China finds itself in a very different position from much of the world, which is emerging from the war in Iran with depleted oil supplies.

China's crude oil imports dropped to 7.8 million bpd, down 33% from pre-war levels. Analysts say hundreds of thousands of barrels per day may never recover.

China finds itself in a very different position from much of the world, which is emerging from the war in Iran with depleted oil supplies.

As the US and Iran hammer out how to reopen the Strait of Hormuz, the market’s next move may rely on one country absent from the negotiations - China.