Two Chinese Tankers Exit Hormuz Amid US-Iran Peace Hopes; Brent Crude Falls to $110.16

Two Chinese oil tankers exited the Strait of Hormuz on Wednesday, signaling optimism for a resolution to the US-Israeli conflict with Iran. This follows positive comments from US President Donald Trump and Vice President JD Vance.

Trump stated on Tuesday that the war would end «very quickly» and mentioned he had paused a planned resumption of hostilities after a new proposal from Tehran. Vance noted progress in discussions, despite acknowledging difficulties in negotiating with Iran’s fractured leadership. The conflict, which began nearly three months ago, has severely disrupted global energy supplies, blocking hundreds of tankers and impacting facilities. Trump faces domestic pressure to reopen the Strait of Hormuz, a critical oil route, as fuel prices remain high and congressional elections approach.

Data from LSEG and Kpler showed the two Chinese ships, carrying about a million barrels of crude, were among several supertankers exiting the Gulf this month. Oil prices reacted positively, with Brent crude falling to $110.16 a barrel before recovering. Iran’s latest peace proposal, described by state media, includes ending hostilities in Lebanon, US forces exiting areas near Iran, reparations for damages, lifting sanctions, releasing frozen funds, and ending the US marine blockade. These terms are similar to a previous offer Trump rejected as «garbage.»

The US-Israeli bombing killed thousands in Iran before an April ceasefire. Israel also caused thousands of deaths and displaced hundreds of thousands in Lebanon. Iranian strikes killed dozens in Israel and Gulf states. The war, launched by Trump and Israeli Prime Minister Binyamin Netanyahu to curb Iran’s regional support and nuclear program, has not yet achieved its objectives.