Iran discusses yuan-based oil shipping deals with eight countries

Tehran is holding negotiations with eight countries outside the Middle East to secure guarantees for the safe transit of oil traded in Chinese yuan, according to CNN, which cited a source within Iran’s security services.

The source said the countries approached Iran to explore potential agreements following reports that Tehran is considering a plan allowing vessels from nations purchasing oil in yuan to pass through the strategically vital Strait of Hormuz. While the identities of the eight countries were not disclosed, the source added that Iran is also examining a broader strategy that would involve regulating maritime traffic through the strait alongside its existing blockade measures.

Iran has previously warned it would target vessels belonging to the United States, Israel, and their allies, a move that could effectively block a route through which around one-fifth of the world’s oil supply passes, potentially triggering a sharp rise in global energy prices. In addition, Iran has begun laying mines in the Strait of Hormuz, further complicating any future efforts to reopen the corridor.

On Tuesday, Iran’s parliament speaker Mohammad Bagher Ghalibaf stated that “the situation in the Strait of Hormuz will not return to its pre-war state.”

In an interview with Iranian state television aired on March 17, Ghalibaf said Iran’s actions were a response to ongoing hostilities.

“They are flying, launching missiles, should we just sit back and do nothing in response, or not? Naturally, it is our undeniable right. We must do this,” he said.

He also underscored the global importance of the waterway while accusing Washington and Israel of escalating tensions.

“Let me speak clearly, the Strait of Hormuz has always been important, one of the world’s key strategic chokepoints,” Ghalibaf said. “But look at this strategic mistake by the Americans and the Zionist regime, this trap they set, and the recklessness they showed, has turned this potential into an active reality. This is a high-risk opportunity.”

The Strait of Hormuz remains a critical artery for global energy supplies, with roughly 20% of the world’s traded oil and natural gas passing through it.

By Tamilla Hasanova