SINGAPORE/WASHINGTON - Two Chinese tankers laden with oil exited the Strait of Hormuz on Wednesday, brightening hopes that the U.S.-Israeli conflict with Iran may soon be resolved after positive comments from President Trump and Vice President Vance.
Trump said Tuesday the war would end "very quickly," while Vance reported progress in talks with Tehran.
"We're in a pretty good spot here," Vance told a White House briefing.
Trump earlier said he paused planned hostilities after a new Tehran proposal. "I was an hour away from making the decision to go today," he told reporters.
Iran's leaders are "begging for a deal," Trump claimed, warning of a new attack if no agreement is reached.
The U.S. has struggled to end the war it began with Israel nearly three months ago. Trump faces political pressure at home with high gasoline prices and low approval ratings ahead of congressional elections.
The conflict has disrupted global energy supplies, blocking hundreds of tankers in the Gulf. Two Chinese ships carrying about 4 million barrels of crude passed through the strait, per LSEG and Kpler data.
Oil prices eased, with Brent falling to $110.16 a barrel before recovering.
"Investors are keen to gauge whether Washington and Tehran can find common ground," said analyst Toshitaka Tazawa.
Vance acknowledged difficulties negotiating with fractured Iranian leadership. "It's not sometimes totally clear what the negotiating position of the team is," he said.
He also stressed preventing a nuclear arms race in the region.
Iran's Ebrahim Azizi said Trump paused the attack due to the realization that any move would face "a decisive military response."
Iran's peace proposal includes a ceasefire on all fronts, withdrawal of U.S. forces, reparations, lifting of sanctions, release of frozen funds, and end of the marine blockade.
The terms appear unchanged from Iran's previous offer, which Trump rejected as "garbage."
The ceasefire has mostly held, though drones have been launched from Iraq toward Gulf countries.
The war has not deprived Iran of its enriched uranium stockpile or its ability to threaten neighbors.
