China has set the seal on the Iran- Saudi Arabia deal

The arrangement required a global sponsor of China’s stature and credibility with various regional countries, according to Chinese media, who boasted that this showed the Gulf was no longer only under American sway.The accord does constitute a diplomatic success for China in a region where its exports and infrastructure/high-tech investments are expanding rapidly and where it purchases over $120 billion worth of oil, or 45 percent of its total oil imports. 
The US thinks the Gulf is a focus area for Chinese military strategists, despite the fact that China’s naval activity in the Arabian Sea has primarily consisted of anti-piracy missions. At Khalifa harbour, where China has constructed cargo terminals, the US intervened with the United Arab Emirates in 2021 to prevent China from working on a supposedly secret facility there.
China’s President Xi Jinping paid a high-profile visit to Riyadh in December and attended three meetings there in three days: one with Saudi Arabia, one with the GCC, and one with Arab states. Numerous agreements on increased political and economic cooperation were reached at the conclusion of these meetings, firmly establishing China as an important partner. 
But the joint statements made it clear that China was also siding with the Gulf nations in their disputes with Iran over three Iranian-controlled islands close to the Hormuz Strait that the UAE claims, Yemen, where China denounced terrorist attacks by the Houthi militia against Saudi Arabia and the UAE, as well as the Iran nuclear file and destabilising regional activities!
The Chinese Ambassador was summoned by a shocked Iran, who expressed strong dissatisfaction. Iran had little opportunity to manoeuvre away from the major consumer of its sanctioned oil, though, given its internal unrest, isolation from the West, threats from Israel, and economic sanctions. President Ebrahim Raisi of Iran made his first state visit to China in more than 20 years in February.
Iran reportedly laid the stage for Saudi Arabian mediation in Beijing by agreeing to implement a Roadmap for the 25-year Strategic Agreement inked in 2021 (which calls for $400 billion in Chinese investments, of which only $185 million have so far materialised).Iran is bargaining with typical expertise while being in a difficult diplomatic position. To relieve Western pressure and lessen the likelihood of conflict with Israel, it has taken steps such as the most recent agreement on nuclear inspections with the IAEA. By following Chinese diplomatic leadership, it keeps its diplomatic choices open. Tehran may be buying time with its agreement with Riyadh before returning to its more conventional Iranian position of asserting its dominance over the area. However, China’s achievement in mediating a settlement between the two main Gulf rivals has now reverberated throughout the world, enhancing its standing as a major power.
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