Tehran has said any normalization of traffic would hinge on the U.S. complying with the terms of a memorandum of understanding signed in June.

While Xi won’t cut ties with Tehran, Beijing could decide to further reduce purchases of Iranian oil or keep income from such transactions locked in Chinese banks.

Since March 1, there have been 1,514 dark crossings in and out of the Persian Gulf, and three different oil slicks are spreading through the area.

Chemical companies sit upstream of almost every value chain, supplying sectors ranging from construction and textiles to electronics.

The move underscores how the market is turning to workarounds to cope with maritime congestion due to the Iran war and an intensifying El Niño.

The risks to shipping are set to continue after Trump insisted that there were no ongoing talks with Tehran, leaving the simmering conflict in the Middle East in limbo.

Trump has routinely backed off some of his biggest tariff threats when negotiations yield what are often modest concessions.

The earnings increase come as exporters in the Persian Gulf seek more vessels to deliver the abundant crude barrels they promised to Asian buyers.

The trade of ferrying oil through the Strait of Hormuz undetected to transfer the barrels onto tankers in the Gulf of Oman is running at full tilt, sources say.

Hungary is planning to build a riverbed structure in the Danube River, in a bid to raise water levels enough to keep that country's only nuclear power plant online.