"The reopening of Hormuz is critical to the world's oil trade because its closure has resulted in the loss of millions of barrels of supply to global markets. A resumption would alleviate pressure on increasingly tight physical markets everywhere."
"The two Chinese supertankers would be the first from the Asian nation observed taking barrels out of the region, a boon for Beijing but nevertheless underscoring that the country has been squeezed by the conflict too."
"In oil-flow terms, the exits are significant but still way below peace-time levels. The three tankers between them have a transport capacity of about 6 million barrels of crude."
Two Chinese supertankers loaded with crude are transiting the Strait of Hormuz, indicating a rise in oil shipping traffic after a ceasefire between the US and Iran. If all three vessels pass, it would represent the largest oil exit day since early March. The reopening of Hormuz is vital for global oil trade, as its closure has led to significant supply losses. The Chinese tankers signify a shift in oil flow, although current levels remain below pre-war standards.
Read at Fortune
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