Iran War Strait of Hormuz
The sun sets over commercial vessels anchored in the Strait of Hormuz off Bandar Abbas, Iran, with the city's skyline in the background, Sunday, Sept. 6, 2026.
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President Donald Trump’s conflict with Iran has not led to the doomsday oil price spike many feared at the start of the war. Energy analysts credit China’s oil strategy for this stability. China weathered the energy crunch by building a massive oil reserve and shifting toward electric vehicles and alternative fuels. This allowed China to cut crude imports, easing global demand and softening price effects as oil exports stalled through the Strait of Hormuz. However, tensions in the Middle East continue to pose risks. When Trump and Chinese President Xi Jinping meet this week, the war in Iran and its impact on the global economy are expected to be on the agenda.
