Gulf states are urging China to use its economic leverage over Iran to facilitate the reopening of critical maritime routes, including the Strait of Hormuz and the Red Sea. China, as Iran’s largest trading partner, is uniquely positioned to influence Tehran. However, Beijing’s historical reluctance to engage in military conflicts may limit its willingness to apply meaningful pressure on Iran. The market anticipates traffic normalization by August 31 with a probability of 6.5%. This situation arises amid heightened tensions involving Iran, Israel, and the United States.
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