Bessent Urges China to Pressure Iran Over Shipping
Treasury Secretary Scott Bessent called on Beijing to use its influence with Iran to reopen the Strait of Hormuz ahead of a summit between Trump and Xi Jinping.
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United States Treasury Secretary Scott Bessent urged China to use its position as a buyer of 90% of Iran energy exports to reopen the Strait of Hormuz. The demand precedes a May 14 summit between President Donald Trump and Chinese President Xi Jinping in Beijing. Reopening the waterway is critical for stabilizing Brent Crude Oil prices, which Bessent expects to fall quickly once shipping resumes.
