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Wetouch Technology

Wetouch Technology Inc is a touch panel supplier focused on R & D, production and sales of touch screen products. It offers touchscreens for a variety of applications, including GPS/car entertainment panels for automotive industry, industrial human-machine interface, financial and banking terminals, point of sale, lottery and gaming machines, smart home, robots and charging stations. The company sells touchscreen products both domestically in China and internationally, covering the majority of areas in China, Taiwan, South Korea, and Germany.

Wetouch Technology Inc

J.D. WEATHERSPOON PLC by J.D. Wetherspoon PLC

Wetherspoon (J D) PLC

J.D. WETHERSPOON S/ADR by J.D. Wetherspoon PLC

Cango Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CANG#NYSE">CANG</a>) ("Cango" or the "Company") today announced that it has entered into the fourth amendment (the "Fourth Amendment") to the On-Rack Sales and Purchase Agreement (the "Purchase Agreement") dated November 6, 2024 for the acquisitions of on-rack crypto mining machines with an aggregate hashrate of 18 Exahash per second through issuance of Class A ordinary shares of the Company to the sellers (the "Share-Settled Transactions").
&nbsp;
The Company announced signing of the Purchase Agreement on November 6, 2024, and amendments to the agreement on March 26, 2025, April 3, 2025 and June 4, 2025. The Fourth Amendment adjusted the split of hashrate represented by the crypto mining machines sold by certain sellers, including Golden TechGen Limited ("GT"), Fortune Peak Limited and Silver Crest Limited, and accordingly, adjusted the split of the number of Class A ordinary shares to be issued to these sellers at closing and the bonus shares that may be issued to these sellers upon the bonus triggering&nbsp;event as provided in the original Purchase Agreement. Upon closing of the Share-Settled Transactions as amended (and before completion of the transactions contemplated by the definitive agreement announced by the Company on June 2, 2025), GT, which is expected to be the largest seller in these transactions, will own approximately 19.85% of the Company's total outstanding shares. The total hashrate represented by the crypto mining machines sold by all sellers, the total number of Class A ordinary shares of the Company to be issued to all sellers at the closing and the total number of bonus shares to be issued to all sellers upon the bonus triggering&nbsp;event remain unchanged.
The closing of the Share-Settled Transactions is subject to certain closing conditions that are yet to be satisfied or waived and the Company is working with the relevant parties towards the closing of the Share-Settled Transactions. There can be no assurance that the closing conditions will be satisfied nor that the Share-Settled Transactions will be completed before the contemplated closing date stipulated in the Purchase Agreement or at all.

News

CANG

Cango Updates Crypto Mining Deal, Seller to Own Nearly 20% Stake After Share-Based Machine Purchase

Linde (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NASDAQ">LIN</a>) today announced it has signed a new long-term agreement with Blue Point Number One, a joint venture between CF Industries, JERA and Mitsui &amp; Co. Under the terms of the agreement, Linde will supply industrial gases to Blue Point's 1.4 million metric tons low-carbon ammonia plant in Ascension Parish, Louisiana.
Linde will build, own and operate a world-scale air separation unit (ASU) to supply oxygen and nitrogen to the Blue Point project, expected to be one of the largest low-carbon ammonia projects in the world. Linde will invest more than $400 million in the new on-site plant, which is expected to start up in 2029.
Linde's extensive U.S. Gulf Coast infrastructure includes multiple industrial gases production facilities across the region. The new on-site facility will be the largest ASU in the Mississippi River corridor of southeast Louisiana, complementing Linde's existing strong hydrogen and syngas infrastructure in the area.

