Xi Jinping has been preparing for a crisis like this for years. China must secure its energy supply “in its own hands”, its president was reported to have said during a visit to one of its vast oilfields in 2021. The US-Israel war on Iran plunged the Middle East into a deep conflict, with the strait of Hormuz – one of the most important waterways in global trade – all but closed and key energy facilities across the region under attack. Oil exports from the Middle East have tumbled 61% over recent weeks, according to maritime tracking consultancy Kpler –
Households brace for cost of living pain as Iran war drives ‘extraordinary’ shifts
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