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Market Chatter: Reopening of Strait of Hormuz in China's Best Interests, U.S. Says

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U.S. officials said the reopening of the Strait of Hormuz is in China's best interests as they are the biggest consumer of Iranian oil.

Treasury Secretary Scott Bessent told CNBC in an interview that the reopening of the waterway would largely benefit China as it gets a third of its energy from the Gulf.

"I think they will be working with, behind the scenes, to the extent anyone has any say over the Iranian leadership," Bessent told CNBC's Joe Kernen on Squawk Box, according to the report on Friday.

Bessent said Iranian oil represented about 10% of China's purchased energy. China also buys liquefied gas from other Middle East nations.

Meanwhile, Trade Representative Jamieson Greer said in an interview with Bloomberg TV that China is probably more negatively affected by the war in Iran than the U.S.

Greer told Bloomberg that there was a brief conversation regarding the reopening of the strait but did not get into a discussion regarding China's actual participation, according to the Friday report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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