Donald Trump and Chinese President Xi Jinping will discuss the issue when they meet next week, the US Treasury Secretary said. “Let China take diplomatic action and convince the Iranians to open the strait,” Bessent added on Fox News.
See also: Strait of Hormuz closed, the world is struggling with the crisis. This is China's response
Strait of Hormuz blocked. Bessent calls on China to put pressure on Iran
As he noted, China buys 90 percent. Iranian energy, “thus financing the largest state sponsor of terrorism.”
He called on China to “join us in this international operation” to open the strait, but did not specify what action Beijing should take.
He added that China and Russia should stop blocking initiatives at the United Nations, such as a resolution encouraging action to protect commercial shipping in the Strait of Hormuz.
China's ambassador to the United Nations said maintaining the ceasefire was an urgent necessity and that the strait must be reopened as soon as possible.
See also: A case on a knife's edge? China spoke out on the Strait of Hormuz
China opposes US sanctions
Over the weekend, China toughened its opposition to U.S. sanctions on Chinese oil refineries over the purchase of Iranian crude oil.
China's Ministry of Commerce has ordered companies not to comply with U.S. sanctions against five refineries, for the first time invoking a law that allows Beijing to retaliate against those enforcing sanctions it deems unlawful.
Meeting of Donald Trump and Xi Jinping
Bessent said Trump and Xi will exchange views in person at a summit in Beijing on May 14-15. However, he emphasized that both will strive to maintain stable relations between the US and China.
Bessent estimated that the new US Navy operation aimed at sailing through the Strait of Hormuz would lead to a decline in oil prices. He called high fuel prices a “temporary aberration” that will end within weeks or months.
Oil price
The price of Brent crude oil futures increases by 6% on Monday evening. up to $114
Iran attacked several ships in the Strait of Hormuz on Monday and hit a port in the United Arab Emirates. US President Donald Trump's attempt to use the US Navy to free up shipping has provoked the biggest escalation of the war since a ceasefire was announced four weeks ago.
Trump's new “Project Freedom” mission, which he announced on social media overnight, aims to free ships that are stranded in nearby waters and unable to pass through the strait.
Source: Reuters