Linde to Invest $400M in Giant Louisiana Plant Supplying Gases for Low-Carbon Ammonia Project

<a href="https://www.wsj.com/business/alibaba-folds-food-delivery-online-travel-services-into-core-e-commerce-unit-d1205f8e">https://www.wsj.com/business/alibaba-folds-food-delivery-online-travel-services-into-core-e-commerce-unit-d1205f8e</a>&nbsp;

BABA

The Wall Street Journal Reported Alibaba Is Folding Its Food Delivery, Online Travel Services Into Core E-Commerce Unit

Alibaba Group Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NASDAQ">BABA</a>) <a target="_blank" href="https://www.benzinga.com/topic/alibaba" rel="noreferrer noopener">is merging its</a> food delivery platform Ele.me and online travel agency Fliggy into its core&nbsp;e-commerce&nbsp;business.
The restructuring signifies Alibaba&#8217;s strategic rechanneling of resources towards its core revenue drivers, a move necessitated by fierce domestic rivalry in the on-demand delivery sector with JD.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Meituan.
Meituan&#8217;s daily orders reportedly reached 90 million recently, while JD.com&#8217;s service hit 25 million orders earlier in June.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/tech/25/06/46032308/alibaba-expands-ai-cloud-footprint-in-south-korea-with-new-data-hub-launching-in-june" rel="noreferrer noopener">Alibaba Expands AI Cloud Footprint In South Korea With New Data Hub Launching In June</a>
Alibaba announced on Monday that daily orders have reached 60 million.
Ele.me CEO Fan Yu and Fliggy CEO Zhuang Zhuoran will report directly to Jiang Fan, who leads Alibaba&#8217;s E-commerce Business Group, SCMP <a target="_blank" href="https://www.scmp.com/tech/big-tech/article/3315436/alibaba-merges-delivery-platform-eleme-and-travel-agency-fliggy-e-commerce-group" rel="noreferrer noopener">reported</a> on Monday, citing Alibaba CEO&nbsp;Eddie Wu Yongming&#8217;s internal memo.
Alibaba&#8217;s E-commerce Business Group supervised domestic platforms Tmall and Taobao and the company&#8217;s global e-commerce operations.
The fierce competition in China&#8217;s on-demand delivery and e-commerce sectors is pushing major players to innovate. As rivals like JD.com and Meituan ramp up their logistics, Alibaba is fortifying its delivery network.
Demonstrating this focus, in April, Alibaba launched a <a target="_blank" href="https://www.benzinga.com/25/04/45105930/alibaba-instant-commerce-delivery" rel="noreferrer noopener">new rapid-delivery feature</a> on its Taobao shopping platform, directly addressing the consumer demand for quicker receipt of goods and aiming to stay ahead in the delivery race.
Reportedly, JD.com sought to hire tens of thousands of full-time riders. Meanwhile, Meituan held a commanding 70% of China&#8217;s food delivery market, as <a target="_blank" href="https://www.scmp.com/tech/big-tech/article/3315095/meituans-food-delivery-market-dominance-china-remains-stable-70-report-says" rel="noreferrer noopener">cited</a> by SCMP, which referenced Leiphone.com last week.
Meituan has been aggressively expanding globally through its Keeta brand to beat the domestic slowdown. Since launching in 2023, it has held a 44% market share in Hong Kong, SCMP cited a March 2024 survey by Measurable AI.
Meituan launched Keeta in Saudi Arabia and plans to&nbsp;launch it in Brazil. JD.com will reveal a new food delivery model in July.
According to Bocom International, as cited by SCMP, in 2024, Meituan held 65% of the food delivery market, with Ele.me at 33%.
Price Action:&nbsp;BABA shares are trading lower by&nbsp;0.50% to&nbsp;112.45&nbsp;premarket at&nbsp;last check Monday.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45473543/alibabas-cloud-and-e-commerce-units-shine-as-analyst-sees-ai-take-rates-fueling-future-growth" target="_blank" rel="noreferrer noopener">Alibaba Misses Revenue, But AI Cloud Has Silver Lining</a></li>
</ul>
Photo by Mamun_Sheikh via Shutterstock

Asia

Tech

Media

Alibaba Integrates Ele.me And Fliggy Into Core Business To Battle Rivals In Delivery War

