CNBC:oil tops $110 again after Chinese ships are turned away

Brent oil tops $110 again after Chinese ships are turned away from Strait of Hormuz

 

Key Points
  • Two ultra large container vessels owned by China Ocean Shipping Company tried to pass through the Strait of Hormuz but were turned back.
  • China is an ally of Iran and the Islamic Republic has previously said friendly ships can pass through the Strait.
  • The incident indicates that Iran is still blocking traffic in the Strait.
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