China Gains Oil Market Influence as OPEC+ Loses Sway in Iran War
Six months into the Iran war, OPEC+ has lost its ability to influence oil prices as the conflict has shut the Strait of Hormuz and damaged infrastructure, reducing its market share. China's oil imports have fallen by roughly 400 million barrels since the war began, making it the new swing demand center and capping global prices.
Why it matters: This shift highlights the theme of energy security and the changing balance of power in global oil markets.