China says Middle East at critical point, urges talks

Investing.com -- China's Foreign Minister Wang Yi called for immediate dialogue on Monday as tensions in the Middle East and Gulf region reached what he described as a critical point.

Wang made the comments during a meeting with Kuwait's Foreign Minister Sheikh Jarrah Jaber Al-Ahmad Al-Sabah in Beijing, according to a Chinese foreign ministry statement.

The Chinese foreign minister said "the old script of recurring conflict should not be repeated" and identified de-escalation as the top priority. He added that China was willing to strengthen coordination with Kuwait to help restore peace and stability in the region.

The meeting took place as the U.S. prepared new economic measures targeting Iran's trade partners. The U.S. threatened Iran with "the greatest financial offensive ever" aimed at countries conducting trade with Tehran.

Iran rejected the U.S. threat and warned it would shut down all oil exports from the Gulf "if the economic war continues." Tehran also issued a warning to shipping vessels not to pass through the Strait of Hormuz without its permission.

Roughly one-fifth of the world's oil passes through the Strait of Hormuz.

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