• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

3

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

3

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
EnergyOil
Asia

Iran’s envoy to China says Beijing to get Hormuz concessions

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
July 4, 2026, 11:07 AM ET
Commercial cargo vessels and crude oil tankers anchored in the Gulf of Oman, off the coast of Muscat, Oman, on June 21, 2026.
Commercial cargo vessels and crude oil tankers anchored in the Gulf of Oman, off the coast of Muscat, Oman, on June 21, 2026.Shady Alassar/Anadolu via Getty Images
Add Fortune on Google for similar content.

Iran’s ambassador to Beijing said China and other friendly nations will be granted “special considerations” when Tehran determines the level and nature of service fees charged to ships using the Strait of Hormuz. 

Recommended Video

Abdolreza Rahmani Fazli said the critical waterway for energy supplies is now a matter of “national security” in the aftermath of the four-month US and Israeli war on the Islamic Republic. As such, “there will be new arrangements concerning the Strait of Hormuz with the collaboration and cooperation of the state of Oman,” he said.

“We will definitely have special considerations for China, because China is a friendly country,” Fazli said Saturday at the World Peace Forum in Beijing, without specifying what those concessions would entail. “Special treatment we should award to countries which are friendly to us.”

The future management of the Strait of Hormuz is among several contentious issues being discussed as part of negotiations to secure a permanent end to the conflict. Iran effectively closed the strait when the US and Israel began airstrikes in late February, with traffic only recently picking up following an interim peace deal signed last month. 

At least eight ships attempting to leave the Persian Gulf along the Omani coast turned backbetween Friday and Saturday, in the latest sign that reopening the strait remains fraught with complexity.

The US and Gulf Arab countries insist Iran and Oman cannot impose charges of any kind for the waterway. But some European nations now accept that ships transiting the chokepoint will have to pay some sort of fee, people familiar with the matter said on Thursday. They have pressed Iranian and Omani officials not to discriminate against ships based on their nationality, the people said.

Read More: European Nations Now Believe Some Hormuz Fees Are Inevitable

China, which buys almost all of Iran’s oil exports, on Friday called for the unhindered flow of shipping through the Strait of Hormuz. That would be in the “interests of all parties,” Foreign Ministry spokesman Guo Jiakun said. 

About a fifth of the world’s oil and liquefied natural gas supplies flowed through the strait before the conflict.

Iran’s ambassador to China said fees would be levied to guarantee the safe passage of ships through the strait, while also dealing with the cost of environmental consequences. Enforcement “will not go against the international laws of the sea,” Fazli said. 

China has kept to the sidelines of the Iran war, calling for restraint while offering some diplomatic support mainly through its ally, Pakistan. It’s seeking to protect shipping in the Gulf and prevent further energy supply disruptions, which could strain its domestic economy.

Read More: Why China’s Support for Iran Has Limits: Explainer

Still, China has cast itself as a stabilizing force while questioning US primacy in the Middle East and reliability more broadly. 

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Energy

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Energy

Iran’s envoy to China says Beijing to get Hormuz concessions
EnergyOil
Iran’s envoy to China says Beijing to get Hormuz concessions
By BloombergJuly 4, 2026
8 hours ago
Ukrainian drones target more Russian oil infrastructure as fuel crisis adds political pressure on Putin, who shrugs off attacks as ‘not critical’
EnergyUkraine invasion
Ukrainian drones target more Russian oil infrastructure as fuel crisis adds political pressure on Putin, who shrugs off attacks as ‘not critical’
By The Associated PressJuly 4, 2026
9 hours ago
How a third-generation Texas oilman transformed an organic farming company into a leading advanced nuclear startup at a small Christian college
EnergyNuclear
How a third-generation Texas oilman transformed an organic farming company into a leading advanced nuclear startup at a small Christian college
By Jordan BlumJuly 4, 2026
16 hours ago
Photo: Russian President Vladimir Putin Attends ASEAN-Russia Summit
Energyputin
Russians live with fuel shortages and rationing as Putin insists the war against Ukraine will go on
By The Associated PressJuly 3, 2026
2 days ago
Chris Hulatt co-founder of Octopus Group
SuccessHow I made my first million
A 2-year taste of the office was enough to make 3 grads quit. Now they run a $13.2 billion investment firm: ‘We didn’t want a traditional job again’
By Orianna Rosa RoyleJuly 2, 2026
2 days ago
Current price of oil as of July 2, 2026
Personal FinanceOil
Current price of oil as of July 2, 2026
By Joseph HostetlerJuly 2, 2026
2 days ago

Most Popular

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
2 days ago
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
Success
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
By Preston ForeJuly 4, 2026
16 hours ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
2 days ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
2 days ago
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
Success
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
By Orianna Rosa RoyleJuly 3, 2026
2 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
8 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.