Hormuz Trade Resumes as Trump and Xi Agree on Energy Flow
Oil prices remained flat on Thursday after Iran's state media reported that dozens of vessels had crossed the Strait of Hormuz. The development came as US President Donald Trump and Chinese President Xi Jinping met in Beijing, where they agreed that the Strait must remain open for the free flow of energy.
The Strait has been a key concern due to the ongoing conflict between Iran and other countries. However, recent reports indicate that Iran is allowing some Chinese vessels to pass through, including a supertanker carrying 2 million barrels of Iraqi crude.
Before the Fars report, a Panama-flagged tanker managed by Japanese refining group Eneos had also passed through the Strait, marking the second instance of a Japan-linked oil ship making it through.