Araghchi says Iran war will hit US mortgages, debt costs

China’s ambassador to the United Nations criticized a proposed US-Bahraini resolution on the Strait of Hormuz on Friday, saying both the content and timing were inappropriate and warning the measure would not help reduce tensions with Iran.

The draft resolution calls on Iran to halt attacks and mining activity in the strategic waterway.

Moscow and Beijing blocked a similar US-backed resolution last month, arguing it unfairly targeted Iran.

“We don't think the content is right, and the timing is not right,” China’s UN envoy Fu Gong told Pass Blue news outlet when asked about the draft resolution.

“What we need is to urge both sides to engage in serious and good-faith negotiations that can resolve the issue. So passing a resolution at this stage, we don't think is going to be helpful,” he added.

US stocks retreated from artificial-intelligence-driven record highs on Friday as surging oil prices, fueled partly by tensions surrounding Iran and the Strait of Hormuz, reignited concerns over inflation and economic stability.

All three major US stock indexes fell sharply, each losing more than 1%, while benchmark Treasury yields rose as investors sought safer returns amid growing fears of higher long-term inflation driven by energy prices.

The selloff interrupted weeks of momentum powered by enthusiasm around artificial intelligence and technology stocks.

Cargo trains from central China to Iran have risen from about one a week to one every three or four days since the US blockade began, Bloomberg reported, as Tehran seeks alternative routes to blunt maritime pressure.

The route crosses several sovereign states, including Kazakhstan and Turkmenistan, making it much harder for the United States to disrupt than Persian Gulf shipping lanes.

Directly targeting the overland network could widen the conflict and raise tensions with Beijing, which has spent years building trade routes that bypass maritime choke points dominated by the US Navy.

An Iran-backed Iraqi militia commander has been arrested and charged with plotting attacks on Jewish and American targets in the United States, including a New York synagogue, in alleged retaliation for the war against Iran.

Mohammad Baqer Saad Dawood Al-Saadi, described by prosecutors as a senior Kataib Hezbollah figure, is accused of helping coordinate at least 18 attacks in Europe and two in Canada since late February, while also seeking attacks in New York and Los Angeles.

The New York Times said it was unclear how he was arrested and brought to the US. He is expected to be presented in federal court in Manhattan on Friday.

Iran faces a daily gasoline shortage of 30 million liters, said a member of Iran’s parliamentary energy committee, warning that fuel consumption must be managed because production cannot be increased in the short term.

“Daily gasoline production in Iran is 105 million liters, while consumption stands at 135 million liters,” Reza Sepahvand said on Friday.

“Part of gasoline production has declined because of bombing during the war, and imports have also decreased,” he added.