Chevron U.S.A., a subsidiary of Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), announced its intention to enter the lithium market last week by acquiring lease rights to approximately 125,000 net acres spanning northeast Texas and southwest Arkansas.
The rights, acquired from TerraVolta Resources and East Texas Natural Resources, give the firm access to the Smackover Formation – a geologic unit rich in <a target="_blank" href="https://www.benzinga.com/topic/lithium" rel="noreferrer noopener">lithium-bearing brine</a>.
"This acquisition represents a strategic investment to support energy manufacturing and expand U.S.-based critical mineral supplies," <a target="_blank" href="https://www.chevron.com/newsroom/2025/q2/chevron-enters-domestic-lithium-sector-to-support-us-energy-security" rel="noreferrer noopener">said</a> Jeff Gustavson, president of Chevron New Energies.
Also Read: <a target="_blank" href="https://www.benzinga.com//node/45948096" rel="noreferrer noopener">Exxon Mobil, Chevron, Occidental Petroleum In Focus As Expert Says ‘US Economy Is Far Less Sensitive To An Oil Shock' Amid Israel-Iran Conflict</a>
"Establishing domestic and resilient lithium supply chains is essential not only to maintaining U.S. energy leadership but also to meeting the growing demand from customers. This opportunity builds on many of Chevron's strengths, including subsurface resource development and value chain integration," he added.
The Smackover Formation is famous for its high lithium content and established infrastructure. The brine, a byproduct of oil and gas production, makes diversification particularly appealing for oil majors looking to expand into other markets without straying too far from their core expertise. The repurposing of these brine reservoirs presents both a low-carbon opportunity and a cost-effective path into the critical minerals sector.
Chevron plans to employ <a target="_blank" href="https://lithium.org/wp-content/uploads/2024/06/Direct-Lithium-Extraction-DLE-An-introduction-ILiA-June-2024-v.1-English-web.pdf" rel="noreferrer noopener">direct lithium extraction</a> (DLE) technologies to process the brine. Unlike conventional methods, which rely on vast evaporation ponds that require months and consume large amounts of land and water, DLE utilizes advanced materials to extract lithium ions from brine selectively.
The technology promises a faster, more efficient extraction process with a smaller environmental footprint. While DLE is still an emerging technique, it's gaining traction among energy giants aiming to modernize domestic lithium production.
Through this effort, Chevron has joined another domestic oil major, ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), which is advancing its own <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/02/37182798/exxons-lithium-experiment-could-be-winner-for-oil-company-state-of-arkansas" rel="noreferrer noopener">DLE project in Arkansas</a> through the subsidiary Mobil Lithium.
Exxon acquired 485 square kilometers of Smackover acreage in 2023 and aims to supply enough lithium for one million electric vehicles per year by 2030. The company has already inked a preliminary supply agreement with battery manufacturer SK On.
Despite lithium prices plunging from a high of $80,000 per ton in 2022 to around $8,400 today, the interest from Chevron, ExxonMobil, and others signals a longer-term bet.
These oil majors are acquiring lease rights and investing in capital expenditures during the market downturn, positioning themselves to be key suppliers when the rebound arrives.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/etfs/sector-etfs/25/06/46017496/israel-iran-conflict-lifts-crude-above-77-what-it-means-for-oil-etfs" target="_blank" rel="noreferrer noopener">Israel-Iran Conflict Lifts Crude Above $77: What It Means For Oil ETFs</a></li>
</ul>
Photo by Juan Roballo via Shutterstock

