Iran war ‘disaster’ for world economy: China

China’s ambassador to the European Union says any potential military confrontation with Iran over its nuclear energy program will be a “disaster” for the global economy.

“I couldn’t think of any worse proposals to resolve the Iranian issue than resolving it by force,” Wu Hailong said in a Friday briefing with foreign journalists, The Wall Street Journal reported.

Touching upon the financial ramifications of any potential aggression against the Islamic Republic, he said, “I don’t know what kind of disaster there could be in oil prices.”

Wu, formerly China’s ambassador to the International Atomic Energy Agency (IAEA), further warned against setting any kind of deadlines to produce a breakthrough in the upcoming multifaceted talks between Iran and the six major world powers.

“I think patience is one of the most important things,” he said.

On Thursday, the P5+1 – comprising of Russia, China, France, Britain, the US, and Germany – expressed their readiness to resume multifaceted talks with Iran. Tehran also says it is ready to continue negotiations based on common ground.

Iran and the P5+1 have held two rounds of multifaceted talks, one in Geneva in December 2010 and another in Istanbul, Turkey in January 2011.

The United States, Israel and some of their allies accuse Tehran of pursuing military objectives in its nuclear energy program.

Iran has refuted the allegations, arguing that as a signatory to the nuclear Non-Proliferation Treaty and a member of the IAEA, Tehran is entitled to peaceful use of nuclear technology.