# Iran says the Strait of Hormuz will be open once the conflict with the US and Israel is over.

*business · news · 2026-05-17 · Australian Financial Review*

## Key points

- Iran insists on maintaining control over the Strait of Hormuz even after the conflict ends.
- US allowed three Chinese tankers to transport Iranian oil through the Strait this week.
- Energy exports from the region have nearly halted, significantly increasing Iran's leverage in negotiations.
- Physical crude oil markets have tightened, with Brent crude prices up 50% since the conflict began.
- Trump and China's Xi agreed the Strait should stay open but achieved no progress toward reopening.

**Companies:** Chinese oil companies
**Countries:** Iran, United States, China

[Read the full story on Australian Financial Review](https://www.afr.com/markets/equity-markets/asx-to-dip-as-oil-jumps-towards-us110-20260517-p5zxw4)

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