Klingbeil is due to travel to Paris for a meeting of G7 finance ministers and central bank governors scheduled for Monday and Tuesday, where the Iran conflict and its economic implications are expected to feature prominently on the agenda.

“The G7 is the right place to discuss how we can help bring about a lasting end to the war in Iran,” Klingbeil said in remarks released before the meeting. He added that Germany and its European partners remained committed to cooperation, open trade and rules-based international partnerships.

The minister said recent geopolitical and economic shocks had reinforced the need for Germany and Europe to strengthen resilience in critical sectors including raw materials, energy supplies and industrial supply chains.

The conflict has heightened concerns over shipping through the Strait of Hormuz, one of the world’s most strategically important oil transit routes. Any prolonged disruption could affect global energy markets and trade flows.

Klingbeil also said finance ministers from Brazil, India, South Korea and Kenya would participate in discussions in Paris as part of a broader effort to deepen international economic partnerships beyond the G7 bloc.

He said Germany would continue supporting Ukraine despite mounting tensions in the Middle East and would not allow the Iran crisis to divert attention from Russia’s war in Ukraine.

Klingbeil is expected to sign a double taxation agreement with Ukrainian Finance Minister Sergii Marchenko during the Paris meetings, a step he said would strengthen economic cooperation and provide greater legal certainty for businesses operating between the two countries.

Trump’s remarks followed a second day of talks with Xi in Beijing covering Iran, Taiwan, trade and regional security, amid mounting concern over energy supplies and maritime instability linked to the conflict.
“We’ve settled a lot of different problems that other people wouldn’t have been able to solve,” Trump told reporters after the meeting.

The White House said both leaders agreed the Strait of Hormuz — through which roughly one-fifth of global oil and liquefied natural gas shipments passed before the conflict — must remain open to international shipping.

Iran effectively curtailed most commercial traffic through the strategic waterway following U.S.-Israeli strikes that began on Feb. 28, triggering major disruption in global energy markets and renewed fears over supply-chain shocks.

Trump said Xi had also assured Washington that China would not provide military equipment to Tehran.
“He said he’s not going to give military equipment, that’s a big statement,” Trump said during an interview with Fox News’ “Hannity.”

China, Iran’s largest oil customer and one of its closest strategic partners, did not publicly confirm details of the discussions. However, China’s foreign ministry criticized the continuation of the war, saying the conflict “should never have happened” and had no justification to continue.

The war has become a growing political and economic challenge for the White House ahead of U.S. midterm elections later this year, with prolonged instability pushing up global energy costs and disrupting shipping routes across the Gulf.

Trump signaled increasing impatience with stalled diplomatic efforts involving Tehran.

“I am not going to be much more patient. They should make a deal,” Trump said in the televised interview.
Negotiations aimed at ending the conflict have remained deadlocked after Iran rejected demands to halt its nuclear program and surrender enriched uranium stockpiles. Tehran maintains its nuclear activities are intended for civilian purposes and denies seeking atomic weapons capability.

Trump suggested the issue of Iran’s uranium reserves was partly symbolic from Washington’s perspective.
“I just feel better if I got it,” he said, referring to the stockpile. “It’s more for public relations than it is for anything else.”

The White House said Xi expressed opposition to the militarisation of the Strait of Hormuz and rejected proposals linked to imposing tolls on shipping transiting the corridor, an idea Iranian officials have previously raised.

U.S. Treasury Secretary Scott Bessent said in an interview from Beijing that China had strong economic incentives to help restore maritime traffic through the strait.

Analysts, however, questioned whether Beijing would significantly pressure Tehran, given Iran’s strategic value as a counterweight to U.S. influence in the Middle East.

The conflict has increasingly spilled into regional shipping lanes.

An Indian cargo vessel carrying livestock from Africa to the United Arab Emirates sank off Oman on Wednesday after reportedly being struck by a missile or drone, according to British maritime security firm Vanguard. India said all 14 crew members were rescued.

Separately, Britain’s UK Maritime Trade Operations agency reported that unauthorized personnel boarded a vessel anchored near the UAE port of Fujairah and redirected it toward Iranian waters.

Vanguard said the ship was believed to have been seized by Iranian personnel.

Fujairah, located outside the Strait of Hormuz on the Gulf of Oman, serves as the UAE’s only oil export terminal bypassing the narrow maritime chokepoint.
Diplomatic efforts linked to the broader regional conflict continued separately in Washington, where Lebanese and Israeli officials held talks on Thursday that a senior U.S. State Department official described as productive and positive.

Trump has said the objectives of the campaign against Iran include dismantling Tehran’s nuclear program, reducing its regional military capabilities and increasing pressure on the Iranian leadership.

