China says Middle East at critical point, calls for cooling tensions and dialogue

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BEIJING, Aug 24 (Reuters) - China's Foreign Minister Wang Yi said on Monday the situation in the Middle East and Gulf region had again reached a critical juncture and urged parties involved to return to dialogue and negotiations as soon as possible.

Wang made the remarks in a meeting with Foreign Minister of Kuwait Sheikh Jarrah Jaber Al-Ahmad Al-Sabah in Beijing, according to a Chinese foreign ministry statement.

• Wang said "the old script of recurring conflict should not be repeated" and the top priority is to de-escalate the situation.

• He said China was willing to strengthen coordination with Kuwait and continue contributing to the restoration of peace and stability in the region.

• The meeting came as the U.S. threatened Iran with "the greatest financial offensive ever" targeting Iran's trade partners.

• Iran dismissed the U.S. threat and vowed to shut down all oil exports from the Gulf "if the economic war continues" and issued a new warning to shipping not to pass through the Strait of Hormuz without its permission.

(Reporting by Shi Bu and Liz Lee; Editing by Hugh Lawson)