US-Iran ceasefire collapse revives risks of global inflation

AI Summary

The collapse of the US-Iran ceasefire has heightened risks of global inflation as missile strikes resume in the Middle East, driving up oil prices. China has urged both nations to recommit to peace plans and resolve disputes through dialogue to avoid further escalation.

China called on the United States and Iran to stick with peace plans after a resumption of missile strikes in the Middle East spurred a jump in oil prices. “Reigniting the conflict does not serve any party’s interests,” a spokesman for China’s Ministry of Foreign Affairs said on Wednesday. “We call on the US and Iran to follow through on their memorandum of understanding, resolve disputes through dialogue and negotiation, and avoid resorting to force.” Brent crude, the global oil benchmark, rose...