"Wang Yi stated that China is 'deeply distressed' by the ongoing conflict between the United States and Iran, highlighting the urgent need for a comprehensive ceasefire."
"The effective closure of the Strait of Hormuz by Iran has led to skyrocketing fuel prices, significantly impacting the global economy and putting pressure on major powers like China."
"The spot price of Brent crude oil fell to around $100 per barrel, easing from earlier price jumps, but remains well above pre-war levels of approximately $70."
China's foreign minister urged for a comprehensive ceasefire in the ongoing Iran war, expressing deep concern over the conflict. This statement followed a meeting with Iranian Foreign Minister Abbas Araghchi, who visited Beijing amid the war. China's strong economic and political ties with Iran position it uniquely to influence the situation. The U.S. is encouraging China to leverage this relationship to facilitate negotiations regarding the Strait of Hormuz, which has been significantly impacted by the conflict, affecting global oil prices and economies.
Read at Fast Company
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