Trump says US, China agree Iran must reopen Hormuz
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- Trump warned his patience with Iran was running out and said Xi agreed Tehran must reopen the Strait of Hormuz during their May 15 meeting in Beijing.
- Xi via the Chinese Foreign Ministry said the Iran conflict “should never have happened” and has “no reason to continue.”
- Iran closed the Strait of Hormuz to most shipping traffic after U.S.–Israeli attacks, stating it will not reopen until the U.S. ends its blockade.
- Trump said he would decide within days whether to lift U.S. sanctions on Chinese oil refiners buying Iranian oil.
- Oil prices rose roughly 3% to around $109 a barrel as markets reacted to stalled progress on a deal.
Why it matters: Iran regaining the strait would revive global oil flow, benefitting exporters and lowering shipping costs, while continued closure keeps prices high, hurting import‑dependent economies and boosting U.S. leverage in negotiations.
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