Equities

Large Cap

Commodities

Markets

BATT

CARZ

DRIV

Fidelity Electric Vehicles and Future Transportation ETF

FDRV

LITP

Chevron Joins Lithium Race With 125,000-Acre Texas-Arkansas Deal

The shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) climbed 1.50% during Monday&#8217;s pre-market session, after it unveiled its Robotaxi in Austin, marking a significant milestone in the self-driving taxi industry in the United States.
What Happened: The launch event, which&nbsp;took place on Sunday in Austin&#8217;s South&nbsp;Congress neighborhood, featured&nbsp;over 10 Tesla Model Y&nbsp;Robotaxis. The event was exclusive, with <a href="https://www.benzinga.com/markets/tech/25/06/46045542/tesla-launches-robotaxi-in-austin-elon-musk-calls-it-a-culmination-of-a-decade-of-hard-work">social media influencers</a> as the main riders, who used a dedicated app to book their rides.
Tesla had safety monitors&nbsp;in the front seat during&nbsp;the rides, although the extent of their control over the Robotaxi, which was operating on Unsupervised FSD, was not confirmed.
Elon Musk, CEO of Tesla, celebrated the launch on social media, describing it as the&nbsp;&#8220;culmination of a decade of&nbsp;hard work&#8221;. He further revealed that both the AI Chip and&nbsp;the software team responsible for&nbsp;the Robotaxi were built entirely within Tesla.
Additionally, Tesla also announced its plans to invest <a href="https://www.benzinga.com/markets/tech/25/06/46046720/tesla-doubles-down-on-us-elon-musk-plans-another-8-billion-investment-after-spending-nearly-10-billion-in-2024">$8 billion in manufacturing in the U.S. in 2025</a>, after investing $10 billion in 2024.
Why It Matters: The launch of the Robotaxi comes as Tesla has been hinting at its entry into the self-driving taxi market to compete with companies like&nbsp;Alphabet Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)&nbsp;Waymo and Amazon.com Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Zoox.
Meanwhile, Tesla&nbsp;has been under the scrutiny&nbsp;of U.S. safety regulators, with the National Highway Traffic Safety Administration (NHTSA) reviewing the company&#8217;s responses regarding the performance of its Full Self-Driving (FSD) system in adverse weather conditions. Notably, former Tesla AI Chief&nbsp;Andrej Karpathy&nbsp;recently <a href="https://www.benzinga.com/markets/tech/25/06/46046691/ex-tesla-ai-chief-andrej-karpathy-says-self-driving-still-isnt-solved-after-a-decade">expressed skepticism</a>&nbsp;about the industry&#8217;s ability to solve the challenge of autonomous driving. 
Earlier, Wedbush analyst&nbsp;Dan Ives&nbsp;had&nbsp;predicted a transformative future&nbsp;for Tesla, <a href="https://www.benzinga.com/markets/equities/25/06/46034667/teslas-ai-future-is-worth-1-trillion-says-dan-ives-golden-era-of-autonomous-begins-with-robotaxi-launch">valuing its AI</a> and autonomous driving technology at a staggering $1 trillion.
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/travel/25/06/46045416/us-issues-worldwide-caution-after-strikes-on-irans-nuclear-sites-state-department-warns-of-airspace-closures-travel-chaos-and-rising-threats-to-americans-abroad" target="_blank" rel="noreferrer noopener">US Issues Worldwide Caution After Strikes On Iran&#8217;s Nuclear Sites: State Department Warns Of Airspace Closures, Travel Chaos And Rising Threats To Americans Abroad &#8211; Benzinga</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

GOOG

GOOGL

TSLA

Tesla Stock Climbs Nearly 2% In Monday Pre-Market: What's Going On?

