Iran war shows China role in setting the price of oil - Axios
Source: Axios
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DW NOTE
China now sets the clearing price for oil by choosing when to buy and when to wait. The Saudis cut, the Americans release reserves, but Beijing's procurement calendar is what actually moves the market. Iran's supply disruptions matter only to the extent they force China's hand.
For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor
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