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Iran says the Strait of Hormuz will be open once the conflict with the US and Israel is over.
Iran insists on maintaining control over the Strait of Hormuz even after the conflict ends.
KEY POINTS
- 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.
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