The Great Chinese Oil Mystery
Global oil prices have remained surprisingly stable despite the closure of the Strait of Hormuz due to a significant, unexplained reduction in Chinese oil imports. Experts are puzzled by how China is meeting its energy needs while cutting consumption by half.
Why it matters
China's unexpected energy strategy is currently preventing a global economic crisis, though the sustainability and motivation behind this move remain unknown.
America’s greatest rival is single-handedly averting a global energy crisis. No one knows how the country is doing it—or why.
CFOTO / Getty July 29, 2026, 7 AM ET Share Save When Iran shut down the Strait of Hormuz, experts warned that oil prices could hit $150 or $200 a barrel within a few weeks. The great mystery of the Iran war is why that hasn’t happened—why, nearly five months later, oil prices have scarcely surpassed $100, even as countries around the world have been forced to dip into their oil reserves. Now an explanation seems to be emerging: China.
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