Iran allows Chinese ships to pass Hormuz as Trump-Xi meet

Iran allowed Chinese vessels to transit through the Strait of Hormuz, linked to the Trump-Xi Jinping summit. This closure of the Strait of Hormuz is causing disruptions to oil supplies and exacerbating instability in the Middle East due to the ongoing Israel-Iran conflict. Iraq is seeking financial assistance from the IMF to address budget shortfalls caused by halted oil exports.