China caught the oil industry by surprise during the Iran war. It pulled powerful levers to shield itself from the biggest energy shock in decades. In the process, it established itself as a new force in global energy markets. It is now an independent, opaque, massive power.

New York Times: China is demonstrating its remarkable power over oil prices.

China shielded itself from the Iran war's energy shock by cutting crude imports and restricting fuel exports. This move demonstrated its capacity to manage global energy flows…