Saudi-Iranian Normalization: A New Era for China in the Middle East?

Iran and Saudi Arabia have announced that they plan to normalize relations after seven years’ estrangement. Of particular note: China brokered the deal.
The announcement came shortly after Saudi Arabia established the concessions it would require from the U.S. in order to normalize with Israel.
What are the implications of both of these developments? Has China supplanted the U.S. role as regional mediator? Is this a threat to the U.S.? Would a greater role for China in the region, given its ties to both Iran and Saudi Arabia, help foster cooperation and peace, after decades of U.S. dominance have primarily yielded arms sales and war?
Join the Quincy Institute ‘s Michael Swaine and Annelle Sheline, as well as Kristian Coates Ulrichsen from Rice University ‘s Baker Institute for Public Policy, for a timely discussion of these unfolding developments, moderated by Trita Parsi.