The White House said Trump and Xi agreed during meetings in Beijing that the Strait of Hormuz should remain open and that Iran must not obtain nuclear weapons, as maritime incidents near the strategic waterway intensified pressure on global oil markets.

Trump, speaking in an interview aired Thursday on Fox News, urged Tehran to reach an agreement with Washington after diplomatic efforts to end the conflict stalled.

“I am not going to be much more patient,” Trump said. “They should make a deal.”

The comments came as Iran continued restricting access through the Strait of Hormuz following U.S.-Israeli attacks that began on Feb. 28 and triggered one of the most severe disruptions to global energy flows in decades.

China, Iran’s largest oil customer and a close strategic partner, has emerged as a key diplomatic player in efforts to stabilize the region and restore shipping traffic through the narrow maritime chokepoint, which previously handled about one-fifth of global oil and liquefied natural gas supplies.

The White House said Xi opposed further militarization of the strait and rejected any attempt to impose transit tolls on vessels using the route.

Trump also said Xi assured him China would not provide military equipment to Iran and expressed interest in increasing Chinese purchases of American oil to reduce dependence on Gulf shipping lanes.
On the issue of Iran’s enriched uranium stockpile, Trump suggested securing the material was more politically symbolic than strategically essential.

“I don’t think it’s necessary except from a public relations standpoint,” Trump said during the interview.
Meanwhile, maritime security concerns escalated further after an Indian cargo vessel carrying livestock from Africa to the United Arab Emirates sank off Oman on Wednesday following what security analysts said was likely a missile or drone strike.

India said all 14 crew members were rescued by Oman’s coast guard and condemned the attack.
Separately, the United Kingdom Maritime Trade Operations agency reported that unauthorized personnel boarded a vessel anchored off the UAE port of Fujairah and steered it toward Iranian waters.

Security consultancy Vanguard said the ship was believed to have been seized by Iranian personnel while at anchor.

Despite the disruptions, Iranian authorities indicated they were permitting limited shipping traffic through the strait under negotiated arrangements with selected countries.

Iran’s Revolutionary Guards said 30 vessels had passed through Hormuz since Wednesday evening, although shipping levels remained far below pre-war averages.
Shipping analytics firm Kpler estimated that roughly 10 vessels crossed the strait during the past 24 hours, compared with about 140 vessels on a typical day before the conflict.

Diplomatic efforts to end the war remain stalled after Tehran and Washington rejected each other’s latest proposals last week.

Washington is demanding Iran surrender its stockpile of enriched uranium and halt further enrichment activities, while Tehran is seeking sanctions relief, compensation for war-related damage and recognition of its control over the strait.

A senior U.S. admiral told a Senate committee on Thursday that Iran’s ability to threaten neighboring countries and American interests had been “significantly degraded” by the conflict, though reports indicate Tehran retains substantial missile and drone capabilities.

The conflict has also reverberated across the wider region, including renewed instability involving the Iran-backed group Hezbollah in Lebanon.

The report by Iran’s Fars news agency came hours after Donald Trump and Chinese President Xi Jinping agreed during summit talks in Beijing that the Strait of Hormuz should remain open to ensure uninterrupted global energy supplies.

According to Fars, citing an informed source, the arrangement followed requests from China’s foreign minister and ambassador to Tehran. Iran subsequently agreed to facilitate the passage of a number of Chinese-linked vessels within what the report described as the framework of the two countries’ strategic partnership.

The report did not specify how many ships would be permitted to transit or whether broader restrictions on international shipping remained in place.Iran sharply tightened controls over movement through the Strait following the start of US and Israeli strikes on Feb. 28, significantly disrupting maritime traffic through one of the world’s most important energy corridors.

The situation worsened after a US blockade on Iranian ports began shortly after a ceasefire agreement reached in early April, prolonging instability across the Gulf region and affecting shipping routes responsible for roughly one-fifth of global oil and natural gas flows.It remained unclear how significantly the latest arrangement would alter maritime operations in practice.

During the conflict, Iranian authorities had already indicated that vessels considered neutral particularly those linked to China — could pass through the Strait if they coordinated movements with Iranian military forces.

Ship-tracking data showed that a Chinese supertanker carrying around 2 million barrels of Iraqi crude successfully passed through the Strait on Wednesday after being stranded in Gulf waters for more than two months due to the conflict.

The renewed movement of Chinese vessels through Hormuz highlights Beijing’s growing diplomatic and economic engagement in Gulf security issues as disruptions in the region continue to fuel volatility in global energy markets.

