Comment by thatswrong0
4 days ago
China buys 80% of Iran's shipped oil. But this affects the prices of pretty much anyone who imports oil - if China can't get oil from Iran, they'll purchase it from someone else. Less supply => higher prices for everyone.
It also affects China less, they have huge strategic reserve, and massive coal to petchem industry that only becomes economic after $80 barrel. AKA all other big industrial players are energy exporters who has pay spot price. High oil price = PRC competitive advantage on top of being able to brrrt EVs / batteries to displace oil.