Treasury Secretary Scott Bessent said Friday that China will work behind the scenes to help reopen the Strait of Hormuz.
“I think they’re going to do what they can,” Bessent told CNBC’s Joe Kernen from Beijing, where he had accompanied President Donald Trump to a two-day summit with Chinese leader Xi Jinping. “It’s very much in their interest to get the Strait reopened.”
China is the world’s largest oil importer and the main buyer of sanctioned Iranian crude, which gives Xi unusual leverage over Tehran. It also means a prolonged closure hurts Beijing’s energy security as much as the West’s.
The conflict began in late February, when US and Israeli strikes killed Iran’s Supreme Leader Ayatollah Ali Khamenei. Iran responded by blockading the Strait. Brent crude rose 3.15% to $109 today.
Polymarket Term Structure Tells The Real Story
Polymarket users have wagered almost $14 million on whether Hormuz traffic returns to normal by the end of May. The …
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