"Wang Yi, speaking after meeting with Iranian Foreign Minister Abbas Araghchi, said China was 'deeply distressed' by the conflict. China's close economic and political ties to Tehran give it a unique position of influence."
"Oil prices spiralled soon after Wang's comments, with prices for a barrel of brent crude retreating $12.66 US to $97.21 US a barrel, extending declines that erased big jumps earlier in the week."
"The prospect of lower jet fuel prices pushed major U.S. airlines up, with Delta, United and American all gaining more than six per cent in premarket trading."
China's foreign minister called for a comprehensive ceasefire in the Iran war, leading to a surge in U.S. markets and a 13% drop in crude prices. Futures for the S&P 500, Dow Jones, and Nasdaq rose significantly. The comments came after a meeting with Iranian officials, highlighting China's influence in the region. Oil prices fell sharply, impacting energy companies negatively, while U.S. airlines benefited from the prospect of lower fuel costs. The situation remains fluid, with ongoing efforts for a ceasefire.
Read at www.cbc.ca
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