China's top diplomat Wang Yi stressed the importance of reopening the Strait of Hormuz Wednesday during a phone call with his Iranian counterpart.The strait is a conduit for about one-quarter of the world's crude oil and 20 percent of its liquefied natural gas. U.S. and Israeli strikes on Iran that began on February 28, and the Islamic Republic's retaliatory attacks on energy infrastructure across the Gulf region, have left hundreds of vessels stranded in nearby waters and driven up oil prices.An April 8 ceasefire agreement would have seen shipping resume under a Tehran-run vetting system in Iranian waters. However, after a weekend U.S.-Iran talks in Pakistan stalled, Washington further choked off the strait by imposing a blockade on ships leaving Iranian ports and coastal areas, with several tankers—including Chinese-owned ones— being turned back in the Gulf of Oman.The U.S military's Central Command says no ships have breached the blockade since it entered effect Monday. Image placeholderChinese Foreign Minister Wang Yi is seen in Beijing on March 14, 2025. | Anna Ratkoglo/Sputnik via APIn their phone call, Iranian Foreign Minister Abbas Araghchi updated Wang on the latest developments in negotiations with the United States and Tehran's intended next steps, according to a Chinese Foreign Ministry readout.Wang said China supports Iranian sovereignty, security, and national dignity, and was willing to continue promoting de-escalation and ultimately a lasting peace, in line with a four-point proposal put forward by President Xi Jinping on TuesdayIran's rights as a coastal state bordering the Strait of Hormuz should be safeguarded, he added. At the same time, freedom and security of navigation through the waterway should be ensured, in line with calls from the international community.Iran greatly appreciates China's longstanding efforts to ease tensions and hopes Beijing will continue to promote a peaceful resolution, Araghchi was cited as saying.Newsweek reached out to the White House and Iran's Foreign Ministry by email with requests for comment.The call between the Chinese and Iranian foreign ministers took place as Pakistan officials headed to Tehran to broker a second round of talks with the U.S. "China is very happy that I am permanently opening the Strait of Hormuz. I am doing it for them, also - And the World. This situation will never happen again," President Donald Trump wrote in a Truth Social post Wednesday.He claimed China has agreed to not resume weapons shipments to Iran and that Xi will give him "a big, fat hug" during their planned summit in Beijing next month.China has repeatedly warned of the consequences of the disruption on the global economy caused by the conflict in the Middle East.The Foreign Ministry on Wednesday warned of the outsized impact on least-developed economies. The concerns echo a recent International Monetary Fund report that warned under a severe scenario, global growth could fall to around 2 percent in 2026.Wh