As much as Beijing has leaned into Russian crude imports amid the widening Mideast supply crisis, it remains in the driving seat vis-a-vis Moscow.

Even a brief closure of the Bab al-Mandeb Strait in the Red Sea, now a crucial alternative supply route, will significantly exacerbate the oil deficit.

Red Sea oil supply disruptions have begun! Three tankers carrying Saudi Arabia crude oil that were bound for China and India reversed course in the Red Sea on Tuesday.