As oil prices climbed past $100 a barrel for the first time in four years, OCBC analysts said China may be “less sensitive to a prolonged closure of the Strait of Hormuz than many of its Asian peers.”
“China has accumulated one of the world’s largest strategic and commercial crude reserves,” the analysts said, adding that its “rapid transition toward electric vehicles and renewable energy provides an additional structural hedge.”
Gulf oil has basically been the sword of Damocles hanging over their neck for decades; of course they’ve got plans for when it’s cut off.
Just like US and Europe. I mean the sword thing, not the plans
Kinda but the US (and therefore Europe by distant, unreliable proxy) controls the Arab side of the Gulf, so while it was playing with fire there was little reason to worry about it unless someone did something extremely stupid (like, I dunno, start a war with Iran). But then again Europe never had any real say over US foreign policy/warmongering, so I guess they’re the worst of both worlds in that sense.