China has long braced for a Gulf oil supply shock – but the Iran war’s disruption of a key global shipping route is now putting its resilience to the test.
Energy shipments from the Middle East have been at a standstill following Iran’s threats to attack vessels that pass through a critical trade waterway as retaliation against US-Israeli strikes.
The blockade has led to a global oil shortage which has rocked Gulf-reliant Asian countries hard – with the Philippines mandating four-day work weeks to save fuel, and Indonesia seeking ways to avoid burning through reserves that will last just weeks.
China, the world’s largest buyer of oil, is also feeling the strain.
But the country sits in a better position than its neighbours, after years of statecraft that have prepared it for a global energy crisis.
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