Chinese Supertankers Exit Hormuz as Trump Signals Swift Iran Deal, Oil Prices Slip

The tankers, Yuan Gui Yang and Ocean Lily, had been anchored in the Gulf since late February, waiting for clearance amid rising tensions over the US‑Israel stance on Iran. Their departure coincides with renewed diplomatic talk from the White House. Trump told lawmakers the conflict with Iran would end "very quickly" and "hopefully … in a very nice manner," while Vice President JD Vance described negotiations as being in a "pretty good spot." These comments came as oil markets reacted to the prospect of eased supply constraints.

The two Chinese‑flagged supertankers each carried roughly two million barrels of crude, totaling about four million barrels, and cleared the strait on Wednesday after more than sixty days of waiting. Trump’s remark that the Iran war will end very quickly and hopefully in a nice manner was delivered during a briefing to congressional leaders, underscoring his administration’s push for a rapid diplomatic resolution. Brent crude, the global benchmark, fell to $110.16 per barrel following the statements, marking a dip from recent highs that had pushed prices above $120 earlier in the month.

Analysts note that the tankers’ exit eases immediate congestion in Hormuz, but they caution that underlying supply disruptions from sanctions and possible future attacks could keep prices elevated. Even if a deal is reached, experts warn that oil markets may remain tight because production restoration will take time and geopolitical risk premiums could persist. The UN recently lowered its global growth forecast to 2.5 percent for this year, citing higher energy costs as a drag on activity. Low‑income households in developing nations feel the squeeze as fuel and food prices consume a larger share of their budgets.