The report by Iran’s Fars news agency came hours after Donald Trump and Chinese President Xi Jinping agreed during summit talks in Beijing that the Strait of Hormuz should remain open to ensure uninterrupted global energy supplies.

According to Fars, citing an informed source, the arrangement followed requests from China’s foreign minister and ambassador to Tehran. Iran subsequently agreed to facilitate the passage of a number of Chinese-linked vessels within what the report described as the framework of the two countries’ strategic partnership.

The report did not specify how many ships would be permitted to transit or whether broader restrictions on international shipping remained in place.Iran sharply tightened controls over movement through the Strait following the start of US and Israeli strikes on Feb. 28, significantly disrupting maritime traffic through one of the world’s most important energy corridors.

The situation worsened after a US blockade on Iranian ports began shortly after a ceasefire agreement reached in early April, prolonging instability across the Gulf region and affecting shipping routes responsible for roughly one-fifth of global oil and natural gas flows.

It remained unclear how significantly the latest arrangement would alter maritime operations in practice. During the conflict, Iranian authorities had already indicated that vessels considered neutral — particularly those linked to China could pass through the Strait if they coordinated movements with Iranian military forces.

Ship-tracking data showed that a Chinese supertanker carrying around 2 million barrels of Iraqi crude successfully passed through the Strait on Wednesday after being stranded in Gulf waters for more than two months due to the conflict.

The renewed movement of Chinese vessels through Hormuz highlights Beijing’s growing diplomatic and economic engagement in Gulf security issues as disruptions in the region continue to fuel volatility in global energy markets.

U.S. President Donald Trump said on Friday he expected Tehran to respond “supposedly tonight” to a proposal delivered through Pakistani mediators, but no official Iranian reply had been made public by Saturday evening.Iranian Foreign Minister Abbas Araghchi questioned Washington’s intentions during a phone call with his Turkish counterpart, according to remarks published by Iran’s ISNA news agency.

“The recent escalation of tensions by American forces in the Arabian Gulf and their numerous actions in violating the ceasefire have added to suspicions about the motivation and seriousness of the American side in the path of diplomacy,” Araghchi said.The comments followed a confrontation on Friday in which a U.S. fighter jet fired on and disabled two Iranian-flagged tankers that Washington said had challenged an American naval blockade targeting Iranian ports.

An Iranian military official, quoted by local media, said Iran’s navy had retaliated against what he described as “American terrorism with strikes,” adding that the clashes had since ended.The incident came less than a day after another flare-up in the Strait of Hormuz, one of the world’s most strategically important shipping routes for global oil exports.

U.S. Secretary of State Marco Rubio reiterated Friday that it was “unacceptable” for Tehran to exert control over the waterway, through which a substantial share of global crude shipments passes.The Trump administration has sought to reopen commercial navigation through the strait after Iran restricted maritime access following the outbreak of conflict on Feb. 28, triggered by joint U.S.-Israeli strikes on Iranian targets.

Washington later imposed a blockade on Iranian ports, escalating tensions across Gulf shipping lanes and contributing to volatility in international energy markets.Iranian Foreign Ministry spokesperson Esmaeil Baqaei said Friday the latest U.S. proposal remained “under review.”

Meanwhile, Sheikh Mohammed bin Abdulrahman Al Thani met U.S. Vice President JD Vance in Washington on Friday to discuss Pakistani-mediated efforts to secure a longer-term settlement.Separately, satellite imagery indicated an oil slick spreading near Kharg Island, Iran’s principal oil export hub in the Gulf.

Monitoring group Orbital EOS estimated the slick initially covered more than 20 square miles before appearing to diminish by Saturday.The UK-based Conflict and Environment Observatory said the spill may have originated from damaged or leaking oil infrastructure, though the exact cause remained unclear.

Kharg Island plays a central role in Iran’s energy exports and has become increasingly sensitive amid the ongoing confrontation over Gulf shipping routes and oil flows.

The confrontation marked the latest escalation in a 10-week war that began with joint U.S.-Israeli strikes on Iran and has since destabilized shipping lanes, disrupted oil exports and widened hostilities across the Middle East.U.S. Central Command said an F/A-18 Super Hornet used precision-guided munitions against the two vessels to prevent them from continuing toward Iranian waters through the Gulf of Oman, a strategic maritime corridor connected to the Strait of Hormuz.

Iranian officials condemned the attack as a breach of the ceasefire and accused Washington of undermining ongoing diplomatic efforts.An Iranian military official told local media that naval forces had “responded to the violation of the ceasefire and to American terrorism with strikes,” adding that the clashes had subsequently ended.

