PremiumRebecca F. Elliott and Lisa FriedmanNew York Times·13 Jul, 2026 08:47 PM6 mins to readA tanker at a crude oil terminal in Qingdao, China. Typically the world’s largest oil importer, China slashed purchases this year. Photo / Getty ImagesFor decades, OPEC influenced the market by how much oil it produced. But China, the largest importer, is demonstrating its remarkable power over prices.
The passage of oil tankers through the Strait of Hormuz has been slowed significantly by the persistent cycle of hostility between the United States and Iran.
