Middle East Tensions
China calls US blockade of Iran ports dangerous, irresponsible
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Chinese Foreign Ministry spokesperson Guo Jiakun said on Tuesday that the US blockade of Iran's ports is dangerous and irresponsible, warning it would inflame tensions and undermine a fragile ceasefire. China urged all parties to abide by the ceasefire, focus on dialogue and negotiations, and take actions to de-escalate and restore normal passage through the Strait of Hormuz.
Three Chinese vessels transited the Strait of Hormuz following coordination with relevant parties, Foreign Ministry spokesperson Mao Ning said on Tuesday. She expressed appreciation for the assistance and called for a ceasefire in the Gulf region as soon as possible. PetroChina stated operations remain stable despite impacts from Middle East tensions.
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South Korean stocks opened sharply lower on Friday amid heightened risk-off sentiment from renewed Middle East tensions. The KOSPI benchmark fell 3.74% to 5,256.46 in the first 20 minutes of trading. Uncertainty in U.S.-Iran negotiations fueled the decline.