Steve Jobs once likened a high-performing team to "common stones" spinning in a rock tumbler, noisy, abrasive and ultimately polished to brilliance.
What Happened: The anecdote, recorded in a 1995 interview for PBS's "Triumph of the Nerds" and rediscovered after his death, captures what the Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) co-founder saw as the alchemy of collaboration.
Jobs told <a href="https://sameerbajaj.com/jobs/">interviewer</a> Bob Cringely that, as a boy, a widower neighbor showed him a homemade tumbler, "a motor and a coffee can and a little band between them," filled with "regular old ugly rocks," water and grit. After a night of clattering, the stones emerged "amazingly beautiful," he recalled.
The tumbling, he said, mirrors "incredibly talented people bumping up against each other, having arguments, having fights sometimes, making some noise" until both ideas and individuals are refined. Jobs, then running NeXT and poised to return to Apple, argued that the best companies court constructive friction. &#8220;…Working together, they polish each other and they polish the ideas,&#8221; he remarked.
See also: <a href="https://www.benzinga.com/markets/tech/25/06/46046803/bill-gates-finally-meets-linux-creator-linus-torvalds-at-microsoft-execs-dinner-decades-after-powering-rival-operating-systems">Bill Gates Finally Meets Linux Creator Linus Torvalds At Microsoft Exec&#8217;s Dinner, Decades After Powering Rival Operating Systems</a>
According to an NBC <a href="https://www.nbcnews.com/better/careers/what-steve-jobs-taught-me-about-debate-workplace-n732956">article</a> from 2017, former colleagues say Jobs organized project rooms so engineers and designers could not avoid debate, a practice later echoed in Apple's iPhone and Pixar's story-brain sessions.
Why It Matters: Steve Jobs routinely engineered tension to sharpen ideas, whether by <a href="https://www.benzinga.com/markets/tech/25/06/45943213/steve-jobs-shared-this-work-habit-with-elon-musk-and-jeff-bezos-says-pixar-exec-but-vows-never-to-repeat-it">ringing Pixar colleagues</a> "at any time, day or night, three in the morning" and expecting instant answers, a habit Pete Docter says he now refuses to copy.
His intolerance for half-measures surfaced again this month when tech watchers joked that Jobs would "<a href="https://www.benzinga.com/markets/tech/25/06/45852236/steve-jobs-would-have-fired-everyone-apples-liquid-glass-in-ios-26-gets-roasted-online-dan-ives-calls-wwdc-2025-a-yawner">have fired everyone</a>" over a lackluster iOS interface, an exaggeration that nonetheless echoed stories of him dismissing teams that failed to hit the mark on the first iPhone's glass swap and other last-minute pivots.
Yet the same razor-edged perfectionism often came wrapped in <a href="https://www.benzinga.com/markets/tech/25/06/45989119/steve-jobs-once-gave-a-secretary-a-brand-new-jaguar-out-of-the-blue-here-is-why-the-apple-co-founder-was-so-generous">jolts of generosity</a> meant to keep morale high. Former quality chief Ron Givens recalls Jobs buying a tardy secretary a new Jaguar on the spot, a reward delivered only after a public grilling about her commitment.
Read next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/46047038/spotifys-daniel-ek-leads-690-million-bet-on-defense-ai-startup-helsing-valued-at-13-8-billion-as-europe-ramps-up-military-spending">Spotify&#8217;s Daniel Ek Leads $690 Million Bet On Defense AI Startup Helsing, Valued At $13.8 Billion As Europe Ramps Up Military Spending</a></li>
</ul>
Image via Kemarrravv13/ Shutterstock

AAPL

Steve Jobs Believed Teamwork Required 'Bumping Up' Each Other Like 'Old Ugly Rocks' — Here's What He Meant

OPHLY

VRTX

Vertex And Ono Pharmaceutical Forge Strategic Partnership To Advance Povetaciceptiin In Japan and South Korea For IgA And Membranous Nephropathy

CVS Health Unit Aetna Unveils New Strategy To Cut Red Tape in Healthcare With Bundled Authorizations And On-Site Nurse Support

