U.S. Treasury Secretary Scott Bessent urged China to increase diplomatic efforts to persuade Iran to open the Strait of Hormuz, according to multiple reports. The request comes ahead of President Donald Trump's scheduled summit with Chinese President Xi Jinping in Beijing next week.
Key Takeaways
Treasury Secretary Scott Bessent urged China to use its influence to pressure Iran ahead of President Trump's summit with Chinese President Xi Jinping next week. According to multiple reports, China purchases around 90 percent of Iran's oil exports, which has allowed the Islamic Republic to continue funding its operations despite U.S. sanctions.
- Treasury Secretary Scott Bessent urges China to step up diplomacy on Iran ahead of Trump-Xi summit in Beijing
- China buys approximately 90% of Iran’s energy, funding the largest state sponsor of terrorism according to Bessent
- The Strait of Hormuz is a key topic for discussion during the bilateral meetings next week
- U.S. Treasury Secretary Scott Bessent says that oil prices will fall as more non-Iranian supply reaches the market
The U.S. is currently blockading Iranian shipping through a naval operation aimed at reopening the strategic waterway and lowering oil prices. According to Bessent, China purchases around 90 percent of Iran’s energy exports, effectively funding what he described as 'the largest state sponsor of terrorism.' The Treasury Secretary called on China to join international efforts to open the Strait during an interview with Fox News, per multiple outlets.
The summit in Beijing will include bilateral discussions between Trump and Xi Jinping. The two leaders are expected to discuss technology, tariffs, trade, and the ongoing conflict in Iran. According to Reuters, Bessent emphasized that both leaders strive to maintain stability in the U.S.-China relationship established with their trade truce reached last October.
Bessent also predicted that oil prices would fall as more non-Iranian supply reaches the market. He stated that there are 'hundreds of oil tankers waiting in the Gulf to come out,' and pointed to the futures market, which shows that oil prices are already lower three months, six months, nine months out.
How this summary was created
This summary synthesizes reporting from 3 independent publishers using AI. All sources are cited and linked below. NewsBalance is a news aggregator and media literacy tool, not a news publisher. AI-generated content may contain errors or inaccuracies — always verify important information with the original sources.