The incident followed renewed tensions overnight in the Strait of Hormuz, a vital energy transit chokepoint through which a significant share of global oil shipments passes. An adviser to Iran’s supreme leader compared strategic control of the strait to possessing “an atomic bomb.”U.S. Secretary of State Marco Rubio said in Rome that Washington expected Tehran’s response later Friday to a new American proposal aimed at extending the truce to facilitate broader negotiations.

“It is unacceptable” for Iran to control the strategic waterway, Rubio told reporters, expressing hope Tehran would present “a serious offer.”At the White House, U.S. President Donald Trump said his administration anticipated receiving a formal Iranian response by nightfall.“I’m getting a letter supposedly tonight, so we’ll see how that goes,” Trump said.

According to regional officials, Washington delivered the latest ceasefire proposal through Pakistani mediators, seeking an extension of the Gulf truce to create space for negotiations over a permanent settlement.Iran’s Foreign Ministry spokesman Esmaeil Baqaei said the proposal remained “under review,” according to the ISNA news agency.

Iran’s ambassador to the United Nations, Amir Saeed Irvani, submitted a letter to the U.N. Security Council accusing the United States of violating the ceasefire through the tanker strikes.In Washington, Qatar’s Prime Minister Mohammed bin Abdulrahman Al Thani met U.S. Vice President JD Vance to discuss Pakistani-led mediation efforts aimed at securing a lasting peace arrangement.

Satellite imagery released Friday indicated an expanding oil slick off Iran’s Kharg Island, the country’s principal oil export terminal. Monitoring firm Orbital EOS estimated the spill covered more than 20 square miles off the island’s western coastline, though the cause was not immediately determined.

Kharg Island remains central to Iran’s oil export infrastructure and sits north of the Strait of Hormuz, where commercial shipping disruptions since February have contributed to heightened volatility in global energy markets.Iran largely closed the strait following the outbreak of war on Feb. 28, prompting sharp increases in oil prices and renewed security deployments by Western naval forces.

The United States later imposed a maritime blockade targeting Iranian ports.Trump earlier this week announced a naval initiative aimed at reopening the strait to commercial traffic before reversing course in favor of renewed diplomacy.On a parallel front in Lebanon, the Iran-backed militant group Hezbollah said it launched missiles toward an Israeli military base near Nahariya in response to Israeli strikes on Beirut’s southern suburbs and southern Lebanon.

Hours later, Hezbollah announced a separate drone attack targeting another Israeli base in the north.Israel has continued operations against Hezbollah despite an existing ceasefire agreement. On Wednesday, Israeli forces carried out their first strike in a month on Beirut’s southern suburbs, saying a senior Hezbollah commander had been killed.

Lebanon’s health ministry said Israeli strikes in the south killed 10 people on Friday, including women and children, while Lebanon’s civil defense agency said one of its personnel was also killed.The escalation comes ahead of planned direct negotiations between Israel and Lebanon in Washington next week, talks Hezbollah has publicly opposed.

The announcement was made through the state-run WAM news agency, which said the decision reflects the country’s changing economic priorities and expanding domestic energy ambitions.“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile, including accelerated investment in domestic energy production, and reinforces its commitment to a responsible, reliable, and forward-looking role in global energy markets,” the government said in a statement.

The UAE did not provide further details on how the move would affect its crude production policy or its broader cooperation with OPEC+, the wider alliance of oil-producing nations led by Saudi Arabia and Russia.

The decision comes at a time of heightened volatility in global energy markets, with oil prices rising sharply amid continued tensions surrounding the Iran war and concerns over supply routes through the Strait of Hormuz, a critical channel for global crude shipments.

The UAE has in recent years expanded its oil production capacity while also investing heavily in natural gas, renewables and low-carbon energy technologies as part of its broader diversification strategy.

Its departure from OPEC could reshape internal dynamics within the producer group, where production targets and output discipline have often been subjects of negotiation among member states.

OPEC, headquartered in Vienna, was founded in 1960 and remains one of the world’s most influential oil alliances, coordinating output policies among major exporters to stabilize prices and manage market supply.

The UAE has been one of the organization’s key Gulf members and among its largest producers, making its exit one of the most significant institutional changes for the cartel in recent years.

Markets and analysts are expected to closely watch whether Abu Dhabi maintains coordination with OPEC+ informally or pursues a more independent production strategy after its formal withdrawal takes effect.

Wong said the meetings were aimed at strengthening coordination with key regional partners as instability linked to the Iran conflict affects international energy supplies and shipping routes.

In Tokyo, Wong is scheduled to meet Japanese Foreign Minister Toshimitsu Motegi for discussions on fuel security, regional stability and the Middle East conflict.