The Federal Reserve held interest rates steady at 4.25%-4.50% during Wednesday&#8217;s June meeting, with Chair Jerome Powell signaling no urgency to cut rates as officials monitor potential tariff-driven inflation impacts. 
What Happened: Sage Advisory managing partner Thomas Urano <a href="https://finance.yahoo.com/video/us-equities-dont-fed-cut-201945498.html">told</a> Yahoo Finance that while equity markets may not require rate cuts, the bond market could benefit from easing to move higher.
&#8220;I don't think the market needs a rate cut. The bond market might need one to move higher from here, but I'm not convinced the equity market does,&#8221; Urano said. 
Powell acknowledged &#8220;encouraging&#8221; inflation data but raised the Fed&#8217;s median core inflation forecast to 3.1% from 2.8% in March, attributing the increase to expected tariff effects. 
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined slightly following the announcement.
See Also: <a href="https://www.benzinga.com/news/travel/25/06/46045416/us-issues-worldwide-caution-after-strikes-on-irans-nuclear-sites-state-department-warns-of-airspace-closures-travel-chaos-and-rising-threats-to-americans-abroad" target="_blank" rel="noreferrer noopener">US Issues Worldwide Caution After Strikes On Iran's Nuclear Sites: State Department Warns Of Airspace Closures, Travel Chaos And Rising Threats To Americans Abroad</a>
Why It Matters: Urano noted the Fed expects economic growth to rebound in the second quarter before settling into a &#8220;slightly below average growth rate&#8221; in the mid-1.4% to 1.5% range for 2025. This modest growth outlook may not support rising equity multiples but could position the bond market for potential Fed easing in 2026.
The 10-year Treasury yield currently trades at 4.37%. Urano expects the benchmark to remain between 4% and 4.5% for an extended period, while anticipating the two-year note around 4% could rally if the Fed shifts policy lower toward its projected 3.25%-3.50% target range.
Economist Peter Schiff warned of a &#8220;worse financial crisis than 2008,&#8221; while Mohamed El-Erian highlighted policy and geopolitical <a href="https://www.benzinga.com/markets/treasuries/25/06/46012056/peter-schiff-predicts-worse-financial-crisis-than-2008-as-fed-holds-rates-the-solution-involves-much-higher-interest-rates-as-years-of-easy-money-trigger-stagflation-and-investor-exodus">uncertainties clouding the Fed&#8217;s path forward</a>. 
Read Next:
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<li><a href="https://www.benzinga.com/crypto/25/06/46045060/bitcoin-ethereum-dogecoin-fall-as-us-involvement-in-iran-israel-war-threatens-oil-prices-spike-arthur-hayes-says-weakness-shall-pass-and-btc-will-show-its-safe-haven-status" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Fall As US Involvement In Iran-Israel War Threatens Oil Prices Spike: Arthur Hayes Says ‘Weakness Shall Pass&#8217; And BTC Will Show Its Safe Haven Status</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

Economics

Federal Reserve

Stocks May Not Need A Fed Rate Cut—But Bonds Could Be In Trouble, Says Sage Advisory

<ul>
<li>Company commits to distinctive actions that will make it easier to navigate the health care system, access care, and achieve better health</li>
</ul>

Life Time Expands NYC Presence With Full-Service Athletic Country Club At Iconic 10 Bryant Tower Across From Bryant Park

Macro Economic Events

Econ #s

U.K. Services Purchasing Managers Index Preliminary For June 51.3 Vs. 51.2 Est.; 50.9 Prior

U.K. Manufacturing Purchasing Managers Index Preliminary For June 47.7 Vs. 46.9 Est.; 46.4 Prior

U.K. Composite Purchasing Managers' Index Preliminary For June 50.7 Vs. 50.5 Est.; 50.3 Prior

