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China Poised to Pressure Iran on Hormuz Strait Reopening

China is expected to use diplomatic leverage with Iran to restore shipping through the Strait of Hormuz, U.S. Treasury Secretary Scott Bessent said Thursday. The world's largest crude oil importer has stronger incentives than the United States to reopen the waterway. About half its oil imports come from the Middle East, with roughly 10% sourced from Iran, and nearly all Iranian crude exports go to Chinese refineries. Iran has blockaded Hormuz since March following airstrikes that killed its leadership, creating the largest global oil supply disruption on record. The blockade has cut off approximately 20 percent of worldwide crude transit. Presidents Donald Trump and Xi Jinping discussed the matter during a Beijing summit, with both sides agreeing the strait must remain open and free from tolls or militarization. Tehran has sought to claim control of the passage and implement a toll system for transiting vessels.