maritime transit to stabilize global markets.
Recent tracking data shows that a vessel named Iron Maiden successfully passed through the Strait after reflagging as a Chinese-owned ship, but analysts note that many more sailings are needed to reassure global markets.
The disruption has already sent crude oil prices up over 15%, with Tehran targeting both Gulf energy facilities and vessels transiting the Strait. Iran’s missile strikes have also reached Cyprus, Azerbaijan, and Turkey, raising further concerns about regional instability and inflation risks in major economies.
Shipping data from Vortexa and Kpler indicate that only four vessels passed through the Strait on March 1, down from the 24 daily average seen since January, with roughly 300 oil tankers still stranded.
Some vessels currently allowed through are Chinese or Iranian-owned, while U.S., Israeli, European, and allied ships remain barred.
REUTERS.
