Chinese Foreign Minister encourages US and Iran to continue resolving their differences and disputes through talks; teams on two sides are still working on details for outcomes on trade, Xinhua reports
- Calls for reopening Strait of Hormuz as soon as possible.
- China, US agreed to set up boards of trade, investment.
- Agreed to promote the expansion of two-way trade under the framework of reciprocal tariff reductions.
- Both sides agreed to address each other’s concerns regarding market access for agricultural products.
Context
The call from the Chinese Foreign Minister for the U.S. and Iran to continue dialogue signals a potential de-escalation in a region critical for energy supplies, especially concerning the Strait of Hormuz. This might positively impact commodities markets, particularly oil prices, as improved relations could stabilize supply concerns; for traders, monitoring how these developments influence energy prices, especially WTI, will be crucial.
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