&imwidth=800&imheight=600&format=webp&quality=medium "Iran may allow ships through Strait of Hormuz — but with a catch. Deets inside")
Iran is considering allowing a limited number of oil tankers to pass through the strategic Strait of Hormuz if the cargo is traded in Chinese yuan, a senior Iranian official told CNN. The proposal is part of a broader tanker policy Tehran is developing to regulate ship traffic through the strait, one of the world’s most critical energy transit routes. As per the official, Iran is exploring options that would permit select tankers to transit the waterway under strict financial conditions. One option under discussion would require oil shipments to be sold in Chinese yuan rather than the US dollar. Most global oil transactions are conducted in US dollars.
Only a small portion of sanctioned Russian oil is currently traded in alternative currencies such as the rouble or yuan. China has been pushing for years to expand the global use of its currency in energy markets, including efforts to purchase oil in yuan from major producers such as Saudi Arabia. Meanwhile, tensions surrounding shipping restrictions in the Strait of Hormuz have added volatility to global energy markets.
Concerns about potential disruptions along the vital maritime corridor, through which a significant share of the world’s oil supply passes, have pushed global oil prices to their highest levels since July 2022, shortly after Russia launched its military operation in Ukraine. Escalating tensions involving the United States, Israel, and Iran, along with Tehran’s closure of the Strait of Hormuz, have further rattled energy markets.
Oil prices continue to swing
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Global oil prices dipped on Friday but were still on track for weekly gains. Brent crude futures for May delivery fell $1.22, or 1.2%, to $99.24 per barrel at 10:53 GMT. Despite the decline, the benchmark remained set for a weekly gain of around 7.5%. West Texas Intermediate crude for April delivery dropped $1.81, or 1.9%, to $93.92 per barrel, though it was still heading for an increase of nearly 4% over the week.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.
