Chicago – March 13, 2026
Tehran is evaluating specific conditions to permit limited oil cargo ships through the Strait of Hormuz, a vital chokepoint for 20% of global oil trade, according to recent reports. A high-ranking official told CNN that Iran may allow tankers if oil is traded in Chinese yuan rather than U.S. dollars, signaling a strategy to sideline Western currencies.
Iran’s Deputy Foreign Minister Majid Takht-Ravanchi confirmed cooperation with select countries for safe passage, excluding those involved in aggression against Iran, like the U.S. and Israel. This comes as attacks have nearly halted traffic, stranding vessels and spiking oil prices above $100 per barrel.
Despite threats from Iran’s Revolutionary Guards and mine-laying, limited transits for allies like China and India continue. President Trump has warned of U.S. naval escorts, but officials say preparations are ongoing. The move could ease some pressure on energy markets if conditions are met.
