With Iran effectively blocking the Strait of Hormuz after U.S. and Israeli airstrikes, it is reportedly considering allowing passage only for ships carrying crude settled in yuan.
CNN reported on the 14th, citing sources, that Iran is pushing a new plan to manage the flow of tankers through the Strait of Hormuz. The plan is said to include allowing the passage of ships carrying crude for which the transaction was settled in yuan.
The move is seen as a way to raise war funds by relying on China's influence. China is officially urging a halt to the Middle East war, but suspicions persist that it is backing Iran from behind the scenes.
CNBC reported on the 11th, citing tanker-tracking firms, that since the war began on the 28th of last month, Iran had been delivering at least 11.7 million barrels of crude to China through the Strait of Hormuz.
On the 9th, the Washington Post (WP) also said two ships belonging to Iran's state-run shipping company appeared to have departed for Iran from Gaolin Port in Zhuhai, in southeastern China, where there is a missile propellant fuel storage facility.
Meanwhile, as U.S.-Iran tensions have continued for more than two weeks, the blockade of the Strait of Hormuz has disrupted global crude shipments and sent oil prices soaring. On the previous day, May-delivery Brent futures settled at $103.14 per barrel, the highest closing level since late July 2022.