Two Chinese supertankers exited the Strait of Hormuz on Wednesday carrying four million barrels of Middle East crude oil, as both vessels had waited in the Gulf for more than two months, shipping data from LSEG and Kpler showed.
The Chinese-flagged Very Large Crude Carrier (VLCC) Yuan Gui Yang loaded two million barrels of Iraqi Basrah crude on 27 February, a day before the US-Israeli war on Iran began. Unipec, the trading arm of Asia’s largest refiner Sinopec, chartered the vessel. It expects to arrive at Shuidong Port near Maoming, in southern Guangdong province, on 4 June.
Meanwhile, the Hong Kong-flagged VLCC Ocean Lily loaded one million barrels each of Qatari Al-Shaheen and Iraqi Basrah crude between late February and early March. Sinochem, a major Chinese energy firm, owns the vessel. It is due at Quanzhou Port in Fujian province on 5 June.
Trump Signals a Fast End to the Conflict
The tankers’ departure also follows fresh diplomatic signals from Washington, as US President Donald Trump told reporters on Tuesday at the White House, “I was an hour away from making the decision to go today.” He referred to a planned military resumption that he paused after Tehran submitted a new peace proposal. Trump further warned that a US attack would follow within days if Iran fails to reach an accord, declaring the war would end “very quickly.”
However, analysts urged caution, with Toshitaka Tazawa of Fujitomi Securities stating, “Investors are keen to gauge whether Washington and Tehran can actually find common ground and reach a peace agreement, with the US stance shifting daily.”
Iran’s Demands and the Regional Toll
Iran’s latest proposal calls for an end to hostilities on all fronts, including Lebanon. Additionally, Tehran demands the withdrawal of US forces from areas near Iran, reparations for US-Israeli strikes, the lifting of sanctions, and the release of frozen funds. Deputy Foreign Minister Kazem Gharibabadi outlined the terms to the IRNA news agency. Trump last week dismissed a previous Iranian offer as “garbage.” The new terms appear largely unchanged.
The conflict caused the worst disruption to global energy supplies on record, blocking hundreds of tankers across the Gulf. As a result, oil prices remained elevated. Nevertheless, Brent crude eased to $110.16 a barrel on Wednesday on positive diplomatic signals, before recovering most of its losses.