U.S. Secretary of State&nbsp;Marco Rubio&nbsp;has called on&nbsp;China to prevent Iran from&nbsp;shutting down the Strait of Hormuz, a crucial trade route for global crude oil. Rubio&#8217;s warning comes amid escalating tensions in the Middle East.
What Happened: Rubio called on the Chinese government, which has close ties with Iran, to step in. &#8220;I encourage the Chinese government in Beijing to call them about that, because they heavily depend on the Straits of Hormuz for their oil,&#8221; Rubio <a href="https://www.foxnews.com/video/6374706927112">said</a> during a Fox News interview.  
&#8220;It's economic suicide for them if they do it.&nbsp; And we retain options to deal with that,&#8221; added Rubio.
China is Iran&#8217;s primary oil customer and maintains a friendly relationship with the country.
Following U.S. airstrikes on three key nuclear sites, Iran&#8217;s foreign minister warned that the Islamic Republic &#8220;reserves&nbsp;all options to defend its&nbsp;sovereignty.&#8221; Iran&#8217;s parliament has backed the idea of&nbsp;closing the Strait of Hormuz,&nbsp;but the final decision lies with Iran&#8217;s national security council.
The Strait of Hormuz is a vital trade route, with approximately 20 million barrels of crude oil passing through it daily, accounting for 20% of global consumption. If the Strait were to close for an extended period, oil prices could soar above $100 per barrel, according to experts.
Why It Matters: The recent U.S. strikes on Iran&#8217;s nuclear facilities have sparked concerns about the potential repercussions on global oil prices. China, a key player in this scenario, has&nbsp;warned of a <a href="https://www.benzinga.com/news/politics/25/06/46044009/us-iran-tensions-escalate-as-iran-threatens-hormuz-closure-potentially-rattling-global-oil-markets">spiraling escalation</a>&nbsp;in the Middle East and demanded an immediate ceasefire at the UN. This situation has the potential to significantly impact global oil prices, as market analysts and traders assess the situation.
Earlier, the CEO of Shell,&nbsp;Wael Sawan, had&nbsp;<a href="https://www.benzinga.com/markets/macro-economic-events/25/06/46014138/shell-ceo-warns-of-huge-impact-on-global-trade-if-the-strait-of-hormuz-is-blocked-amid-israel-iran-conflict-we-need-to-set-actions-for-a-new-reality">expressed concern</a>&nbsp;over the escalating conflict between Israel and Iran, warning of a potential &#8220;huge impact on global trade.&#8221; The Strait of Hormuz, a major artery for the world&#8217;s oil trade, is of strategic importance, and any blockade could send shockwaves through the energy market.
Meanwhile, energy analytics firm&nbsp;Kpler stated that oil prices may surge between 7-10% post US airstrikes on Iran but it may not &#8216;last&#8217;.
China&#8217;s response to the U.S.&#8217;s call and the subsequent actions in the region will be closely watched by the global community, especially given China&#8217;s significant role in the global oil trade.
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/large-cap/25/06/46044073/small-investment-bank-tied-to-trumps-sons-facilitated-120-million-trading-windfall" target="_blank" rel="noreferrer noopener">Small Investment Bank Tied to Trump&#8217;s Sons Facilitated $120 Million Trading Windfall</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Marco Rubio Urges China To Intervene, Calls Strait Of Hormuz Closure 'Economic Suicide' For Iran: 'We Retain Options To Deal With That'

Reuters Reported DeepSeek Is Providing AI Support To China's Military And Intel Operations; Provided Chinese Government With User Information

Reported Friday, Vertex's Zimislecel Shows Durable Insulin Independence In 10 Of 12 Patients With Type 1 Diabetes, All Achieve ADA Glycemic Targets

NVDA

Reuters, Citing U.S. Official, Reported DeepSeek Sought To Use Shell Companies In Southeast Asia To Evade U.S. Export Controls; Seeking Access To Southeast Asia Data Centers To Remotely Access U.S. Chips

GPCR

Reported Friday, Structure Therapeutics Showcases Oral GLP-1 Agonist's Neuroprotective Effects In Parkinson's Mouse Model At ADA Scientific Sessions

Reported Friday, Abbott's Healthy Food Rx Clinical Trial Shows 'Food Is Medicine' Program Improves Diet And Health In People With Diabetes

Press Releases

WeTouch Technology Inc. CEO Zongyi Lian's Letter to Shareholders

Wetouch Technologies Inc. Announces $15 Million Stock Buyback Program

WeTouch Technology Inc. (NASDAQ: WETH) Announces Strategic Partnership with Leading Electronics Manufacturer to Expand into South Korean Market

WeTouch Technologies Inc. Unveils New Corporate Video and Website to Strengthen Shareholder Engagement

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