Trump says Xi backs reopening Hormuz strait
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- Trump said Xi Jinping agreed Iran must reopen the Strait of Hormuz, though Xi offered no public confirmation.
- Trump indicated he is weighing the possibility of lifting U.S. sanctions on Chinese oil companies that purchase Iranian oil.
- China's foreign ministry called the Iran‑Israel conflict a war that “should never have happened” and expressed frustration with the ongoing hostilities.
- Iran has kept the strait closed since the Feb. 28 U.S.-Israel attacks, prompting a U.S. port blockade and a surge in oil prices.
- Oil prices rose about 3% to $109 a barrel, while U.S. Treasury yields hit their highest level in roughly a year.
Why it matters: Oil traders gain as prices jump 3% to $109 a barrel; Chinese oil firms stand to benefit from possible U.S. sanction relief; shipping companies lose revenue as the Strait of Hormuz remains closed, tightening global oil supply.
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