alt Hacker NewsGlobal oil prices haven't skyrocketed so far thanks to China inverting the OPEC strategy of keeping prices up by destroying supply.
China stopped/reduced buying, used their large reserves, EVs and now accelerating EV trucks. And also coal to liquids.
Eventually, China may have to start buying and thats when the fun begins.
https://www.nytimes.com/2026/09/17/business/energy-environme...
https://oilprice.com/Energy/Coal/Chinas-Renewable-Boom-Masks...
China is now the world’s great oil power. Forget OPEC. The Chinese Communist Party calls the shots. https://news.ycombinator.com/item?id=49238158
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Essentially the Iran war is to control (i.e. reduce) oil going to China. As long as the straight of hormuz being closed restricts oil being sold/sent to China, tRump doesn't give a damn about other shortages as a result of the closure such as fertilizer which will see food skyrocket in price and many people starve.
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I was following until “China is now the world’s great oil power.” China imports a massive amount of oil and it’s at an all time high.