Gulf crisis tests China’s energy stockpile
China’s crude stockpiles and rising domestic gas output are an energy buffer against Gulf disruption in the short term
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Beijing can again leverage its critical minerals dominance over an increasingly busy US military, as Taiwan slides further down the White House list of priorities
China imports roughly half of its oil from the Middle East.
The United States evacuated diplomats across the Middle East and shut down some embassies as war with Iran intensified Tuesday while President Trump signaled the conflict could turn into extended war.
On February 28, the US and Israel launched new attacks on Iran targeting primarily the country's leadership, security forces, and missile program.
Iran has among the world's largest natural gas resource bases, but its ability to supply regional and global markets is constrained by sanctions, underinvestment, and limited export infrastructure.
Multiple US–Iran conflict scenarios carry materially different risks for global oil infrastructure, transit routes, and prices.