Beijing, China - China is holding high-level talks with Iranian officials in an attempt to reopen the Strait of Hormuz for crude oil and liquefied gas transit amid the ongoing war waged by the US and Israel.

Three anonymous diplomatic sources told Reuters that China is continuing to push for the reopening of the waterway as President Donald Trump's war with Iran leaves international trade crippled.

Iran has eliminated most commercial transit through the Strait of Hormuz by launching retaliatory strikes across the Middle East.

The Strait of Hormuz is a particularly vital shipping route, as it acts as a gateway to the oil and gas fields and refineries of Gulf countries, including Qatar, the UAE, Bahrain, Saudi Arabia, Iraq, and Kuwait.

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China relies heavily on Gulf countries for its supply of crude oil and gas and maintains a close relationship with Tehran.

Over the course of Wednesday night, a single commercial vessel safely passed through the Hormuz Strait under the insignia "China-owner."

The transit signals that Chinese ships may be given preferential treatment by the Iranians, but it doesn't mean that such transit can be operated at the scale needed to maintain even Beijing's supply chains.

As a result of Trump's decision to launch his war against Iran, oil prices have spiked more than 15% in a single week, and ongoing retaliatory strikes continue to destabilize global markets.

"The Strait of Hormuz and its adjacent waters are an important international trade route for goods and energy," Chinese Foreign Ministry spokesperson Lin Jian said on Wednesday.

"China urges relevant parties to immediately stop military operations, avoid further escalation of the tense situation, and prevent regional turmoil from causing greater damage to global economic growth."