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Live updates: Oil prices drop after Trump hails ‘great progress’ in Iran talks

Iranian FM meets with Chinese counterpart to discuss “regional and international developments”

Iranian FM meets with Chinese counterpart to discuss “regional and international developments”

2:09

Iranian Foreign Minister Abbas Araghchi met with his counterpart in Beijing Wednesday, just one week before US President Donald Trump is set to touch down in China.

The first in-person meeting between the two allies’ top diplomats since the war began, Araghchi’s visit to China is the latest stop in his recent diplomatic tour, designed to drum up support for Iran and resolve the conflict with the US.

China has played a significant yet indirect role in the war, providing a financial lifeline to Tehran as its biggest oil importer while also working to mediate the conflict behind the scenes. Trump even suggested Beijing helped get Iran to the negotiating table.

In recent days, US officials have urged China to use its sway with Iran to pressure it to reopen the Strait of Hormuz.

Treasury Secretary Scott Bessent — who has been leading preliminary discussions with the Chinese ahead of Trump’s visit — said in an interview Monday China could do more to allow ships to pass through the strait.

“Let’s see if China – let’s see them step up with some diplomacy and get the Iranians to open the strait,” Bessent told Fox News.

And on Tuesday, US Secretary of State Marco Rubio accused Iran of “trying to hold hostage the global economy.”

“I hope the Chinese tell him (Araghchi) what he needs to be told, and that is that what you are doing in the straits is causing you to be globally isolated,” he said.

At the same time, the US has ramped up economic pressure on China, targeting its so-called teapot refineries which buy sanctioned oil from Iran. In response, Beijing ordered its oil refineries not to comply with or enforce US sanctions.

Following Wednesday’s meeting, Araghchi said cooperation between Iran and China will be “stronger than ever,” calling Beijing “a sincere friend of Tehran,” according to Iranian state media Mehr.

Trump’s trip to China, where he is expected to sit down for a rare in-person meeting with Xi Jinping, is scheduled for May 14-15, according to the White House.

CNN’s Kit Maher, Kevin Liptak, Adam Cancryn, Zachary Cohen, Ross Adkin and John Liu contributed reporting.

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