When the Strait of Hormuz shut down for five months, oil prices didn’t spike as expected—thanks mostly to China’s quiet but powerful move. With the world’s largest oil stockpile and a massive pre-stocked reserve, China slashed imports by 40% in June, hitting a ten-year low and absorbing the supply shock. By pulling back on Middle East oil and ramping up renewables and EVs, they kept prices from soaring. Now, as they cautiously restart buying—partly due to easing shipping fears and Russian oil deals—China’s next moves will decide whether oil prices stay tame or climb again, especially as Middle East supply woes linger.
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