Chinese supertankers exit Hormuz as Trump and Vance talk up Iran deal
Chinese-owned supertankers have been leaving the Strait of Hormuz as US President Donald Trump and Vice President JD Vance played up the prospects of a deal with Iran. Oil markets are reading the increased shipping activity as a tentative signal of easing tensions in the strategic chokepoint.
Maritime analysts examining satellite tracking data say at least six large tankers belonging to Chinese energy companies left the Strait of Hormuz last week, heading for routes through the Gulf of Oman and the Bay of Bengal. The movement is said to be in line with Beijing's strategy of building up strategic oil reserves.
US President Donald Trump and Vice President JD Vance said in separate statements that a 'comprehensive deal' with Iran was possible. Trump said he had been given signals that talks could be entering a final phase, while Vance said volatility in oil markets would calm down with concrete de-escalation steps.
Brent crude futures traded just below $90 a barrel after the news. Analysts say that if the deal signals are confirmed, the market could find a balance near $80, but any setback could quickly push prices above $100 again.
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