China has opposed a G20 statement regarding free and safe passage through the Strait of Hormuz, a key maritime chokepoint, amid escalating U.S.-Iran tensions. Recent diplomatic efforts between Washington and Tehran have failed to stabilize the region, threatening commercial shipping. Market pricing reflects this pessimism, with odds of a U.S.-Iran agreement by September 15 falling from 5% to 2.8%. China’s stance at the G20 further complicates efforts to reach a maritime security agreement in this strategic waterway.
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