China calls for vessels in strait of Hormuz to be protected amid soaring shipping costs
Beijing’s foreign ministry urges ‘all parties’ to avoid escalation as spot rate for tankers reaches $424,000 a dayHow escalating Iran conflict is driving up oil and gas prices – a visual guideBusiness live – latest updatesThe Chinese government has called for vessels passing through the...
<p>Beijing’s foreign ministry urges ‘all parties’ to avoid escalation as spot rate for tankers reaches $424,000 a day</p><ul><li><p><a href="https://www.theguardian.com/world/2026/mar/02/iran-strait-of-hormuz-oil-gas-visualized">How escalating Iran conflict is driving up oil and gas prices – a visual guide</a></p></li><li><p><a href="https://www.theguardian.com/business/live/2026/mar/03/spring-forecast-rachel-reeves-statement-economic-plan-obr-oil-gas-stock-markets-live-updates">Business live – latest updates</a></p></li></ul><p>The Chinese government has called for vessels passing through the strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared.</p><p>Maritime traffic through the strait – a narrow channel on Iran’s southern border that connects the Persian Gulf with the Gulf of Oman – has effectively been closed since the <a href="https://www.theguardian.com/us-news/live/2026/mar/01/us-israel-war-on-iran-ayatollah-ali-khamenei-i-dead-latest-reports">US and Israel launched missile attacks</a> on Iran at the weekend, prompting a retaliation from Tehran.</p> <a href="https://www.theguardian.com/business/2026/mar/03/china-calls-protection-vessels-strait-hormuz-amid-soaring-shipping-costs">Continue reading...</a>
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