Trump: Xi Jinping supports reopening of closed Strait of Hormuz from Iran

US President Donald Trump, on his return from the Chinese capital Beijing after two days of talks with President Xi Jinping, announced that the Chinese leadership agreed with him on the need for Tehran to reopen the vital Strait of Hormuz. Beijing, however, has shown no signs of being willing to intervene directly in the matter. As part of the diplomatic developments, Trump revealed that he is considering the possibility of lifting US sanctions on Chinese oil companies that China is the largest importer of Iranian crude oil in the world. For its part, the Chinese Foreign Ministry issued an official statement expressing Beijing's disappointment with the conflict with Iran, describing it as a conflict that “should not have erupted in the first place, and there are no logical justifications for its continuation.” The effective closure of the Strait of Hormuz, which carried a fifth of the world's oil and LNG supplies before the outbreak of the The crisis led to the disruption of maritime traffic and the largest crisis in the history of energy supply, causing a sharp rise in crude oil prices. While Washington suspended its attacks on Iran last month, it has embarked on a blockade of Iranian ports. On the other hand, Tehran announced its refusal to reopen the strait unless the United States ends the imposed blockade, while Trump threatened to launch new attacks in the absence of a deal. In the same vein, I witnessed Global oil markets rose nearly 3% to about $109 a barrel, amid growing fears of a lack of progress in resolving the crisis, as US Treasury yields hit their highest level in almost a year.