China's Foreign Minister Wang Yi is pressing for the quick reopening of the Strait of Hormuz, a critical chokepoint that moves 20% of the world's oil and LNG. The strait has been effectively blocked since late February after U.S. and Israeli strikes on Iran led Tehran to severely restrict tanker traffic.
In a phone call with Pakistan's deputy prime minister on June 24, Wang called for a comprehensive ceasefire, safe maritime passage, and a new regional security framework. Early signs of progress emerged as three tankers carrying about 5 million barrels of crude began transiting the Gulf, suggesting the complete shutdown may be easing.
A durable ceasefire would likely unwind geopolitical risk premiums in oil markets, with energy stocks poised to benefit.