China (CN) Works to Reopen Strait of Hormuz Amid Supply Disruption

AI Summary

U.S. Treasury Secretary Scott Bessent stated that China intends to use its influence in Iran to help reopen the Strait of Hormuz, a vital passage for crude oil. Approximately 10% of China's crude oil imports come from Iran. The U.S. believes that Iran's storage tanks are full, and no oil has been loaded at its main export terminal, Kharg Island, for three days. Bessent highlighted that the blockade has led to significant global supply disruptions, affecting over 20% of the world's crude oil transit prior to conflicts in the region.