U.S. Ends Hormuz Blockade as Three Supertankers Carry 6 Million Barrels of Iranian Crude

At least three supertankers carrying 6 million barrels of Iranian crude passed through the Strait of Hormuz after the U.S. lifted its naval blockade outside the chokepoint. The U.S. and Iran are discussing a framework on a lasting peace deal.

The prior blockade had disrupted shipping of about a fifth of the world’s crude oil and liquefied natural gas, first hitting Asia then Africa. Global exports of Chinese electric vehicles reached a record $9.4 billion in April, with shipments surging to Australia, Brazil, Southeast Asia and East Africa.

China exported about 435,000 passenger EVs and plug-in hybrids in May, more than double the total from a year earlier.

The war in Iran has helped reshape the global electric vehicle market as high fuel prices pushed drivers toward electric options. Governments moved to cut oil import costs. Laos banned imports of fuel-powered vehicles for the rest of 2026.

Africa imported around 44,000 Chinese EVs in 2025, a 130 percent increase from the previous year. Transportation accounts for nearly a fifth of household spending in South Africa. One in four new cars sold worldwide last year were electric.

The International Energy Agency projects global electric car sales will reach 23 million units in 2026. Charging infrastructure trails adoption in several markets. Thailand has around 4,600 public charging locations for more than 424,000 battery EVs and plug-in hybrids, or one station for every 92 vehicles.

Ethiopia had about a dozen charging stations as of mid-2025 and estimates it needs more than 1,170 stations to meet demand. Indonesia has more than 4,500 public chargers installed by state utility PLN. Kenya Power plans to build 44 charging stations within the next year.

"You need charging infrastructure to support an even larger fleet size," said Paul Gong, head of UBS bank’s China automotive industry research.