Iran war shows China role in setting the price of oil
Axios · 30 Jul 2026

Iran war shows China role in setting the price of oil

Data: China's General Administration of Customs; Chart: Matt Phillips/AxiosThe Iran war has revealed China's enormous power over global oil prices, thanks to its position as the world's largest buyer. Why it matters: China's reaction to the oil shock — by substantially withdrawing from buying on wor


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