China strongly criticized the U.S. action. It called the blockade of Iranian ports in the Strait of Hormuz a dangerous and irresponsible act. Beijing said the move would further inflame tensions in the region.
China has a clear interest in the Strait being reopened. Beijing remains the largest buyer of Iranian crude. The blockade directly cuts off that supply and raises the risk of broader economic effects for China.
However, U.S. President Donald Trump said on Tuesday that a second round of talks between Washington and Tehran could take place over the next two days. He also suggested Pakistan may once again host the negotiations.
That statement followed talks in Pakistan over the weekend. The discussions were led by Vice President JD Vance. They failed to produce a peace agreement to end the war.
UN Urges Restraint as Oil Falls and Crypto Climbs
The United Nations also called for restraint. Secretary-General António Guterres said there is no military solution to this crisis. He said peace agreements require persistent engagement and political will.
Guterres said serious negotiations must resume. He added that the ceasefire must be preserved and extended as necessary. Guterres also said international navigational rights and freedoms, including in the Strait of Hormuz, must be respected by all parties.
Restraint and responsibility were urged from all sides. Diplomacy, he said, must take priority over escalation. A renewed commitment to international law was also emphasized.
However, during writing, WTI crude oil traded lower at around $91.95, while Bitcoin and Ethereum climbed as traders priced in renewed US-Iran talks.
Bitcoin rose 5% over the past 24 hours to around $75,000, placing it near its highest level since early February. After that gain, it pulled back slightly and is trading at around $74,000 as of press time.
Ethereum posted a stronger daily gain. The world’s second-largest cryptocurrency rose 7% to nearly $2,400, marking a two-month high. Though it later eased from its intraday rise and is trading around $2,311.
Related: US Oil Falls Below $94 as Bitcoin Tops $76K Amid Iran-US Talk Optimism