China has so far weathered the historic oil crisis. But as Xi prepares to meet Trump, costs are starting to grow

China, the world’s largest importer of energy, has so far weathered the global energy shock brought on by war in the Gulf well compared with some of its Asian neighbors. But as global fuel markets remain volatile amid an uneasy US-Iran ceasefire and a new American military blockade that threatens Iranian exports, the stakes of the conflict are only rising for Beijing.

One reason? As the main importer of Iranian oil, China is the country that stands to be the most impacted by US moves impacting its flow – both last month when the White House removed certain US sanctions on Iranian barrels, and now, as the US military launches a blockade of Iranian ports.

These moves may not lead to immediate shortages in China, which has been well prepared for an energy shock.

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