In Beijing, she will hold the eighth Australia-China Foreign and Strategic Dialogue with Chinese Foreign Minister Wang Yi, describing the talks as an opportunity to advance shared interests while managing strategic differences between Canberra and Beijing.

In Seoul, Wong will meet South Korean Foreign Minister Cho Hyun, noting that South Korea remains one of Australia’s most important suppliers of refined fuels.Australia imports the majority of its fuel requirements and has faced localized shortages since the Middle East conflict began in February, exposing vulnerabilities in supply chains and raising concerns over long-term energy resilience.

“These meetings will help ensure we are coordinating effectively,” Wong said in a statement, pointing to volatility in oil and gas markets caused by the conflict and disruptions to major shipping corridors.

The diplomatic push reflects Canberra’s effort to secure stable energy flows while balancing strategic relations across Asia, particularly with China, its largest trading partner, and close security partners Japan and South Korea.

Energy security has become a growing concern for Australia as tensions around the Strait of Hormuz and broader regional instability continue to affect fuel prices and shipping reliability across the Indo-Pacific.

The visit also comes as Australia seeks to strengthen regional cooperation on both economic security and broader geopolitical challenges linked to the Middle East war.

The White House said Witkoff and Kushner would hold an “in-person conversation” with Iranian representatives in Islamabad, but Iranian state media reported that direct negotiations were not planned and that Pakistan would instead act as an intermediary.

Iranian Foreign Minister Abbas Araghchi, who arrived in Islamabad on Friday, delivered Tehran’s negotiating demands and concerns over U.S. conditions to Pakistani officials, a Pakistani source involved in the discussions told Reuters.

Pakistan’s Foreign Ministry said Araghchi’s visit focused on “ongoing efforts for regional peace and stability,” without explicitly confirming face-to-face engagement between Iranian and American officials.

Security across Islamabad was tightened sharply before the talks, with major roads sealed, military checkpoints reinforced, and troops deployed around the capital’s airport and heavily fortified Red Zone.Residents reported widespread disruption as police and soldiers controlled key intersections, helicopters circled overhead, and airport access routes were placed under heightened surveillance following the Iranian delegation’s arrival late Friday.

White House Press Secretary Karoline Leavitt said the renewed talks followed an Iranian request for direct engagement after President Donald Trump urged Tehran to return to negotiations.“The Iranians reached out, as the president called on them to do, and asked for this in-person conversation,” Leavitt said, adding that the talks would “hopefully move the ball forward toward a deal.”

Vice President JD Vance, who led a first round of negotiations in Islamabad earlier this month that ended without agreement, remained on standby to travel if required.Iranian state television, however, said Araghchi had no intention of meeting U.S. officials directly and that Islamabad would serve only as a channel for conveying Tehran’s proposals to Washington.

Iran’s military on Saturday warned it would respond if the United States continued what it described as a blockade of Iranian ports, calling the move “banditry” and “piracy.”In a statement carried by state broadcaster IRIB, Iran’s central military command Khatam Al-Anbiya said that if “the invading U.S. military continues blockading, banditry, and piracy in the region,” it would face retaliation from Iran’s armed forces.

“We are ready and determined, while monitoring the behavior and movements of enemies,” the statement said.Iran’s Defense Ministry separately said Washington was seeking a “face-saving” way to withdraw from the war.

“Our military power today is a dominant force, and the enemy is looking for a face-saving way to escape the war quagmire it has become trapped in,” ministry officials were quoted as saying by ISNA.Diplomatic efforts have stalled in recent weeks as Iran refused to rejoin formal negotiations while a U.S. naval blockade on its ports remained in place.

At the same time, Tehran has imposed a de facto restriction on the Strait of Hormuz, allowing only limited shipping through the strategic waterway that handles roughly one-fifth of global oil trade.The disruption has unsettled energy markets and raised concerns over broader supply chain instability.

Oil prices fell on Friday as hopes grew that the Islamabad talks could lead to de-escalation.European Council President Antonio Costa said the immediate reopening of the strait was essential.“The strait must immediately reopen without restrictions and without tolling,” Costa said.

“This is vital for the entire world.”Major Wall Street indexes closed at record highs on Friday as investors responded positively to corporate earnings and expectations of diplomatic progress.Meanwhile, Washington expanded its military presence in the region with the deployment of its third aircraft carrier, the USS George H.W. Bush, to the Middle East.

Araghchi is expected to travel next to Oman and Russia for further consultations on ending the conflict launched on Feb. 28 between Iran, Israel, and the United States.

The Islamabad talks are being closely watched as a potential turning point for whether the current ceasefire evolves into a broader settlement or gives way to renewed confrontation across the region.