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China Calls for Calm in the Red Sea as Oil, Shipping Prices Steadily Edge Higher

Chinese Foreign Ministry Spokesperson Wang Wenbin speaking at the regular press briefing in Beijing on January 30, 2024. Image via the Chinese Ministry of Foreign Affairs.

The Chinese Foreign Ministry issued a new appeal for calm in the Red Sea on Tuesday but made no mention of reports as to whether or not Beijing spoke with officials in Iran to rein in Houthi militants attacking cargo ships.

Spokesman Wang Wenbin repeated Beijing’s call to halt attacks against civilian vessels and he also vaguely criticized the United States for its counterattacks against Yemeni militants when he said there should be “earnest respect for the sovereignty of Red Sea littoral countries. (XINHUA)

  • FREIGHT: Global air freight rates have climbed for the first time in seven weeks ahead of Asia’s lunar new year and as attacks on Red Sea shipping prompt companies to secure costlier air cargo space. (REUTERS)
  • OIL: Oil headed for its first monthly gain since September as an escalation of attacks on ships in the Red Sea spurred a diversion of tanker traffic and raised fears about a wider conflict in the Middle East. (BLOOMBERG)

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