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 strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared.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 US and Israel launched missile attacks on Iran at the weekend, prompting a retaliation from Tehran. Continue reading…