This is an amazing story that helps us understand why the U.S. Iran war has not yet led to catastrophically high oil prices. China's actions to reduce its demand by a quarter, for reasons unknown and mechanisms unclear, are credited with blunting the damage thus far.
Rory JohnstonSpoke with @theatlantic.com about the oil market's ongoing transfixed fascination with what's happening in China. What we know, what we still don't—and may never—know about China's crude import collapse, and what it all means for the future of the oil market. www.theatlantic.com/economy/2026...