China has requested Iran and the United States to return to negotiations with reason and caution. Wang Yi, the Chinese Foreign Minister, made this request during a meeting with Abbas Araghchi, the Iranian Foreign Minister, in Beijing. He emphasized that all parties should take effective measures to reopen the Strait of Hormuz as soon as possible.
Potential Impact on Energy Markets
The Strait of Hormuz is recognized as a vital route for the global transportation of oil and natural gas. Before the onset of regional tensions, this strait typically facilitated the passage of about 125 large commercial vessels daily, accounting for one-fifth of the world's crude oil and liquefied natural gas supply. However, with the intensification of attacks in the region, maritime traffic through this strait has significantly decreased. According to preliminary data, only four vessels passed through the strait on Tuesday, a sharp decline compared to the previous day.
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Consequences of Regional Tensions
The decrease in maritime traffic in the Strait of Hormuz has occurred following increased tensions and attacks in the region. Of the four vessels that passed through the strait on Tuesday, two exited and two entered. While 22 vessels passed through the Bab el-Mandeb strait on Tuesday, this figure has also decreased compared to the previous day. This reduction in traffic could have negative impacts on oil prices and global energy security.
Araghchi, during this meeting, traveled to Beijing with a diplomatic delegation and held discussions with Wang Yi regarding bilateral issues and regional and international topics. These talks follow their previous meetings on the sidelines of the BRICS summit in New Delhi. China, as one of Iran's largest economic partners, purchases a significant share of the country's oil exports, and this meeting is their second in-person dialogue since the onset of U.S. and Israeli attacks on Iran on February 28.
The Chinese Foreign Minister also referred to Beijing's firm support for Iran's sovereignty, security, and national dignity, stating that the June 17 framework for further negotiations between Iran and the United States is a valuable achievement resulting from the mediation efforts of several parties. In his view, the door for dialogue should remain open and not be closed.
These negotiations also take place ahead of a summit between Donald Trump, the President of the United States, and Xi Jinping, the President of China, at the end of this month. The two leaders had previously met in May.
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