FX.co ★ Escalating oil and gas prices triggered by Iran conflict endanger Asian economies

The Chinese Foreign Ministry has accused the United States and Israel of undermining international energy security amid the escalating conflict with Iran. Ministry spokesperson Mao Ning called for an immediate ceasefire, emphasizing the responsibility of those involved in attacking the country for maintaining stable energy supplies essential for the global economy, as reported by TASS.

The Chinese diplomat urged for secure navigation in the Strait of Hormuz and the prevention of further negative impacts on the world economy. Since Monday, oil and gas prices have been rising sharply. According to local media reports, Iran has threatened to halt the passage of any vessels through the strait, which it considers its territorial waters.

US military officials deny the existence of an effective blockade of the Strait of Hormuz, pointing to China's dependence on Iranian supplies. Estimates suggest that Beijing's share of oil supplies through the strait is around 38%, compared to 90% for all Asian countries combined.